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Daily Market Update January 25, 2019

Early Morning Update

The Feb19 natural gas contract is flat at $3.11. The Mar19 crude oil contract is up $0.36 at $53.49.

 

Summary

Bundle up folks, it’s going to be cold.  Weather forecasts are currently calling for the coldest temps in over a year as a winter blast makes its way across the eastern half of the country.  Temps well below zero are forecast for many regions in what will surely be very high gas demand days.  Forecasts for storage withdrawals during the reference week are currently well over 200 Bcf.  This has caused the end/winter storage estimate to dip to 1,290 Bcf.  The EIA did release a storage report of –163 Bcf yesterday, slightly above the median estimate.  The prompt NG contract ended the day higher by $.119 to close at $3.099.  With cold temps next week, expect high index prices for both power and gas as pipeline limits will surely be tested.  Moving into next weekend, temps are forecast to moderate somewhat, although above-average temps are not currently on the horizon.  Forecasts have been volatile lately and are obviously subject to change.

 

Market Update 012519

Market Settles 012419

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