Market Updates

Daily Market Update February 7, 2019

Early Morning Update

The Mar19 natural gas contract is trading down $0.03 at $2.63. The Mar19 crude oil contract is down $0.46 at $53.55.

 

Summary

Total U.S. gas demand is expected to return to levels above 100 Bcf/d this weekend as the next cold spell pushes into the Northeast. The impending cold wave is forecast to be much less intense than the recent polar vortex conditions that brought near-record demand at the end of January. We have seen very little response from gas prices, as the Mar19 contract has traded down 15 cents week-over-week, but flat on the day to close on Wednesday at $2.662. The National Weather Service is forecasting above-normal temperatures across the Northeast in both the 6-10 day and 8-14 day outlooks, allowing the market to breathe a brief sigh of relief. The market is expecting a withdrawal from storage based on last week’s weather of 248 Bcf when the EIA releases their weekly storage report later this morning. This would be well above last year’s 116 Bcf withdrawal, as well as the 5-year average of -150 Bcf.  By contrast, early estimates for next week are well below last year and the five-year average, with expectations hovering around 82 Bcf. End-of-season estimates remain largely unchanged at 1,334Bcf.

 

Market Update 020719

Market Settles 020619

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