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Daily Market Update February 21, 2018

Early Morning Update

The Mar18 natural gas contract is trading up $0.03 at $2.64.  The Mar18 crude contract is down $0.59 at $61.20.

 

Summary

After losing a total of 3.6 cents in the prior three consecutive trading sessions, the March 2018 NG contract, now supported by higher NG demand expectations, gained back 5.8 cents yesterday to settle at $2.616/MMBtu, and the April NG contract settled $0.03 higher than March at $2.649. Generation maintenance season is underway, with nuclear plants Calvert Cliffs in MD, LaSalle 1 in IL, and Browns Ferry 3 in AL offline for routine maintenance, leading to increased powerburn demand for NG. Generation maintenance season typically peaks in the middle of spring, to ensure the grid can meet high demand during the summer and winter months. According to the EIA, nuclear refueling can be completed in as little as ten days, but outages generally last two months for routine maintenance timed with refueling. Additionally, Cove Point, the new Dominion Energy LNG export facility in Maryland, is commissioning and will add about 0.75 Bcf/d of export demand capacity. The facility planned to start operations by the end of 2017, but was delayed due to final testing and cold weather.

 

Market Update 022118 

Market Settles 022018

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