Daily Market Update March 17, 2017
Early Morning Update
The Apr17 natural gas contract is trading up $0.03 to $2.93. The Apr17 crude contract is up $0.34 at $49.09.
Summary
Happy St. Patrick’s Day! The NYMEX prompt NG contract fell yesterday $.079 to close the day at $2.902. The market fell after a slightly bearish storage report showing a draw of –53 bcf from storage. With this weeks’ cold weather, the draw for next week is expected to be quite high, with estimates in the -150 to –160 range. The recent weather volatility has also caused the estimates for end-of-winter storage to swing, with the latest figures showing just over 2.0 Tcf. Looking ahead, the weather does seem set to moderate a bit after a late winter cold blast and the higher index pricing we’ve seen in the northeast should calm down a bit.
Loading please wait...