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Daily Market Update February 4, 2020

Early Morning Update

The Mar20 natural gas contract is trading up $0.02 at $1.84.  The Mar20 crude oil contract is up $0.79 at $50.90.




On Monday, the March 2019 NYMEX natural gas futures contract settled at $1.819/MMBtu, down another 2.2 cents from Friday’s close. We continue to see warmer-than-normal temperatures across the eastern half of the U.S. over the next two weeks, giving the market little incentive to raise prices. January now ranks as the 3rd warmest January nationally (7th warmest in ERCOT, 5th warmest across PJM, and 1st warmest across NEPOOL) in the last 70 years. Total U.S. natural gas supply is up 4.3 Bcf/d, and demand is down 4.2 Bcf/d year-over-year, overall contributing even more to the bearish outlook. The market continues to question whether producers are financially stable enough to continue production levels around 90 Bcf/d, or if the market will continue to see a downward natural gas production trend, which may cause a rebound in natural gas pricing.

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