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Daily Market Update March 4, 2020

Early Morning Update

The Apr20 natural gas contract is trading up $0.04 at $1.84.  The Apr20 crude oil contract is up $1.22 at $48.40. 

Summary

Near-term NYMEX natural gas contracts moved up slightly through the day yesterday, with the March prompt month contract closing right at $1.80/MMBtu, representing a gain of 4.4 cents. The movement was confined to the front months, as the 12-month strip gained 3.3 cents to close at $2.131, while the 2021 calendar strip moved up only a half of a penny to $2.307. There wasn’t much movement for the calendar strips further out, as 2022-2028 all moved down just under half a cent. The Res/Comm demand sector set a year-to-date low at 26.5 Bcf/d, as Northeast temperatures averaged 13 degrees above normal for the day, drastically limiting any early March heating demand. Looking at the forecasts through the bulk of March, it appears that there is not any significant heating demand on the horizon, and the estimates for the next three natural gas storage reports reflect as much, as they are expected to be 110 Bcf below the 5-year average.

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