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Daily Market Update January 4, 2019

Early Morning Update

The Feb19 natural gas contract is trading up $0.07 at $3.01. The Feb19 crude contract is up $0.98 at $48.07.

 

Summary

One of the quietest day in weeks on the NYMEX as the prompt month closed down a mere $.013 to end the day at $2.945.  Weather forecasts are holding steady, continuing to show above average temps through much of the country for the next two weeks, and the market finally breathed a sigh of relief.  Winter is far from over though and many projections called for a colder back half of the season when long-term forecasts were released in November.  The power markets are taking this period of relative quietness as an opportunity to sell-off, as most regions have moved lower this week.  Lower index pricing and a lack of cold weather forecasts are the primary reasons
The EIA will release its weekly storage report today at 10:30ET.  The latest estimates call for a draw in the low 40’s.   

 

Market Update 1419

Market Settles 010319

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