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Daily Market Update March 1, 2019

Early Morning Update

The Apr19 natural gas contract is flat at $2.81. The Apr19 crude oil contract is down $0.12 at $57.11.



A smaller than expected draw did little to move the needle yesterday, as the NYMEX prompt closed up $.013 to end the day at $2.812.  The small move yesterday is part of a larger grind higher by the market, with the prompt month up $.24 since February 7.  Lingering cold temps and higher demand have pushed the marking slowly higher.  This February was much colder than last year, with 13.7% more HDD’s observed Y-o-Y.  The Northern Plains saw the worst of the cold in Feb, with Calgary seeing the coldest February on record.  Eastern markets dodged the worst of that cold, and saw temps slightly warmer than the 30Y normal but much colder than last year.  Looking ahead, the cold is forecast to stay with us for the next 10 days before finally moving out, and warmer than average temps moving in.  But by then, storage levels will have drawn down to an estimated 1,100 Bcf before injections begin.  Storage levels of ~1,100 would be the lowest to exit winter since 2014.


Market Update 030119

Market Settles 022819

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