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Daily Market Update January 29, 2018

Early Morning Update

 

The Feb18 natural gas contract is trading down $0.12 at $3.39.  The Mar18 crude contract is down $0.70 at $65.44.


 

Summary

On Friday, the NYMEX natural gas futures price for February surged higher, up 5.8 cents on the day to settle at $3.505/MMBtu. February expires at the close of business today, as March makes its debut as the prompt month tomorrow. The market did not seem to react much to the warmer temperatures we saw last week, or to the dip in total natural gas consumption of around 19% for the week. The 6-10 and 11-15 day weather forecasts show colder-than-normal temperatures for the majority of the major demand centers in the U.S. Prices continued to see upward pressure throughout the week due to, yet, another bulky storage withdrawal for the week ending Jan. 19, along with current inventory levels that are already lagging, both, last year and the 5-year average historical benchmarks. The EIA projects that the end of this titular withdrawal season will be around 1.22 Tcf if the outstanding withdrawals for this season match the 5YA. Production continues to inch higher, averaging 77.3 Bcf/d over the weekend. January is on track to be the highest natural gas producing month for the lower 48 region.

 

 

Market Update 012918 

Market Settles 012618

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