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Daily Market Update March 25, 2020

Early Morning Update

The Apr20 natural gas contract is trading up $0.02 at $1.67.  The May20 crude oil contract is down $0.41 at $23.60.



The NYMEX natural gas prompt month continued to gain strength yesterday, rising $0.051/MMBtu, opening the trading day at $1.602/MMBtu and closing at $1.653/MMBtu. This may be attributed to a slow down in production this week, which had been steadily averaging 92.2 Bcf/Day for the month of March, but, in the past two days, forecasts show a drop down to 91.1 Bcf/day for March 25th. Nearly all of the production loss has been in the Permian shale region in West Texas, as daily cash prices for the fuel took a nose dive, trading at just $0.05/MMBtu at the Waha Hub. In general, natural gas production remains higher year-over-year, averaging 4.3 Bcf/day higher so far this year. Demand remains rather sluggish for this time of year, particularly in residential/commercial heating-related demand, which is down 9.5 Bcf/day vs. last year. Looking ahead, the U.S. Energy Information Administration’s weekly storage report to be released tomorrow is expected to report a withdrawal that is lower than the 5-year average, somewhere in the neighborhood of 24 Bcf.  The 5YA is -40 Bcf.

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