Market Updates

Daily Market Update January 9, 2019

Early Morning Update

The Feb19 natural gas contract is trading down $0.02 at $2.95. The Feb19 crude contract is up $1.42 at $51.20.

 

Summary

Hinged on near-term weather outlooks, the NYMEX front month contract continued its seesaw pattern yesterday, up 2.3 cents, settling at $2.967/MMBtu, after trading in a wide range of $2.948-$3.053/MMBtu throughout the day. The National Weather Service revised their 8-14 day outlook slightly less bearish, decreasing the chances for warmer-than-normal temperatures in the Northeast. Analysts commented that the market may have hit a short-term floor, and $2.90 appears to be a support level. However, after making up ground in the natural gas storage deficit with the EIA’s report last week of a meager 20 Bcf draw, and more smaller-than-average draws expected in the coming weeks, near-term price gains could be limited as we head into the second half of heating demand season.

 

Market Update 010919

Market Settles 010819

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