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Daily Market Update February 24, 2020

Early Morning Update

The Mar20 natural gas contract is trading down $0.04 at $1.86.  The Apr20 crude oil contract is down $2.58 at $50.80.


As weather forecasts trended warmer toward the end of last week, the market continued to show weakness, as the prompt month closed at $1.905. Weather updates over the weekend have shown even warmer temps with the potential last gasp of winter appearing along the eastern half of the U.S. by the end of the week. Beyond this short-term cold outbreak, temperatures look to be above the 10-year normal for the next three weeks, leaving any last hope of sustained artic cold behind. With winter weather largely being non-existent, the market hopes that easing production can help balance the supply and demand balance. With production hovering around 91.5 Bcf/d for the prior week, it bears watching how producers will handle the low price environment. The coronavirus has given us some new news today with new cases beyond just China – Italy, South Korea, and Iran have all reported a growth in cases and stoking fears of a global pandemic. The U.S. equity futures markets have reacted with sharp losses this morning, and something that bears watching across the global economy.

Market Update022420

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