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Daily Market Update February 11, 2021

Early Morning Update

The Mar21 natural gas contract is trading up $0.05 at $2.91. The Mar21 crude oil contract is down $0.27 at $57.97.

Summary

Yesterday's EIA Storage Report declared a slightly smaller withdrawal than expected, contributing to the surprisingly bearish movement in the NYMEX NG prompts. This movement may be as a result of surprisingly normal temperatures being forecasted in the beginning of March. Future and forward movements are likely surprising compared to what you may be expecting with the upcoming cold wave. The cold are pushing high prices in a market called the day-ahead, otherwise called the index. This is the sort of contract that your company would be on if you do not have a fixed price or locked in through other products. Nearly every market is experiencing increases on this market due to the upcoming cold. In some northeastern markets, prices on some of the coldest days can, and recently have surged to over $100/Mwh during the on-peak hours and in Texas, the cold is causing prices to be even higher as some wind units have to be taken off-line due to rain and cold and demand is setting winter records.

 

Market Update 02 12 2021

Market Settles 02 11 2021

 

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