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Daily Market Update March 26, 2018

Early Morning Update

The Apr18 natural gas contract is trading up $0.02 at $2.61. The May18 crude contract is down $0.28 at $65.60.



On Friday, the NYMEX natural gas futures price for April fell 2.6 cents on the day to settle at $2.591/MMBtu. The prompt month dropped about 10 cents, overall, versus the previous week. Despite a slight warm-up this week, colder-than-normal temperatures look like they will linger until the second week of April before most of the country will return to normal temperatures, with some warmer-than normal temperatures in the Southwest, Texas, and the Gulf states. Bearish fundamentals for the beginning of the shoulder month, such as diminished demand and strong production levels, have added downward pressure to short-term pricing. There is a possibility that if the market doesn’t see any bullish fundamental support, April could settle below the settle price for March, which has not occurred since 2015. Next week, total U.S. demand for natural gas is anticipated to plummet down to around 75 Bcf/d. Production remains at a healthy level, averaging about 78 Bcf/d, with U.S. oil and gas rig counts at a three-year high, as Baker Hughes reported a jump of five gas rigs for the week ending March 23.


Market Update 032618

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