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Daily Market Update January 26, 2018

Early Morning Update

 

The Feb18 natural gas contract is trading up $0.03 at $3.47.  The Feb18 crude contract is up $0.08 at $65.59.


 

Summary

Choppy trading continues at the front of the curve, with the prompt NG contract finishing down $.062 to close at $3.447.  For much of the day, the prompt month was lower while the March contract was much higher, nearly $3.17 at one point.  There is a high amount of volatility to the weather forecasts, which is causing gas and power prices to move around significantly.
The EIA reported a huge draw from storage yesterday of 288 Bcf, reflecting the cold temperatures of the prior week.  The draw of 288 Bcf is tied for the 2nd largest draw ever, with the record being set earlier this winter at –359.  With more cold on the way, we’re likely to see further large withdrawals which is causing the end-winter estimates to continue to drop - now at 1,220 Bcf.

 

 

Market Update 012618 

Market Settles 012518

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