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Daily Market Update February 28, 2019

Early Morning Update

The Apr19 natural gas contract is trading up $0.03 at $2.83. The Apr19 crude oil contract is up $0.16 at $57.10.



In its debut as the prompt month, the Apr19 natural gas contract barely budged yesterday, rising just 0.3 cent to settle at $2.799/MMBtu. Most of the country is experiencing below-normal temperatures, which are expected to linger through the second week of March, before changing to warmer-than-normal temperatures for everywhere east of the Rockies. The cold is helping to elevate the demand for natural gas, which is expected to remain firm at around 104 Bcf/d for the next seven days. With demand strong and production flat, the market is expecting some very large storage withdrawals over the next few weeks. It is anticipated that the U.S. Energy Information Administration will report a 172 Bcf drop in storage levels for the week to Feb. 26 this morning. This would be similar to last week’s pull, but much larger than the 85 Bcf withdrawal seen last year for the same week, as well as the -104 Bcf five-year average. This would increase the deficits to historical averages, and, with several large withdrawals expected in the coming weeks, end-of-season projections continue to drop. Storage inventories are expected to fall as low as 1.1 Tcf before summer injections begin.


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