Daily Market Update February 11, 2020
Early Morning Update
The Mar20 natural gas contract is trading up $0.01 at $1.77. The Mar20 crude oil contract is down $0.83 at $50.40.
Summary
The Mar ‘19 natural gas contract dropped almost a dime yesterday, settling at $1.766/MMBtu. Despite the drop in the prompt month, the calendar strips all fell less than a penny. Demand is expected to be relatively flat today, echoing the generally flat NYMEX pricing seen across the board. The near-term weather forecast is showing below-normal temperatures for the Mid-Continent through the 5-day outlook, as a cold front is expected in the Midwest on Thursday morning, pushing to the East Coast later on Thursday. Last week’s brief cold predictions caused a brief rally in the market, with the above-normal temperatures then returning the market to a downward turn. We’ve same see the same pattern several times this winter - will we see the same pattern this week?
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