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Daily Market Update January 23, 2018

Early Morning Update

 

The Feb18 natural gas contract is trading up $0.14 at $3.36.  The Feb18 crude contract is up $0.58 at $64.15.


 

Summary

February 2018 gas gained nearly four cents on Monday, as weather forecasts have taken a colder turn for the beginning of next month. The prompt month rose 3.9 cents to $3.224, the 12-month strip gained less than a cent to $2.92, and 2019 & 2020 rose 1-2 cents. The first week in February is showing a strong cold front coming through the Midwest and pushing to the East Coast, enveloping much of the high gas-consuming areas of the country. This is expected to bring temperatures slightly to moderately below normal. Demand is already averaging about 15 Bcf/d higher year-to-date in comparison to 2017, pushed higher from a plethora of residential demand and elevated power burns during the first week of the year. Production is, fortunately, expected to recover from well freeze-offs and resume its climb toward 78 Bcf/d, but even these record numbers only cut the supply/demand deficit in half. Strong withdrawals look to continue at least for this week, but should calm with the more mild January weather prior to February’s colder downturn.

 

 

Market Update 012318 

Market Settles 012218

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