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Daily Market Update February 7, 2018

Early Morning Update

The Mar18 natural gas contract is trading down $0.05 at $2.71.  The Mar18 crude contract is up $0.25 at $63.64.

 

Summary

Despite overall bearish fundamentals, the March 2017 natural gas contract gained back a modest 1.2 cents yesterday to finish the day at $2.759/MMBtu, after losing nearly 44 cents in the last five consecutive trading sessions. Growth in natural gas production and warmer-than-normal temperatures in the National Weather Service’s 6-10 and 8-14 day outlooks are helping to depress near-term natural gas prices. After suspending drilling due to environmental concerns on January 24, the FERC gave approval to Rover to recommence drilling under the Tuscarawas River yesterday. Rover estimates that their project will be in full service by the end of Q1 2018. The Rover project, as well as other pipeline projects, will allow for increased natural gas capacity in the Northeast and Midwest and potentially higher natural gas production in the near future.

 

Market Update 020718 

Market Settles 020618

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