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Daily Market Update April 13, 2018

Early Morning Update

The May18 natural gas contract is trading up $0.01 at $2.70. The May18 crude contract is up $0.11 at $67.18.


Another very quiet day on the NYMEX with the prompt month settling higher by $.011 to close at $2.686.  Long-term prices didn’t see much movement either as the cals barely moved.  The EIA reported a draw from storage of 19 bcf, in-line with expectations but that there was a draw at all is a testament to the strength of this ongoing cold.  We’re even expecting a small draw next week before injections (finally) begin.  The cold since March has been strong enough to cause enough significantly higher heating related demand compared to a year ago, currently 8.3 bcf/d higher.  That’s enough to offset the sharply higher Y-o-Y  NG production.  Once warmer weather arrives (maybe, hopefully, please…?) demand should slacken and the strong production should lead to good injections into storage.


Market Update 041318

Market Settles 041218