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Daily Market Update December 7, 2018

Early Morning Update

The Jan19 natural gas contract is trading up $0.04 at $4.36. The Jan19 crude contract is up $2.30 at $53.79.



The volatility continues as the NYMEX prompt month contract falls $0.142 to close at $4.327.  The market does seem to be trying to find a range, maybe $4.30 to $4.50?  We’ve been there all week and perhaps clarity on January weather will provide more direction to pricing. The EIA will release it’s storage report today, delayed one day due to the passing of George H.W. Bush.  The latest estimates call for a draw in the low 50’s Bcf.  Estimates for the next three draws are –80, -142 and –74.  Weather forecasts continue to show milder temps starting mid-next week.  These mild forecasts have helped the market stay range-bound and limit the impact of the low storage reserves.  The market will be keenly interested if these forecasts continue into January as the potential for lower demand will be a welcome relief to those on the buy-side of the equation.  


Market Update 120718

Market Settles 120618

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