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Daily Market Update December 4, 2019

Early Morning Update

The Jan20 natural gas contract is trading down $0.04 at $2.40.  The Jan20 crude oil contract is up $1.05 at $57.15.

    

Summary

The NYMEX natural gas prompt month contract picked up momentum yesterday, gaining over 11 cents, opening the trading day at $2.329/MMBtu and closing at $2.441/MMBtu. This was largest single-session price rally since late October and was largely driven by a colder shift in weather patterns for the second week of December. Until then, most of the country will be experiencing warmer than normal temperatures, which caused the plunge in prices last Friday. Market participants are relying heavily on weather outlooks this season, as production of natural gas remains strong and storage levels are healthy. Looking ahead, tomorrow’s EIA storage report is expected to report a withdrawal that is lower than the 5-year average.

Market Update120419

Market Settles 120319

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