1 2 M O N T H C A N D L E S T I C K ( W E E K L Y )

Prompt Natural Gas

(NG) Daily Sentiment

RESISTANCE

2.82 & 2.87

SUPPORT

2.75 & 2.72

Lukoil to release new natural gas strategy this autumn– S&P Global reported: Russia's Lukoil is updating its natural gas strat-egy, which it plans to present this autumn, the company's CEO Vagit Alekperov said Monday. Lukoil, Russia's second-largest crude producer, currently has a "very unique resource base," with gas resources in West Siberia, the Caspian Sea and central

I N T H E N E W S Prior Day’s NYMEX

Mar-19 Contract (CT)

© 2019 Mansfield Energy Corp. All rights reserved.

Trading Summary NYMEX NG Futures

BEARISH

Contact Us

Mansfield Energy Corp

1025 Airport Pkwy

Gainesville, GA 30501

www.mansfield.energy

info@mansfieldoil.com

Phone: (800) 695-6626

M A R C H 1 2 , 2 0 1 9

Lukoil to release new natural gas strategy this autumn

West Virginia lawmakers pass bills to expedite natural gas out-

put, transport

Russia, he said at CERAWeek by IHS Markit. The company cur-rently does not export its own gas, but sells it to Gazprom, which handles the exports, Alekperov said. Lukoil has long-term con-tracts in place with Gazprom, he said. Lukoil's new strategy would involve developing petrochemical facilities with Gazprom and get-ting higher prices for its gas supplies, Alekperov said, without providing details. For more on this story visit spglobal.com or click https://bit.ly/2VTPmwe

West Virginia lawmakers pass bills to expedite natural gas output, transport— S&P Global reported: Legislation West Virginia law-makers passed in their recently concluded legislative session is expected to encourage the construction of distribution pipeline systems in underserved areas of the state, as well as to give a tax break to production from low-producing gas wells. Among the bills passed during the session, which closed Saturday, was House Bill 2661, which allows natural gas utilities to provide incentivizes for gas drilling "where dependable, lower-priced supplies of natural gas are not readily available." The legislation, which awaits the signature of Governor Jim Justice, will help encourage the utilities to build new gas gathering systems in areas of the state "where there haven't been wells drilled in the last several years," Charlie Burd, executive director of the Independent Oil & Gas Association of West Virginia, said Monday in an interview. HB 2661 was just one of several pieces of legislation that the lawmakers passed, which are expected to help increase the state's output of gas, Burd said. For more on this story visit spglobal.com or click https://bit.ly/2Hgiydw

2.74

2.75

2.76

2.77

2.78

2.79

2.80

2.81

2.82

8:0

0

8:4

5

9:3

0

10

:15

11

:00

11

:45

12

:30

13

:15

14

:00

1.25

1.50

1.75

2.00

2.25

2.50

2.75

3.00

3.25

3.50

3.75

4.00

4.25

4.50

4.75

5.00

5.25

Mar

-18

Ap

r-18

May

-18

Jun-

18

Jul-1

8

Au

g-18

Sep

-18

Oct

-18

No

v-18

Dec

-18

Jan-

19

Feb

-19

Mar

-19

Month Close Change

Apr-19 2.772 (0.093)

May-19 2.785 (0.085)

Jun-19 2.834 (0.078)

Jul-19 2.887 (0.070)

Aug-19 2.904 (0.070)

Sep-19 2.892 (0.069)

Oct-19 2.906 (0.066)

Nov-19 2.949 (0.063)

Dec-19 3.074 (0.063)

Jan-20 3.147 (0.063)

Feb-20 3.083 (0.061)

Mar-20 2.962 (0.051)

Apr-20 2.645 (0.008)

May-20 2.593 (0.004)

Jun-20 2.616 (0.003)

Jul-20 2.642 (0.002)

Aug-20 2.644 (0.001)

Sep-20 2.628 0.001

Oct-20 2.650 0.003

Nov-20 2.694 0.004

Dec-20 2.843 0.006

Jan-21 2.958 0.006

Feb-21 2.903 0.008

Mar-21 2.770 0.009

1YR Strip 2.933 (0.069)

2019 2.889 (0.073)

5YR Strip 2.745 (0.002)

NATURAL GAS

Futures Close Change

NG 2.772 (0.093)

Volume 409,231 (360,234)

Open Int. 1,196,892 4,525

CRUDE AND GASOLINE

Futures Close Change

Crude 56.79 0.72

RBOB 1.8260 0.0243

Crude/NG 20.49 0.92

METALS

Futures Close Change

Gold 1,288.80 5.90

EQUITIES

Exchange Close Change

DOW 25,650.88 200.64

S&P 500 -1,718.12 40.23

CURRENCY

Currency Close Change

EUR/USD 1.1277 0.0032

USD/CND 1.2405 0.0002

W E E K L Y G A S I N U N D E R G R O U N D S T O R A G E W I T H 5 - Y R R A N G E

Page 2 © 2018 Mansfield Energy Corp. All rights reserved.

Release Date: November 30, 2018

M A R C H 1 2 , 2 0 1 9

N A T U R A L G A S N E W S

Rig Count

T O D A Y ’ S P R E C I P I T A T I O N

Report Date:

Total Change

US - 1,038 (9)

CN - 211 (1)

March 1, 2019

2 4 H O U R P R E C I P I T A T I O N

1,390 BCF

(149) BCF (LAST WEEK)

(243) BCF (LAST YEAR)

(464) BCF (5-YR AVG)

Total Working Gas In

Storage

U.S. Natural Gas Supply

Gas Week 2/28 — 3/6

Average daily values (BCF/D):

Last Year (BCF/d)

Dry Production — +78.2

Total Supply — +84.4

Last Week (BCF/d)

Dry Production — +88.8

Total Supply — +93.7

[NEXT REPORT ON Mar 15]

U.S. Natural Gas Demand

Gas Week 2/28 — 3/6

Average daily values (BCF/D):

Last Year (BCF/d)

Power — +23.0

Total Demand — +89.8

Last Week (BCF/d)

Power — +24.4

Total Demand — +106.9

[NEXT REPORT ON Mar 15]

EIA Weekly NG Storage

Actual and Surveys for

March 8, 2019

Released March 7, 2019

Range — +210 to +145

PIRA— (142)

PointLogic — (143)

Citi Futures — (127)

EIA ACTUAL — (149)

N A T U R A L G A S B A S I S F U T U R E S , H E N R Y H U B S P O T P R I C E S , A N D F O R W A R D C U R V E

Page 3 © 2018 Mansfield Energy Corp. All rights reserved.

M A R C H 1 2 , 2 0 1 9

CME NG Option Prices

ATM Call

CME NG Option Prices

ATM Put

N A T U R A L G A S N E W S

NYMEX WTI Delivery

Month Average ($/bbl)

(Excluding Weekends and Holidays)

-0.900

-0.700

-0.500

-0.300

-0.100

0.100

0.300

0.500

4/1/

2019

6/1/

2019

8/1/

2019

10/1

/201

9

12/1

/201

9

2/1/

2020

4/1/

2020

6/1/

2020

8/1/

2020

10/1

/202

0

12/1

/202

0

2/1/

2021

4/1/

2021

6/1/

2021

8/1/

2021

10/1

/202

1

Sumas Basis (platts Iferc)

3/11/2019 3/4/2019 2/11/2019

-0.3

-0.25

-0.2

-0.15

-0.1

-0.05

0

4/1/

2019

6/1/

2019

8/1/

2019

10/1

/201

9

12/1

/201

9

2/1/

2020

4/1/

2020

6/1/

2020

8/1/

2020

10/1

/202

0

12/1

/202

0

2/1/

2021

4/1/

2021

6/1/

2021

8/1/

2021

10/1

/202

1

Michcon Basis (platts Iferc)

3/11/2019 3/4/2019 2/11/2019

0.00

0.20

0.40

0.60

0.80

1.00

1.20

4/1/

2019

6/1/

2019

8/1/

2019

10/1

/201

9

12/1

/201

9

2/1/

2020

4/1/

2020

6/1/

2020

8/1/

2020

10/1

/202

0

12/1

/202

0

2/1/

2021

4/1/

2021

6/1/

2021

8/1/

2021

10/1

/202

1

Transco Zone 6 Basis (platts Iferc)

3/11/2019 3/4/2019 2/11/2019

-1.400

-1.200

-1.000

-0.800

-0.600

-0.400

-0.200

0.000

4/1/

2019

6/1/

2019

8/1/

2019

10/1

/201

9

12/1

/201

9

2/1/

2020

4/1/

2020

6/1/

2020

8/1/

2020

10/1

/202

0

12/1

/202

0

2/1/

2021

4/1/

2021

6/1/

2021

8/1/

2021

10/1

/202

1

San Juan Basis (platts Iferc)

3/11/2019 3/4/2019 2/11/2019

-2.5

-2

-1.5

-1

-0.5

0

4/

1/2

01

9

6/1

/20

19

8/1

/20

19

10

/1/2

01

9

12

/1/2

01

9

2/1

/20

20

4/1

/20

20

6/1

/20

20

8/

1/2

02

0

10

/1/2

02

0

12

/1/2

02

0

2/1

/20

21

4/1

/20

21

6/

1/2

02

1

8/1

/20

21

10

/1/2

02

1

Waha Basis (platts Iferc)

3/11/2019 3/4/2019 2/11/2019

-0.07

-0.06

-0.05

-0.04

-0.03

-0.02

-0.01

0

4/1

/20

19

6/1

/20

19

8/

1/2

01

9

10

/1/2

01

9

12

/1/2

01

9

2/1

/20

20

4/

1/2

02

0

6/

1/2

02

0

8/1

/20

20

10

/1/2

02

0

12

/1/2

02

0

2/

1/2

02

1

4/1

/20

21

6/1

/20

21

8/1

/20

21

10

/1/2

02

1

Transco Zone 4 Basis (platts Iferc)

3/11/2019 3/4/2019 2/11/2019

Month:

Day Price Day Price

1 55.80 16

2 17

3 18

4 56.59 19

5 56.56 20

6 56.22 21

7 56.66 22

8 56.07 23

9 24

10 25

11 56.79 26

12 27

13 28

14 29

15 30

31

Average (Mar)

(through 03/11/2019)

Average (Feb)

Average (Jan)

55.0360

51.5505

March 2019

56.3843

2.25

2.75

3.25

3.75

4.25

4.75

5.25

5.75

1 3 5 7 9

11

13

15

17

19

21

23

25

27

29

31

Henry Hub Daily Spot Price

MAR 2019 FEB 2019 JAN 2019

1.75

2.25

2.75

3.25

3.75

4.25

4/1/

2019

9/1/

2019

2/1/

2020

7/1/

2020

12/1

/202

0

5/1/

2021

10/1

/202

1

3/1/

2022

8/1/

2022

1/1/

2023

6/1/

2023

11/1

/202

3

4/1/

2024

9/1/

2024

2/1/

2025

7/1/

2025

12/1

/202

5

5/1/

2026

10/1

/202

6

3/1/

2027

8/1/

2027

NYMEX Natural Gas Forward Curve

3/11/2019 3/4/2019 2/11/2019

Month Strike Close Imp Vol

May-19

Jun-19 2.800 0.074 20.6

Jul-19

Aug-19

Sep-19

May-19

Jun-19 2.800 0.087 20.6

Jul-19

Aug-19

Sep-19

Page 4 © 2018 Mansfield Energy Corp. All rights reserved.

W E A T H E R — H I G H / L O W T E M P E R A T U R E T O M O R R O W

HIGH Temperature LOW Temperature

W E A T H E R — 6 T O 1 0 D A Y O U T L O O K — N O A A

Temperature Precipitation

W E A T H E R — 8 T O 1 4 D A Y O U T L O O K — N O A A

Temperature Precipitation

M A R C H 1 2 , 2 0 1 9

N A T U R A L G A S N E W S

CME Future Prices

CME Future Prices

Propane (C3)

Non-LDH— Mont Belvieu

E T H A N E F U T U R E S , N G / E T H A N E R A T I O , P R O P A N E F U T U R E S , A N D T H E F R A C S P R E A D

Page 5 © 2018 Mansfield Energy Corp. All rights reserved.

M A R C H 1 2 , 2 0 1 9

N A T U R A L G A S N E W S

0.15

0.17

0.19

0.21

0.23

0.25

0.27

0.29

0.31

0.33

4/1/

2019

6/1/

2019

8/1/

2019

10/1

/201

9

12/1

/201

9

2/1/

2020

4/1/

2020

6/1/

2020

8/1/

2020

10/1

/202

0

12/1

/202

0

2/1/

2021

4/1/

2021

6/1/

2021

8/1/

2021

10/1

/202

1

Ethane Futures

3/11/2019 3/4/2019 2/11/2019

0.80

1.00

1.20

1.40

1.60

1.80

2.00

4/1

/20

19

5/1

/20

19

6/1

/20

19

7/1

/20

19

8/1

/20

19

9/1

/20

19

10

/1/2

01

9

11

/1/2

01

9

12

/1/2

01

9

1/1

/20

20

2/

1/2

02

0

3/1

/20

20

4/

1/2

02

0

5/1

/20

20

6/

1/2

02

0

7/1

/20

20

Ethane / Natural Gas Ratio

3/11/2019 3/4/2019 2/11/2019

0.45

0.50

0.55

0.60

0.65

0.70

0.75

4/1

/20

19

6/1

/20

19

8/

1/2

01

9

10

/1/2

01

9

12

/1/2

01

9

2/1

/20

20

4/

1/2

02

0

6/1

/20

20

8/1

/20

20

10

/1/2

02

0

12

/1/2

02

0

2/1

/20

21

4/1

/20

21

6/

1/2

02

1

8/1

/20

21

10

/1/2

02

1

Propane Futures

3/11/2019 3/4/2019 2/11/2019

3.00

3.20

3.40

3.60

3.80

4.00

4.20

4/

1/2

01

9

5/

1/2

01

9

6/

1/2

01

9

7/

1/2

01

9

8/

1/2

01

9

9/

1/2

01

9

10

/1/2

01

9

11

/1/2

01

9

12

/1/2

01

9

1/

1/2

02

0

2/

1/2

02

0

3/

1/2

02

0

4/

1/2

02

0

5/

1/2

02

0

6/

1/2

02

0

7/

1/2

02

0

Frac Spread

3/11/2019 3/4/2019 2/11/2019

Month Close Change

Apr-19 0.294 0.003

May-19 0.296 0.004

Jun-19 0.296 0.004

Jul-19 0.296 0.004

Aug-19 0.296 0.004

Sep-19 0.295 0.003

Oct-19 0.295 0.003

Nov-19 0.295 0.003

Dec-19 0.294 0.003

Jan-20 0.294 0.003

Feb-20 0.293 0.003

Mar-20 0.291 0.003

1YR Strip 0.295 0.003

(cents/gallon)

Month Close Change

Apr-19 0.689 0.005

May-19 0.694 0.008

Jun-19 0.693 0.009

Jul-19 0.693 0.009

Aug-19 0.693 0.009

Sep-19 0.695 0.009

Oct-19 0.701 0.009

Nov-19 0.707 0.009

Dec-19 0.712 0.009

Jan-20 0.717 0.009

Feb-20 0.722 0.009

Mar-20 0.717 0.009

1YR Strip 0.703 0.009

(cents/gallon)

Prompt WTI (CL) Crude

Daily Sentiment

RESISTANCE

57.21 & 57.64

SUPPORT

56.16 & 55.54

Ethane : 42% 66,500 btu/g

Propane: 28% 90,830 btu/g

Butane: 11% 102,916 btu/g

Iso-Butane: 6% 98,935 btu/g

Natural Gasoline: 13%

115,021 btu/g

B R E N T C R U D E F O R W A R D C U R V E

Page 6 © 2018 Mansfield Energy Corp. All rights reserved.

W T I C R U D E F O R W A R D C U R V E

W T I — B R E N T S P R E A D

NYMEX WTI (CL) Futures

NYMEX Brent (BZ)

Futures

Prompt NGL Futures

FRAC Spread

Specifications

FOLLOW US ON TWITTER:

@MPG_NatGasNews

M A R C H 1 2 , 2 0 1 9

N A T U R A L G A S N E W S

BULLISH

45

50

55

60

65

70

75

80

85

5/1/

2019

9/1/

2019

1/1/

2020

5/1/

2020

9/1/

2020

1/1/

2021

5/1/

2021

9/1/

2021

1/1/

2022

5/1/

2022

9/1/

2022

1/1/

2023

5/1/

2023

9/1/

2023

1/1/

2024

5/1/

2024

9/1/

2024

1/1/

2025

5/1/

2025

9/1/

2025

1/1/

2026

3/11/2019 3/4/2019 2/11/2019

45

50

55

60

65

70

75

80

85

4/1/

2019

9/1/

2019

2/1/

2020

7/1/

2020

12/1

/202

0

5/1/

2021

10/1

/202

1

3/1/

2022

8/1/

2022

1/1/

2023

6/1/

2023

11/1

/202

3

4/1/

2024

9/1/

2024

2/1/

2025

7/1/

2025

12/1

/202

5

5/1/

2026

10/1

/202

6

3/1/

2027

8/1/

2027

3/11/2019 3/4/2019 2/11/2019

(12)(11)(10)

(9)(8)(7)(6)(5)(4)(3)(2)(1)0

5/

1/2

01

9

9/

1/2

01

9

1/

1/2

02

0

5/

1/2

02

0

9/

1/2

02

0

1/

1/2

02

1

5/

1/2

02

1

9/

1/2

02

1

1/

1/2

02

2

5/

1/2

02

2

9/

1/2

02

2

1/

1/2

02

3

5/

1/2

02

3

9/

1/2

02

3

1/

1/2

02

4

5/

1/2

02

4

9/

1/2

02

4

1/

1/2

02

5

3/11/2019 3/4/2019 2/11/2019

Month Close Change

May-19 66.58 0.84

Jun-19 66.48 0.82

Jul-19 66.34 0.78

Aug-19 66.22 0.74

Sep-19 66.10 0.71

Oct-19 66.00 0.69

Nov-19 65.92 0.67

Dec-19 65.81 0.65

Jan-20 65.73 0.64

Feb-20 65.62 0.61

Mar-20 65.51 0.60

Apr-20 65.39 0.60

May-20 65.25 0.59

Jun-20 65.07 0.57

Jul-20 64.93 0.57

Aug-20 64.77 0.56

Sep-20 64.60 0.54

Oct-20 64.43 0.53

Nov-20 64.24 0.51

Dec-20 64.05 0.50

Jan-21 63.89 0.48

Feb-21 63.74 0.46

Mar-21 63.59 0.44

Apr-21 63.45 0.44

1YR Strip 65.98 0.70

2019 66.18 0.74

5YR Strip 62.96 0.39

Month Close Change

Apr-19 56.79 0.72

May-19 57.12 0.69

Jun-19 57.54 0.67

Jul-19 57.97 0.65

Aug-19 58.31 0.63

Sep-19 58.55 0.61

Oct-19 58.70 0.60

Nov-19 58.78 0.59

Dec-19 58.80 0.58

Jan-20 58.76 0.56

Feb-20 58.69 0.54

Mar-20 58.60 0.53

Apr-20 58.48 0.51

May-20 58.33 0.49

Jun-20 58.18 0.49

Jul-20 58.00 0.47

Aug-20 57.82 0.45

Sep-20 57.66 0.44

Oct-20 57.49 0.41

Nov-20 57.36 0.39

Dec-20 57.24 0.39

Jan-21 57.05 0.38

Feb-21 56.85 0.36

Mar-21 56.68 0.35

1YR Strip 58.22 0.61

2019 58.06 0.64

5YR Strip 56.03 0.32

Close Change

0.800 0.005

0.828 0.002

1.227 0.014

Iso-Butane

Nat Gasoline

Apr-19

Butane