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Daily Market Update April 10, 2018

Early Morning Update

The May18 natural gas contract is trading down $0.03 at $2.66. The May18 crude contract is up $1.18 at $64.60.


Natural gas stayed nearly flat as fundamentals show softening demand and robust supply heading into the heart of April. The May prompt month lost 0.8 cents to $2.693/MMBtu, the 12-month strip lost nearly 2 cents to $2.845, and 2019 and 2020 each moved less than a cent to settle at $2.789 and $2.762, respectively. While there will still be some immediate cold present, temperatures will pop above normal in the eastern half of the country toward the end of this week before taking a colder turn again. The forecasts for major demand centers in the Northeast and Midwest look to normalize after next week, as more spring-like weather rolls into most of the country. Production is not expected to slack off during this period, averaging close to 78.4 Bcf/d over the next two weeks after hitting a new all-time high of 78.9 Bcf/d yesterday. Demand is expected to take a dive, as heating demand drops about 25% over the next two weeks and overall demand looks to lose 15%.


Market Update 041018

Market Settles 040918

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