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Daily Market Update March 23, 2018

Early Morning Update

The Apr18 natural gas contract is trading down $0.03 at $2.58. The May18 crude contract is up $.80 at $65.10.

Summary

Another very quiet day on the NYMEX as the prompt month finished down another $.021 to close at $2.617.  The market has really been in a tight range for the last 6 weeks as you can see on the 12 month strip chart to your right.  With strong production matching high demand, it seems that the market is content to hover in its current range possibly until summer weather forecasts start to appear in roughly a month.  
The EIA reported a draw from storage of 86 Bcf, slightly below expectations.  The market didn’t move much on the news and finished the day quietly.  Looking ahead, we are forecasting more cold temperatures for the eastern half of the country to round out March and start April.  End-winter storage estimates calling for 1.35 Tcf as a final number, but still subject to change as weather forecasts do.

 

Market Update 032318

Market Settles 032218

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