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Daily Market Update December 21, 2017

Early Morning Update

The Jan18 natural gas contract is trading down $0.03 at $2.60.  The Jan18 crude contract is down $0.29 at $57.80.



Natural gas prices moved down 5.5 cents in trading on Wednesday to close the session at $2.637/MMBtu.  As natural gas production has continued to grow, prices have come off sharply since the start of December, with the Calendar 2018 strip losing nearly 35 cents since the start of the month.  The National Weather Service is forecasting a shift from mild weather to much-below-normal conditions in, both, the 6-10 day and the 8-14 day outlooks.  Colder weather should provide some support to prices, as heating demand is expected to spike following the Christmas holiday.   The market is anticipating a withdrawal from storage inventories this week of 172 Bcf, which is below last year’s withdrawal of 200 Bcf, but higher than the 5-year average of 125 Bcf.  Early projections for next week’s number are hovering around 115 Bcf, but may increase in the following weeks if the impending cold front plays out the way forecasters are predicting.


Market Update 1221 

Market Settles 122017

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