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Daily Market Update February 20, 2019

Early Morning Update

The Mar19 natural gas contract is trading up $0.02 at $2.68. The Mar19 crude oil contract is down $0.59 at $55.50.

 

Summary

On its first day of trading after the holiday weekend, the NYMEX natural gas prompt month contract settled 3.7 cents higher than Friday’s close at $2.662/MMBtu. Supply has been steady with U.S. dry natural gas production averaging 85.5 Bcf/d for the last five days. However, demand ticked up ~4% compared to the first two weeks of February, possibly due to colder temperatures that crept into the Midwest and Northeast. Production is expected to continue at this level for the balance of the month, ~2 Bcf/d shy of the record that was set in late November, and demand should trail off, below 100 Bcf/d starting February 21. U.S. LNG export facilities continues to make progress, with Cameron and Elba Island nearing completion to begin operations. These will be the 5th and 6th export facility locations to enter the market and will grow U.S. LNG export capacity to just shy of 6.0 Bcf/d. By the end of this year, the EIA projects the U.S. will have ~9 Bcf/d of LNG export capacity.

 

Market Settles 021919

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