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Daily Market Update March 22, 2017

Early Morning Update

The Apr17 natural gas contract is trading down $0.03 to $3.06.  The May17 crude contract is down $0.59 at $47.65.

    

Summary

The April 2017 natural gas contract gained another 5.2 cents yesterday to settle at $3.093/MMBtu. Yesterday marked the third consecutive trading day of gains, causing the prompt month to increase by 19 cents since last Friday, and now back to price levels not seen since early February. With warmer temperatures on the horizon that are expected to relinquish the Northeast of the recent cold snap, most analysts have attributed the anticipated triple-digit storage report to the rally. Many believe traders are attempting to cover positions before the report’s release (Thursday at 10:30 am). The expected large withdrawal in late March is mostly due to increased demand from cold temperatures and a year-over-year production deficit.

Market Update 032217

Market Settles 032117

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