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Daily Market Update March 20, 2017

Early Morning Update

The Apr17 natural gas contract is trading down $0.03 to $2.91.  The Apr17 crude contract is down $0.73 at $48.05.

    

Summary

Production continued to struggle over the weekend at levels below 71bcf/d, about a 3bcf/d deficit from last year.  Climbing temperatures over the weekend led total demand in the Midwest and Northeast load zones to fall about 1.1 bcf/d, yet most longer term gas prices are up slightly on the day.  Summer ’17 and Winter ’17-’18 experienced the biggest leaps, each up about 4cents from yesterday.  NYMEX Calendar strips ’18 – ’20 are flat from 3/17, and their correlation to the prompt month’s recent volatility appears to have dwindled.  The April contract opened down 3cents from Friday’s close at $2.91, down about 13cents from last Monday’s $3.04 close.  CAISO, ERCOT, MISO, and PJM WEST calendar strips ’19 – ’21 are still hovering near all-time lows.  NYISO and NEPOOL prices of the same term are within the 15%-20% range above lows set late last year and earlier this year.

Market Update 032017

Market Settles 031717

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