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Daily Market Update January 3, 2020

Early Morning Update

The Feb20 natural gas contract is trading up $0.01 at $2.13.  The Feb20 crude oil contract is up $2.22 at $63.40.



U.S. dry natural gas production has been slowly slipping this past week, declining more than 1.4 Bcf/d since Christmas to 91.0 Bcf/d today. The 0.8 Bcf/d day-over-day production loss was, however, more than offset by the 1.3 Bcf/d drop in U.S. demand, which stands at 86.5 Bcf/d. NYMEX natural gas futures prices continue to soften, with the prompt month losing 6.7 cents yesterday, settling at $2.122/MMBtu, the lowest ever for Feb ‘20. Although the 2023-2025 calendar strips rose a bit in the final trading session of 2019, they also fell yesterday and are still less than a penny higher than the all-time lows that were set on Dec. 30. The U.S. Energy Information Administration is set to release their storage data for the week to Dec. 27 this morning, a day later than usual due to the New Year’s holiday. Market analysts’ estimates for the weekly withdrawal range from 44 to 76 Bcf, with a consensus at 62 Bcf. A pull at consensus would be much higher than last year’s anemic 24 Bcf withdrawal for the corresponding week, but still much less than the 89 Bcf five-year average draw.

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