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Daily Market Update February 2, 2018

Early Morning Update

 

The Mar18 natural gas contract is trading up $0.02 at $2.87.  The Mar18 crude contract is down $0.03 at $65.77.


 

Summary

The prompt NG contract saw the second straight day of sharp declines as the price fell $.139 to close at $2.856.  Updated weather forecasts showing less cold temperatures seemed to be the primary driver of the move.  The revised weather forecasts also caused the end-of-winter storage forecast to move up slightly, now at 1.33 Tcf.  Speaking of storage, the EIA did report a draw from storage of 99 Bcf, in-line with expectations.  News of the draw however seemed to pressure the market lower.  As has been the case, the move in prices was limited to the front of the curve as Cal ‘19 and ‘20 were essentially flat on the day.  Prompt NG prices have been very volatile lately with the range over the last 6 weeks being from $2.598 to a high of $3.631 to it’s most recent settle of $2.856.  I wouldn’t be surprised to see more volatility as we still have several more weeks of potential cold temperatures.

 

 

Market Update 020218 

Market Settles 020118

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