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Daily Market Update January 22, 2019

Early Morning Update

The Feb19 natural gas contract is trading down $0.29 at $3.19. The Feb19 crude oil contract is down $1.00 at $52.80.

 

Summary

Frigid temperatures spanning the East Coast and Midwest urged natural gas futures up on Friday ahead of the holiday weekend, during which the highest demand in 2019 was recorded. The prompt month moved up nearly seven cents to $3.482, the 12-month strip gained four cents to $3.033, and 2020 and 2021 ticked up two and one cents, respectively, to $2.750 and $2.648. Total demand across the country edged up over 128 Bcf/d on Monday on the brutal cold moving across many high demand centers in the U.S. Year-to-date high demand was also coupled with a 2019 low in production, hitting 82.9 Bcf/d on large declines in the South and Northeast. This could be due to freeze-offs, with temperatures approaching zero degrees in some high producing areas likely forcing some shut-ins. The weather looks to moderate slightly through the end of the week, but more cold appears to be on the horizon to close out January and open February for the same hard-hit areas as this weekend.

 

Market Update 012219

Market Settles 011819

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