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Daily Market Update January 28, 2019

Early Morning Update

The Feb19 natural gas contract is trading down $0.25 at $2.93. The Mar19 crude oil contract is down $1.04 at $52.65.

 

Summary

On the heels of increased demand due to frigid temperatures enveloping the middle of the country, the NYMEX natural gas contract for Feb climbed 7.9 cents to settle at $3.178/MMBtu on Friday. The March contract, which is set to debut as the prompt month on Wednesday, also rose 7.4 cents, closing out the week at $3.072. Total U.S. demand reached 125.3 Bcf/d, a jump of over 10 Bcf/d from Thursday. Most of the increase came from the Res/Comm sector, which saw a day-over-day increase of 8.4 Bcf/d. However, total demand tumbled over the weekend, falling to 113.1 on Sunday, as average U.S. temperatures warmed up a bit. The latest weather forecasts from the National Weather Service show warmer-than-normal temperatures spreading out across most of the southern half of the country in the next 6-10 days, and extending into the Mid-Atlantic and Northeast in the 8-14 day outlook. Also offering price support on Friday, dry production continues to struggle, averaging just 84.2 Bcf/d over the past six days, down from the all-time high of 87.4 Bcf/d reached on Nov. 30. 

 

Market Update 012819

Market Settles 012519

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