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Daily Market Update January 29, 2019

Early Morning Update

The Feb19 natural gas contract is trading down $0.06 at $2.85.  The Mar19 crude oil contract is up $0.41 at $52.40.

 

Summary

Natural gas futures are looking past the upcoming extreme cold and into February, where warmer weather and strong productions have put downward pressure on the prompt month and beyond. The February 2019 contract plummeted nearly 27 cents to close at $2.911, the 12-month strip lost eight cents to $2.922, and the 2020 and 2021 both moved down less than a penny to $2.756 and $2.64, respectively. Immediate focus has been on the extreme cold moving through the Midwest currently, expected to shift through to the East Coast by the end of this week. Central region demand on Wednesday is expected to rise to levels not seen since early January 2018, as temperatures plunge well below 0°F. However, looking ahead to the next two weeks, a few stretches above normal will help to moderate nationwide demand to around 100 Bcf/d over the two week span, still below the January 2018 average. Production still remains strong compared to last year’s values, 11% higher than 2018. However, the higher demand levels and recent single-day high record exports to Mexico will be sure to lessen production’s impact on overall storage.

 

Market Update 012919

Market Settles 012819

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