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Daily Market Update March 1, 2018

Early Morning Update

The Apr18 natural gas contract is trading flat at $2.67.  The Apr18 crude contract is down $0.33 at $61.32.

 

Summary

As we move closer to spring, lower-than-normal temperatures are having less of an effect on demand for natural gas, as low daily temperatures continue to increase.  Lower-than-normal temperatures are dominating the western half of the U.S., while above-average temperatures are spread across the Northeast, the Midwest, and the Central region down into Texas.  Combined with an expected steep decline in the rate of storage erosion, bearish fundamentals helped push the April natural gas contract lower on Wednesday, settling at $2.667/MMBtu, down 1.6 day-over-day.  Estimates for the EIA’s weekly storage withdrawal to be reported this morning for the week to Feb. 23 range from 60 to 82 Bcf, with consensus in the mid-70s.  Although a pull at consensus is more than the seven Bcf seen last year for the same week, it is a far cry from the 118 Bcf five-year average.  Warmer weather during the reporting week helped push NG demand in the Res/Comm sector down 24% week-over-week.  Projections for the next two weeks are expected to be about a third of what is usually seen for this time of year.

 

 

Market Update 030118 

Market Settles 022818

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