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Daily Market Update January 31, 2019

Early Morning Update

The Mar19 natural gas contract is trading up $0.02 at $2.87. The Mar19 crude oil contract is up $0.37 at $54.60.

 
 

Summary

As polar vortex conditions push through the Midwest and into the Northeast regions of the country, the Mar19 natural gas contract gave up some ground, closing down 4.9 cents at $2.854/MMBtu. The extremely cold conditions are driving very high demand for heating over the next several days before giving way to a serious warm-up across the region, as we move through the weekend into next week. U.S. total demand rose 15.6 Bcf/d day-on-day to hit a year-to-date high of 148.1 Bcf/d Wednesday, as power burn, res/comm, and industrial demand also climbed to new year-to-date highs. The surge was driven by res/comm, making its largest day-on-day gain in the past week of 12.3 Bcf/d to 74.3 Bcf/d. Most regions across the U.S. are experiencing colder-than-normal weather, but particularly the Midwest, where temperatures have plunged into the negatives, motivating some of the strongest draws from storage seen since winter began. The market is expecting a withdrawal of 197 Bcf when the EIA releases their weekly storage report later this morning, and end-of-season estimates have increased from last week to 1,330 Bcf.

 

Market Update 013119

Market Settles 013019

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