1. Crude oil (WTI) is down to 118.40, which is up only 2% vs Fri close and $12 down from the high hit just after the 6PM opening.
2. NG is down 2.5% vs the Fri close on net warmer forecasts for the US over the next 2 weeks. Although week one is slightly colder overall (especially days 1-4) for the US based on population weighted heating degree days (HDDs), week 2 is significantly warmer than it was on Friday due to 3/13-19 being much warmer thus reducing projected US HDDs for the next 2 weeks overall. NG is largely insulated from what happens overseas from day to day, though not entirely, because US NG prices are largely independent of overseas NG prices (nothing new) since the US is well supplied with plentiful storage. But because the US now exports more than ever (LNG), prices nowadays sometimes rise (fall) somewhat on perceived increases (decreases) in overseas demand for US LNG. Still, US weather is the dominant factor from day to day.
2. NG is down 2.5% vs the Fri close on net warmer forecasts for the US over the next 2 weeks. Although week one is slightly colder overall (especially days 1-4) for the US based on population weighted heating degree days (HDDs), week 2 is significantly warmer than it was on Friday due to 3/13-19 being much warmer thus reducing projected US HDDs for the next 2 weeks overall. NG is largely insulated from what happens overseas from day to day, though not entirely, because US NG prices are largely independent of overseas NG prices (nothing new) since the US is well supplied with plentiful storage. But because the US now exports more than ever (LNG), prices nowadays sometimes rise (fall) somewhat on perceived increases (decreases) in overseas demand for US LNG. Still, US weather is the dominant factor from day to day.