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Daily Market Update March 13, 2019

Early Morning Update

The Apr19 natural gas contract is trading up $0.03 at $2.81. The Apr19 crude oil contract is up $0.88 at $57.75.

 

Summary

Yesterday was another relatively quiet day for NYMEX, albeit with some slight, broad upward movement throughout the calendar strips toward the end of the day. The April prompt month contract traded in a 4.5 cent range and ultimately closed up 1.2 cents at $2.784/MMBtu. The 12-month strip followed suit, moving up 1.4 cents to close at $2.947/MMBtu. The backwardated 2020 and 2021 calendar strips showed less movement, adding just 0.9 cent to 2.771, and 0.7 cent to $2.66, respectively. Beyond the next few years, calendar 2022 closed up 1.4 cents to $2.669, and from there out to the 2031 calendar strip, there was a uniform 1.5 cent increase. Amidst the mild weather throughout the eastern U.S., ResComm demand has fallen nearly 5.0 Bcf/d from yesterday and should remain low throughout the end of the week. All in all, weather forecast look to be on the mild side through the end of the month, signaling that the large 220 Bcf withdrawal expected to be reported tomorrow could be the last significant draw from storage for the season.

 

Market Update 031319

Market Settles 031219

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