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Daily Market Update March 8, 2017

Early Morning Update

The Apr17 natural gas contract is trading up $0.09 to $2.91.  The Apr17 crude contract is down $0.74 at $52.40.



Yesterday, in another liquid trading session, the April 2017 natural gas contract settled down 7.7 cents at $2.824/MMBtu, erasing Monday’s gains and ending a five-day trading streak of gains, indicating participants may consider the contract overbought in prior sessions. Calendar strip prices were mostly unchanged yesterday and are still trading close to the recent Fall 2016 low points. Even with colder temperatures holding steady in near-term weather forecasts, heating related demand cannot be depended on as the weather shifts towards spring, and mild temperatures become the norm. Also yesterday, the EIA released their Short-Term Energy Outlook. Notable changes to the previous outlook include increasing liquefied natural gas (LNG) exports for 2017 and 2018 by 0.4 and 0.2 Bcf/d, bringing the forecast to 1.8 and 2.8 Bcf/d, respectively, and decreasing the 2017 and 2018  Henry Hub natural gas spot prices 40 cents and 25 cents to $3.03/MMBtu and $3.45/MMBtu, respectively. The EIA cited updates to commercial in-service dates and ramp-up periods of LNG facilities currently under construction as the reason for the LNG export increases, and mild temperatures as the reason for the Henry Hub price decreases.

Market Update 030817

Market Settles 030717

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