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Daily Market Update December 6, 2018

Early Morning Update

The Jan19 natural gas contract is trading down $0.10 at $4.37. The Jan19 crude contract is down $1.69 at $51.20.

 

Summary

The January NYMEX natural gas contract gained 1.2 cents yesterday to settle at $4.469/MMBtu.  After seeing lots of NYMEX price volatility recently, a slight up-tick, as seen yesterday, is considered calm.  Total demand across the U.S. was nearly flat on Wednesday, after gaining at least 10 Bcf/d on both Monday and Tuesday.  The drop in temperatures throughout the week ending December 7 have pushed modeled estimates for residential and commercial demand from 40 to 48 Bcf/d.  With additional cooling in the next few days spread across the dense demand regions, the withdrawal estimates for next week’s storage report will likely finish lower than the current predictions, yet weaker than the five-year average withdrawal of 79 Bcf.  On the production side, there has been a notable uptick in Northeast production over the past week, to as high as 30.6 Bcf/d, on increases in northeast PA and West Virginia.  After being rangebound between 30.8 and 31.2 Bcf/d for most of November, production has averaged above 31.5 Bcf/d over the past six days in the Northeast and has remained around 86 Bcf/d nationwide. 

 

Market Update 120618

Market Settles 120518

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