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Daily Market Update January 30, 2018

Early Morning Update

 

The Mar18 natural gas contract is trading up $0.07 at $3.24.  The Mar18 crude contract is down $0.56 at $65.00.


 

Summary

On its final day of trading, the February contract swelled 12.6 cents to close at $3.631/MMBtu. This is the prompt month’s highest trading point in 13 months, and nearly all recent market movement has been isolated to the front month. The 12-month strip rose 2.5 cents to $3.07, calendar 2019 gained just one cent to $2.83, and 2020 moved less than a cent to $2.80. Settling of market positions prior to the month settle likely fueled much of yesterday’s movement, but fundamental changes on the horizon may have also played a part. Nationwide demand year-to-date is already up nearly 10% compared to 2017, and the next two weeks look to average 96.3 Bcf/d of demand, driven by expected increases in the Northeast due to moderately colder-than-normal temperatures stretching halfway into February. Even as production hit a new all-time high yesterday of 78.3 Bcf/d, the storage deficit to the five-year average has climbed in recent weeks to over 17%.

 

 

Market Update 013018 

Market Settles 012918

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