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Daily Market Update December 18, 2018

Early Morning Update

The Jan19 natural gas contract is trading up $0.18 at $3.71. The Jan19 crude contract is down $1.18 at $48.70.

 

Summary

The natural gas market felt another day of losses on Monday, as the remainder of the year shows lower-than-average demand and widespread warmer temperatures. The prompt month itself lost 30 cents to $3.528/MMBtu, the 2019 year crept under $3 again, losing nearly 13 cents to $2.959. The 2020 year dropped two cents to $2.687, and 2021 stayed flat at $2.625. The majority of the country is going to see temperatures at least 3-5 degrees above normal through the new year, before moderating back to close to normal. This is expected to keep demand levels 6% below 2017, one of few times that has happened in 2018. Production over the next month is expected to increase by over 1.0 Bcf/d, adding to potential bearish sentiment. However, weather in January may turn to colder than average, potentially putting upward pressure on this volatile market.

 

Market Update 121818

Market Settles 121718

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