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Daily Market Update March 5, 2019

Early Morning Update

The Apr19 natural gas contract is trading up $0.01 at $2.87. The Apr19 crude oil contract is up $0.21 at $56.80.

 

Summary

The near-term natural gas market was flat on Monday, while outer years have begun to slowly creep upward. The April prompt month moved just a fraction of a cent down to $2.857/MMBtu, the 12-month strip moved down the same amount to $2.995, but 2020 ticked up a penny to 2.637. The current cold blast enveloping most of the country is continuing to keep demand levels elevated well above 100 Bcf/d for the beginning part of this week, with potential for moderation next week. Despite the steady flow of 85 Bcf/d in production, storage levels are expected to drop sharply with the next two withdrawals, likely due to both the lingering frigid temperatures, as well as strong export demand via new LNG sendout capabilities from Corpus Christi.

 

Market Update 030519

Market Settles 030419

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