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Daily Market Update April 9, 2018

Early Morning Update

The May18 natural gas contract is trading down $0.02 at $2.68. The May18 crude contract is up $0.64 at $62.70. 


Recovering some of the losses seen in Thursday’s trading session, the May18 natural gas contract moved up 2.6 cents on Friday to close out the week at $2.701/MMBtu.  However, prompt month price support appears to be fading, as demand is projected to drop to 66.7 Bcf/d April 15-21, a plunge of over 12 Bcf/d from the average demand seen the first six days of April, according to S&P Global Platts Analytics.  Lingering cold has kept demand up, which has, in turn, propped up prices in the face of flourishing production, which hit a new all-time high on Sunday of 78.7 Bcf/d.  Total demand has fallen 3.2 Bcf/d over the past two days to 89.9 Bcf/d today, with 2.0 Bcf/d of the drop coming from the Res-Comm sector.  Although most of the country will be engulfed in below-normal temperatures for the next week or two, warmer temperatures are on the way, as normal temperatures settle across the nation and normal temperatures, themselves, rise as we head into the shoulder months.


Market Update 040918

Market Settles 040618

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