Market Updates

Daily Market Update March 23, 2017

Early Morning Update

The Apr17 natural gas contract is trading up $0.02 to $3.03.  The May17 crude contract is down $0.14 at $47.90.

    

Summary

After three straight sessions of significant gains that amounted to a 6.6% increase in the price of natural gas since last Thursday, the market may finally be giving up hope for more winter weather.  The waves of cold temperatures that crossed the country and a winter storm helped fuel the rally, which saw prices break above the $3.00 technical level initially on March 10, and then again this past Monday.  However, despite a very large storage withdrawal expected to be announced by the U.S. Energy Information Administration this morning, the prompt month gave up 8.2 cents yesterday, settling at $3.011/MMBtu.  Estimates for  the decline in storage inventories in the week to March 17 range from 138 to 170 Bcf, with a consensus around a 154 Bcf.  This is almost three times as large as the 53 Bcf pull from stocks reported last week, and dwarfs the 21 Bcf five-year average withdrawal and last year’s 13 Bcf injection for the same week.  Data from the National Oceanic and Atmospheric Administration for the week to March 18 shows there were 106% more heating degree days compared to the same week last year, as well as 18% more than normal for this time of year.

Market Update 032317

Market Settles 032217

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