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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.



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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