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Daily Market Update December 6, 2019

Early Morning Update

The Jan20 natural gas contract is trading down $0.01 at $2.41.  The Jan20 crude oil contract is down $0.25 at $58.18.



The NG market experienced a bit of choppiness yesterday as the prompt month contract bounced around a bit, trading from a low of $2.396 to a high of $2.463 before settling at $2.427, up $.028 on the day.  The market rose after the EIA reported a smaller-than-expected draw from storage of 19 Bcf (estimates had been ~ -23 Bcf). 

With the exception of a brief cooler period next week, forecasts throughout the east coast don’t show extreme cold weather.  The longer the east coast goes without extreme cold, the better it is for low pricing as storage conditions remain robust.  As an fyi, temps for this weekend are nearly 20 degrees warmer in Boston and NYC compared to the same days last year.  As we approach the holidays though, forecasts show more normal temps, and in-line with last year. 

We’ve also seen NG production to slip some this week, down from it’s highs of nearly 94 Bcf/d to now just over 92 Bcf/d.  Whether that’s a trend or a temporary dip remains to be seen.

Market Update120619

Market Settles 120519

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