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Daily Market Update March 6, 2019

Early Morning Update

The Apr19 natural gas contract is trading down $0.02 at $2.86. The Apr19 crude oil contract is down $0.51 at $56.05.

 

Summary

After trading on either side of the line in a range of $2.841–$2.892/MMBtu yesterday, the April NYMEX natural gas contract ultimately settled 2.7 cents higher than Monday’s close at $2.884/MMBtu, despite total U.S. demand sliding after Monday’s high. After hitting a recent low of $2.57 on February 7, the April contract has managed to gain 31.4 cents on the backs of flatlining production around 85 Bcf/d, bullish weather from the last breath of winter, and increased NG exports via additional LNG capacity. The shift in market fundamentals has depleted estimates for the end-of-withdrawal-season storage estimate to less than 1.1 Tcf, the lowest level since 2013/2014 winter, when the U.S. was left with just 842 Bcf of natural gas. A large draw of 146 Bcf is expected with tomorrow’s report, which would bring stockpiles to 1.393 Tcf.

 

Market Update 030619

Market Settles 030519

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