Daily Market Update December 24, 2019
Early Morning Update
The Jan20 natural gas contract is trading up $0.06 at $2.33. The Jan20 crude oil contract is down $0.55 at $60.63.
Summary
The NYMEX prompt fell sharply yesterday, closing down $.114 to end the day at $2.214. Weather forecasts were revised to show warmer temperatures until mid-January, and the market fell in response. As the near-term fell, Cals ‘20 and ‘21 reached another all-time low yesterday, extending what seems to be a daily occurrence as the market plumbs new depths. The concern here would be if weather forecasts are revised over this coming weekend. Low liquidity could mean quick moves in pricing if forecasts were to reverse course and show colder temps. But for now, enjoy the low pricing for both power and gas.
There will be no update tomorrow. Enjoy the holiday and we’ll see you on Thursday.
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