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Daily Market Update January 11, 2019

Early Morning Update

The Feb19 natural gas contract is trading up $0.06 at $3.02. The Feb19 crude contract is down $0.61 at $51.98.

 

Summary

Yesterday the EIA reported a draw from storage of 91 Bcf.  In the report, 4 bcf of gas was reclassified making the implied draw 87 Bcf.  The market ended up with little reaction and close the day lower by $.015 to finish at $2.969.  Power markets were also mostly quiet on a rare slow day in the gas and power markets.  As we look to the weather forecasts, we are seeing some of the mild weather leave the US and colder temps are moving in.  Towards the end of the month, forecasts are calling for some below-average temps along the east coast which should pick up demand.  Original long-term forecasts for this winter showed a back-loaded winter so we will see if Feb ends up being colder than Jan.  There is still plenty of winter left.  

 

Market Update 011119

Market Settles 011019

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