Daily Market Update March 10, 2020
Early Morning Update
The Apr20 natural gas contract is trading up $0.06 at $1.84. The Apr20 crude oil contract is up $2.37 at $33.50.
Summary
NYMEX gas prices saw some volatility yesterday, but ultimately closed the day with increases across the board. The increases were most impactful in the near-term months, and the April prompt month landed at $1.778/MMBtu with a gain of $0.07. All eyes continue to watch the coronavirus impacts, as well as the drop in crude oil prices, as Saudi Arabia increases production, leaving much speculation about the resulting impacts to LNG and U.S. shale gas. On the demand side, power burn increased by 1.7 Bcf/d, while U.S. dry gas production saw a drop of 0.6 Bcf/d.
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