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Daily Market Update February 23, 2018

Early Morning Update

The Mar18 natural gas contract is trading down $0.05 at $2.58.  The Apr18 crude contract is down $0.10 at $62.67.



The EIA report that was released yesterday turned out to be a non-event as the market barely reacted to the news that 124 bcf was withdrawn from storage for the week ending 2/16.  The NG market has been quiet all week as warm weather continues to dominate the east-coast forecast for much of the next ten days.  Most power markets have also been quiet, with the exception of Texas, which continues to rally.  Generation retirements, load growth and an increased reliance on wind generation has potentially increased the possibility of price spikes for this summer in that market.  
And as winter approaches an end, we’re getting a better picture of the storage outlook to end the season.  The latest estimates call for storage levels to be at 1.4 Tcf.  Well below last year and the 5-year average, but much improved over estimates just a few weeks ago.


Market Update 022318 

Market Settles 022218

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