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Daily Market Update March 19, 2018

Early Morning Update

The Apr18 natural gas contract is trading relatively flat to Friday’s close at $2.69. The Apr18 crude contract is down $0.24 at $62.10.

 

Summary

On Friday, the NYMEX natural gas futures price for April saw a minimal uptick of 0.7 cents on the day to settle at $2.688/MMBtu. Weakened demand and steady production seems to have kept pricing at a mainstay, only moving a few cents throughout the week. This week, the possibility of yet another Nor’Easter is forecasted for the majority of the northeastern portion of the country, calling for light snow accumulations and a mixture of rain and snow looking closer to the coast. The 6-10 day forecast is showing warmer-than-normal temperatures for the southeast part of the country around the Gulf. The recent cold in the East, a major heating demand center for natural gas, does not seem to have added much upward pressure to the prompt month’s price as the market’s focus switches to summer. Over the weekend, total U.S. demand for natural gas averaged around 88 Bcf/d, but is expected to rise about 5 Bcf/d over the next few days. Production has remained strong, averaging over 77 Bcf/d, and about 6 Bcf/d above the levels we saw this time last year.

 

 

Market Update 031918 

Market Settles 031618

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