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Daily Market Update March 21, 2017

Early Morning Update

The Apr17 natural gas contract is trading up $0.04 to $3.08.  The Apr17 crude contract is up $0.15 at $48.37.



Monday brought a new week and new gains for the April natural gas contract, as it climbed over nine cents to settle above the $3 mark at $3.041/MMBtu. Future calendar years barely moved, and are all within two cents of $2.85, from 2019 to 2021.  While the immediate forecast is continuing the colder outlook for the Northeast, the 6-14 day forecast is shifting back towards the normal to above-normal temperatures that have been so familiar for the majority of the 2016-17 Winter. Even though the remnants of Winter Storm Stella are starting to melt, we will continue to feel her impact in the storage report this week, as an uncommon late March triple-digit withdrawal is expected. We are moving into the point of the year where storage, not weather, will likely begin to dominate the push and pull of price movements. Despite the fact that this week’s withdrawal will likely eclipse historical values by more than 100 Bcf, end-of-season estimates are still expected to be robust, above 2.0 Tcf.

Market Update 032117

Market Settles 032017

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