Daily Market Update March 15, 2017
Early Morning Update
The Apr17 natural gas contract is trading up $0.06 to $3.00. The Apr17 crude contract is up $0.78 at $48.50.
Summary
After breaking through the $3.00 resistance level late last week, the NYMEX April gas prompt month could not hold onto its gains and settled at $2.938/MMBtu yesterday, down 10.5 cents for the day. Calendars 2018-2019 lost about five cents yesterday, while calendars 2020-2023 were mostly unchanged. Despite slight cooler revisions to the National Weather Service’s 6-10 and 8-14 day outlooks for the East and West coasts, the near-term cold temperatures, causing demand to spike back to levels not seen since February 9, 2017, are too little, too late considering this winter will likely go down in history as one of the warmest on record.
Loading please wait...