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Daily Market Update February 6, 2019

Early Morning Update

The Mar19 natural gas contract is trading up $0.01 at $2.67. The Mar19 crude oil contract is down $0.36 at $53.30.



Trading yesterday put an end to the four-day losing streak for the NYMEX natural gas prompt month. The March contract settled at $2.662/MMBtu, up a mere 0.2 cents from Monday’s settlement. Frigid temperatures last week resulted in a record high for U.S. demand last Wednesday. Temperatures have since moderated, resulting in 89.2 Bcf/d average so far for the week, ~40% lower than last Wednesday’s record high. Interestingly, calendar strips 2020-2025 gained more momentum than near-term NG pricing, increasing by about three cents, on average. In power news, Pennsylvania lawmakers issued a memo yesterday seeking sponsors for a proposal to modify alternative energy requirements to include nuclear power. If this developing proposal is approved, Pennsylvania could join New York and Illinois, two states with measures to impede closures of nuclear power plants. Natural gas and renewable generation is expected to offset the loss of retired nuclear generation. If nuclear plants are kept online, future NG demand from the power sector could be lower than current expectations.


Market Update 020619

Market Settles 020519

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