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Daily Market Update March 7, 2018

Early Morning Update

The Apr18 natural gas contract is up $.034 at $2.78.  The Apr18 crude contract is down $0.35 at $63.25.

 

Summary

The National Weather Service revised their March 12 - March 16 day outlook yesterday indicating greater probability for below normal temperatures along the east coast. In response, the April 2018 NG contract settled 4.5 cents higher on the day at $2.749/MMBtu, the highest prompt month settlement price in a month (the prompt month settled at $2.759/MMBtu on February 6, 2018). In yesterday’s “Short-Term Energy Outlook”, published by the EIA, natural gas highlights included a forecast of 81.7 Bcf/d U.S. natural gas production for 2018 and 82.7 Bcf/d for 2019. Natural gas production levels have averaged ~77 Bcf/d in 2018 and have been just shy of 78 Bcf/d since the start of March. The EIA’s estimates for 2018 indicate U.S. dry gas production growth will outpace U.S. natural gas consumption growth by ~4 Bcf/d.

 

 

Market Update 030718 

Market Settles 030618

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