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Daily Market Update January 15, 2018

Early Morning Update

The Feb18 natural gas contract is trading down $0.08 at $3.12.  The Feb18 crude contract is flat at $64.30.


 

Summary

Friday, the NYMEX natural gas futures price for February surged higher, among mixed fundamentals, up 11.6 cents to settle at $3.200/MMBtu. During the day, the price increased to $3.224/MMBtu, a three-month high, and ultimately ended the week up 40.5 cents. Weather forecasts have moderated for the end of January, however, the most recent blast of cold for the eastern half of the country has kept heating demand for natural gas elevated, and is helping to support higher prices for the next couple of months. According to the EIA, if the remaining withdrawals from storage fall in line with historical levels, then the end-of-season inventory levels are estimated to total 1.32 Tcf. Expectations began to dwindle at the very end of December, just before the arctic blast that began this year, and have fallen from the 1.5 Tcf level prior to that. Managed Money has recently switched their position to a net long, adding to the upward pressure on prices. Now that the frigid temperatures have moderated slightly, well freeze-offs have subsided, and production levels are inching closer to the record levels we saw in December, averaging around 76 Bcf/d.

 

 

Market Update 011518

Market Settles 011218

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