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Daily Market Update February 27, 2018

Early Morning Update

The Apr18 natural gas contract is trading down $0.03 at $2.65.  The Apr18 crude contract is down $0.21 at $63.70.

 

Summary

The March 2018 contract expired as the prompt month yesterday, settling up slightly versus the previous day at $2.639/MMBtu. The 12-month strip rose two cents to $2.82, and the 2019 and 2020 calendar years rose one cent each to $2.79 and  $2.78, respectively. It was a fairly quiet last day of trading for the March prompt month, likely kept at bay by expected normal to above-normal temperatures for the eastern half of the country through mid-March. The West Coast will be expecting some chilly weather throughout the same period, although the demand growth from this region is not likely to swing national numbers significantly. Cove Point LNG export capabilities appear to be active now, as an unladen tanker has docked a few hundred yards from the terminal. At top capacity, Cove Point is expected to send out 0.75 Bcf/d of gas. Production values look to stay relatively stable at 77.6 Bcf/d through mid-March, hopefully decelerating the widening deficit of storage levels to historical benchmarks.

 

 

Market Update 022718 

Market Settles 022618

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