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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.

Market Update 031717

Market Settles 031617

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