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Daily Market Update March 3, 2020

Early Morning Update

The Apr20 natural gas contract is trading up $0.01 at $1.77.  The Apr20 crude oil contract is up $0.95 at $47.70.  

Summary

As of this morning, weather forecasts are still indicating warmer-than-normal temperatures across the U.S. and especially warm throughout the Northeast and into the Midwest for at least the next two weeks. April futures increased by 7.2 cents yesterday, settling at $1.756/MMBtu, but most of the market indicators remain bearish. Total natural gas supply is only slightly down week-over-week at 95.5 Bcf/d today, and production levels continue to hold their own despite historic low prices. U.S. demand is down 19.8 Bcf/d year-over-year, with Res/Comm demand falling to year-to-date lows at 27.7 Bcf/d. LNG exports are down nearly 1.0 Bcf/d from yesterday, raising the question - how much could COVID-19 stymie demand?

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