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Daily Market Update April 5, 2018

Early Morning Update

The May18 natural gas contract is trading down $0.02 at $2.70. The May18 crude contract is down $0.12 at $63.25.



With colder temperatures in store for some of the major heating-demand areas of the U.S. in the coming days, the accompanying rise in demand expected for natural gas helped push prompt month prices a little higher on Wednesday.  The May contract settled at $2.718/MMBtu yesterday, up 2.1 cents day-over-day.  With colder-than-normal temperatures forecast in the Northeast and the Midwest in the next 6-10 days, demand is expected to grow 3.2 Bcf/d, from the 75 Bcf/d past seven-day average to 78.2 Bcf/d anticipated over the next week.  Supply, though, should help keep prices in check, as U.S. dry production has averaged 78.1 Bcf/d so far this month, an increase of 7.1 Bcf/d over April 2017.  Estimates for the weekly storage withdrawal range from 22 to 39 Bcf, with a consensus at 26 Bcf.  This is right in line with the 28 Bcf five-year average withdrawal.  Projections for the next two weeks have changed with the fluctuating weather outlooks, with the possibility of two more withdrawals before summer storage rebuilding begins.


 Market Update 040518

Market Settles 040418

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