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Daily Market Update January 24, 2020

Early Morning Update

The Feb20 natural gas contract is trading down $0.04 at $1.88.  The Mar20 crude oil contract is down $0.34 at $55.25.



The EIA reported yet another anemic natural gas storage withdrawal yesterday of 92 Bcf, slightly larger than the market consensus of expectations of 89. This brings current stock levels to 2.947 TCF, 23.2% higher than this time last year, and 9.3% higher than the five-year average. On the news, the market briefly moved up a few cents, but stabilized after bearish mid-day weather reports entered the market, causing the prompt month to settle at $1.926/MMBtu, 2.1 cents higher day-over-day. Today’s forecasts still predict warmer-than-normal temperatures for the foreseeable future. The National Weather Service’s 6-10 day outlook displays red blanketing the United States, with the exception of the Southeast. The 8-14 day outlook predicts slightly less chance for warmer-than-normal temperatures across the nation, though still paints a bearish picture for any kind of sustained demand for natural gas from the residential and commercial sector.


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