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Daily Market Update February 25, 2019

Early Morning Update

The Mar19 natural gas contract is trading up $0.06 at $2.78. The Apr19 crude oil contract is down $1.26 at $56.00.

 

Summary

On Friday, the March19 NYMEX natural gas futures price moved up two cents on the day to settle at $2.717/MMBtu, the highest it has traded since the beginning of this month.  Demand weakened over the weekend, but was short-lived. Colder-than-normal temperatures dominate the forecasts over the next couple of weeks into the beginning of March. The colder temps that had been contained to the Pacific Northwest now have found their way to the Northeast, a major U.S. demand center for natural gas. Record cold is expected to return to Mid-Con in the 6-10 day forecast, and a blanket of cold will cover the majority of the country. As heating demand rises with the frigid temps, so have LNG feedgas and exports to Mexico, each increasing to around 5.0 Bcf/d. Cove Point and Corpus Christi export facilities have returned to normal after their recent outages. Total U.S. dry production is averaging just over 85 Bcf/d, down from the record levels we saw late November. Production will be a key fundamental to watch this summer, as demand for natural gas grows. 

 

Market Update 022519

Market Settles 022219

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