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Daily Market Update March 21, 2018

Early Morning Update

The Apr18 natural gas contract is trading up $0.01 at $2.69. The Apr18 crude contract is up $0.56 at $64.10.

 

Summary

The fourth Nor’easter this month, Winter Storm Toby, has brought snow and lower temperatures resulting in increased heating demand across the eastern U.S. Higher demand prompted the April 2018 NYMEX NG contract to gain back a modest 2.4 cents yesterday to settle at $2.675/MMBtu. Temperatures for the country’s highest heating demand centers in the Midwest and East Coast are expected to remain colder-than-normal into this weekend, and, according to current forecasts, will not be relieved until mid-week next week. The winter storm swept across the Ohio Valley yesterday and into the Appalachians and Mid-Atlantic Coast late last night, dumping 6-12 inches of snow. Snowfall is expected in New York City and southern New England, as well, but should dissipate by late Thursday afternoon. Storm winds could bring power outages, though none have been reported yet. Increased heating-related demand in late-March will produce higher withdrawals from natural gas storage for the remainder of the withdrawal season, which technically ends at the end of March.

 

Market Update 032118

Market Settles 032018

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