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Daily Market Update January 15, 2020

Early Morning Update

The Feb20 natural gas contract is trading down $0.06 at $2.13.  The Feb20 crude oil contract is down $0.18 at $58.05.



The NYMEX natural gas prompt month contract lacked enthusiasm yesterday, gaining just $0.005, opening the trading day at $2.182/MMBtu and closing at $2.187/MMBtu. The market continues to grapple with healthy storage levels, relatively strong production, and a lack of strong weather-related demand. Month-to-date Residential/Commercial heating-related demand is down 6.9 Bcd/day in January 2020 vs. January 2019. However, weather patterns are indicating a shift to colder-than-average temperatures across much of the East Coast next week. Traders will be looking for heating-related demand to rise, since natural gas production remains relatively strong, averaging 92.1 Bcf/day for the month of January 2020, compared to 87.8 Bcf/day in January 2019, a 4.3 Bcf/day year-over-year increase. Looking ahead, tomorrow’s EIA weekly storage report is expected to report a withdrawal that is lower than the 5-year average.

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