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Daily Market Update December 18, 2020

Early Morning Update

The Jan21 natural gas contract is trading up from yesterday’s close at $2.68. The Jan21 crude oil contract is up $0.28 at $48.64.

Summary

NYMEX NG prices slightly decrease yesterday despite a bullish storage inventory report. This contradiction is likely due to a minor bearish correction in the face of a report that was mostly accounted for in forecasts. Prices increased rather harshly after hitting new prompt lows last Monday, and yesterday's market experienced a relatively small movement. Price movement in the future is going to be heavily dependent on upcoming weather, and national forecasts are predicting slightly warmer than normal temperatures, despite the recent cold and snow in the northeast. Our team recommends keeping an eye on LNG exports as well, as market reports have shown consistent increases to this demand, reaching an all-time high at slightly above the 11.5Bcf/d mark. This is impactful on our domestic markets today, but is also a significant long-term indicator for where the international market for natural gas is moving.

 

Market Update 12 18 20

Market Settles 12 17 20

 

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