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Daily Market Update January 7, 2019

Early Morning Update

The Feb19 natural gas contract is trading down $0.09 at $2.95. The Feb19 crude contract is up $0.84 at $48.80.

 

Summary

On Friday, the February 2018 NYMEX natural gas futures price reversed from the previous day’s trend, rising 9.9 cents on the day to settle at $3.044/MMBtu. The U.S. Energy Information Administration reported a bearish storage withdrawal of 20 Bcf, far less than the 193 withdrawal seen last year for the corresponding week, as well as the -107 Bcf five-year average. Despite the bearish storage report, the prompt month saw upward pressure, possibly due to LNG feedgas demand reaching a new all-time high of 5.4 Bcf/d, with the majority of the upward move from the new Corpus Christi export facility in Texas. Following suit, exports to Mexico also increased to 4.8 Bcf/d, back up to export levels seen a month ago. Warming weather forecasts continue to dominate the outlooks over the next couple of weeks, mainly in the eastern half of the country in the 1-5 day forecast. Winter is far from over, and if any colder-than-normal temps creep into the forecast, there is definitely risk to the upside. Total U.S. dry production has also fallen from its record high to around 84.0 Bcf/d, but is still around 9.8 Bcf/d higher than last year.

 

Market Update 010719

Market Settles 010419

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