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Daily Market Update February 6, 2018

Early Morning Update

The Mar18 natural gas contract is trading down $0.04 at $2.71.  The Mar18 crude contract is down $0.75 at $63.40.

 

Summary

The March futures contract shed nearly 10 cents on Monday to $2.747/MMBtu, moving in inverse to forecasted temperatures across the Midwest and East Coast. The 12-month strip dropped six cents to $2.85, 2019 lost 1.5 cents to $2.82, and 2020 moved down less than a cent to $2.81. Warmer corrections to nationwide forecasts out two weeks and beyond have placed immense downward pressure on the prompt month, which has shrunk by 88 cents in the last five trading sessions. Milder weather on the horizon may allow for strong, steady production to take the lead and potentially diminish the storage deficit to historical benchmarks, which currently sits around 17%. Marcellus production may be augmented by the reintroduction of Rover pipeline capacity in Ohio, which has agreed to FERC’s conditions and requested to resume drilling after being partially shut down since January 24th due to environmental concerns. 

 

Market Update 020618

Market Settles 020518

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