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Daily Market Update February 12, 2020

Early Morning Update

The Mar20 natural gas contract is trading up $0.03 at $1.82.  The Mar20 crude oil contract is up $1.31 at $51.25. 


The NYMEX natural gas prompt month gained a modest $0.022 yesterday, opening the trading day at $1.766/MMBtu and closing at $1.788/MMBtu. The move was likely due to a pop in res/comm heating-related demand, which was up 2.9 Bcf/day. A brief cold shot is expected this Friday and Saturday, which appears to cover much of the Mid-Continent, as well as extending to several major cities along the East Coast, which will bolster heating demand. Production remains stubbornly strong vs. last year, up 5.1 Bcf/day and averaging 92.0 Bcf/d so far this month. As natural gas prices remain trapped below the $2 mark, market analysts continue to wonder if the E&P community will curtail production. Looking ahead, tomorrow’s weekly storage report by the U.S. Energy Information Administration is expected to show a withdrawal in the neighborhood of 104 Bcf, which is lower than the 5-year average.

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