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Daily Market Update February 5, 2020

Early Morning Update

The Mar20 natural gas contract is trading down $0.03 at $1.84.  The Mar20 crude oil contract is up $1.99 at $51.60. 



The prompt month NYMEX natural gas contract rose through yesterday’s trading session to close up 5.3 cents at $1.872/MMBtu. The upward movement slowed beyond the front months, as the 12-month strip moved up 2.5 cents to $2.159/MMBtu. Calendar strips 2021 through 2025 showed little movement, with 2025 dropping almost three tenths of a cent to a new all-time low of $2.492. Residential and commercial heating demand has moved up to a  six day high point on short-term colder Northeast temperatures, but is still 5.0 Bcf/d lower month-to-date than last year. Forecasts through the bulk of February continue to show above-average temperatures in the East and Northeast, with below-normal temperatures remaining centered in the Northwest. In keeping with this year’s trend, tomorrow’s release of the U.S. Energy Information Administration’s weekly Natural Gas Storage Report is expected to show the drop in natural gas stockpiles for the week to Jan. 31 to be less than both last year and the five year average.

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