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Daily Market Update December 14, 2018

Early Morning Update

The Jan19 natural gas contract is down $0.19 at $3.93. The Jan19 crude contract is down $0.16 at $52.42.

 

Summary

Another roller coaster day on the NYMEX as the prompt month traded in a large range before ultimately settling down $.012 to close at $4.124.  The day started higher with the prompt month trading as high as $4.307.  Prices slid throughout the day and the neutral storage report didn’t cause any shockwaves through the market.  The EIA did report a draw of 77 Bcf; not terrible considering the cold temps across much of the country.  Continued strong NG production is helping to offset the strong demand we’re seeing for heating.  But now that colder temps seem to have given way to milder conditions, market pricing does not seem as fraught as it did earlier in the month.  Weather forecasts currently show above average temps for much of the country for the balance of the month/year.  If these mild forecasts push into January, the market could take on a new dynamic.

 

Market Update 121418

Market Settles 121318

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