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Daily Market Update February 27, 2019

Early Morning Update

The Apr19 natural gas contract is trading down $0.06 at $2.74. The Apr19 crude oil contract is up $1.20 at $56.70.



The March natural gas contract expired as the prompt month yesterday, settling up almost two cents for the day at $2.855/MMBtu. This is the highest that March has settled since 2015, but it still represents a significant discount to where it was in the early half of this winter. The slight upward movement was confined to March, as every other month on the board closed down, with the 12-month strip dropping just a penny to close at $2.92/MMBtu. The 2020 and 2019 calendar strips lost about two cents apiece, closing at $2.73 and $2.61, respectively. April debuted as the prompt month this morning, opening down three cents at $2.768/MMBtu. This halt to the steady upward movement that has been seen in natural gas recently is likely the result of weather forecasts softening for the period 11-20 days out, with the middle of March now looking as though it may offer warmer-than-average temperatures for the eastern United States.


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