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Daily Market Update February 20, 2018

Early Morning Update

The Mar18 natural gas contract is trading up $0.08 at $2.64.  The Mar18 crude contract is up $0.22 at $61.90.



On Friday, NYMEX natural gas futures for March continued their slide, as weather outlooks for the eastern half of the country support lower demand projections through the end of February.  The prompt month closed the week at $2.558/MMBt, down 2.2 cents day-over-day.  Total U.S. demand for natural gas fell 3.6 Bcf/d over the weekend to 83.5 Bcf/d today, with most of the drop attributed to a 4.3 Bcf/d decrease in the Res-Comm sector.  However, power burn is up 0.5 Bcf/d today from Friday, and has averaged 24.7 Bcf/d so far this year, up 3.5 Bcf/d from the same period last year.  LNG exports increased 1.2 Bcf/d over the weekend to 2.2 Bcf/d, after Sabine Pass ramped up from 1.0 Bcf/d on Friday.  While production has remained stable lately, averaging 78 Bcf/d for the week to Feb. 14, it is expected to grow next month.  The U.S. Energy Information Administration expects natural gas from shale will have grown for 12 straight months in March, setting a new record at 19% above levels seen last year at this time.


Market Update 022018

Market Settles 021618

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