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Daily Market Update March 5, 2020

Early Morning Update

The Apr20 natural gas contract is trading down $0.02 at $1.81.  The Apr20 crude oil contract is down $0.18 at $46.60. 


Weather forecasts continue to be extremely bearish, as most of the country for the next 20 days is forecast to be well above normal for this time of year. Despite the very mild temperatures, we did see the prompt month gain 2.7 cents yesterday, and close out at $1.827/MMBtu. While we saw a slight gain in the prompt month, keep in mind that at this time last year, the prompt month was at $2.857/MMBtu, over one dollar higher than where April ’20 is today. It's hard to believe that this low-price environment is still in effect, but with dampened heating demand, healthy storage levels, mild temperatures, and steady production, the market can't find a reason to rally at this point. Speaking of healthy storage levels, the U.S. Energy Information Administration will release their weekly storage report later this morning. Market participants are expecting to see a withdrawal in the neighborhood of 100 Bcf, which would be 52 Bcf lower than last year, and 6 Bcf lower than the 5 year-average benchmark.

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