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Daily Market Update February 5, 2018

Early Morning Update

The Mar18 natural gas contract is trading down $0.05 at $2.79.  The Mar18 crude contract is down $0.35 at $65.10.

Summary

After trading as high as $2.92 on Friday, the March natural gas futures contract settled back down to finish the week at $2.846, down a penny day-over-day.  Colder-than-normal temperatures across the middle of the country for the next 6-10 days is offering price support, but the cold wave is expected to give way to warmer-than-average temperatures in the 8-14 day outlook.  With the warm-up on the horizon, and the anticipated slowdown of storage withdrawals accompanying it, the upside for natural gas prices seems limited.  The March contract has been on a continuous downslide since debuting as the prompt month last week, losing almost $0.35 so far.  Total U.S. demand is projected to be at 107.5 Bcf/d today, up from 99.6 Bcf/d over the weekend due to the cold temps, and production has been stable at 78.0 Bcf/d.  The eastern U.S. should see a boost in supply this week from three LNG carriers headed to Everett, Canaport, and Elba Island import terminals.  However, this will be tempered by increased LNG exports at Cove Point.

 

Market Update 020518

Market Settles 020218

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