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Daily Market Update March 29, 2019

Early Morning Update

The May19 natural gas contract is trading down $0.01 at $2.69.  The May19 crude oil contract is up $1.35 at $60.65.



The EIA reported a draw from storage of 36 Bcf yesterday, slightly higher than expectations, but the market shrugged off the news and closed the day nearly flat at $2.712.  This draw looks to be the final draw of the year with an injections forecast for the following weeks.  The market seems to be breathing a sigh of relief that storage didn’t end up worse than it did.  And with production growing and mild weather on tap, we appear to be in a period of low volatility.  This is a departure from last spring when March and April were cold and withdrawals extended long into what is typically injection season.  Early estimates for end/summer storage show increasing confidence of a recovering storage situation.  Estimates call for ~3.5 Tcf and for that to happen, production will need to continue to grow.  A milder summer than last year would also help.


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