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Daily Market Update March 25, 2019

Early Morning Update

The Apr19 natural gas contract is trading down $0.03 at $2.72. The May19 crude oil contract is down $0.24 at $58.80.

 

Summary

The Apr19 NYMEX natural gas contract fell almost seven cents on Friday, as weather outlooks show a warming trend throughout the country through the second week of April. The prompt month closed out the week at $2.753/MMBtu, down 6.8 cents day-over-day. April expires as the prompt month on Wednesday, with May taking the front position on Thursday. Natural gas production also helped to relieve some of the price pressure that NYMEX gas has seen in recent weeks, with U.S. dry production inching up throughout the week, averaging 87.2 Bcf/d over the last six days, and reaching a fresh all-time high of 87.8 Bcf/d on Saturday. Demand has been declining with the change in seasons, too, and is projected to average 88.4 Bcf/d this week, down from a high of 135.7 Bcf/d seen just two weeks ago. Additionally, the latest storage projections show just one more small pull left in the withdrawal season before injections begin. The end-of-season estimate now stands at 1,115 Bcf, a 20% deficit to last year, and a 33% deficit to the five-year average.

 

Market Update 032519

Market Settles 32219

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