Direct Energy Business
Market Data For Your Home Contact Us
Market Updates

Daily Market Update March 18, 2019

Early Morning Update

The Apr19 natural gas contract is trading up $0.02 at $2.81. The Apr19 crude oil contract is up $0.13 at $58.65.

 

Summary

On Friday, April 2019 NYMEX natural gas futures fell 6.0 cents on the day to settle at $2.795/MMBtu. This dip followed a bullish storage withdrawal of 204 Bcf, which was slightly more than double what we saw this time last year, as well as the 5-year average. This withdrawal continued to widen the storage deficit to historical benchmarks. Current estimates for the end-of-season storage inventory  have risen slightly versus last week due to the warming temperatures, up to 1.09 Tcf, but is still the lowest on record since 2014. The frigid start to March caused demand to surge, once again surpassing the total U.S. demand for natural gas for the month over the past five years. Weather forecasts for the remaining two weeks of this month show the cold retreating, with warmer-than-normal temps once again dominating the eastern half of the country causing demand to fall. U.S. LNG and exports to Mexico have remained steady, and both exports are forecasted to increase significantly in 2019 due to pipeline projects to Mexico and LNG export facility project completions. Total U.S. dry production remains steady around 85 Bcf/d, and will need to increase significantly, as well, to meet the oncoming demand. 

 

Market Update 031819

Market Settles 031519

Set your ZIP code and utility

Enter a valid ZIP code
Unfortunately, we don't currently service this area. Please try another ZIP code.

Loading please wait...

Don't see your utility?

We currently only provide service to the listed utilities. For question, please contact 1-888-925-9115.

Loading...

3.81.28.94