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Daily Market Update December 2, 2020

Early Morning Update

The Jan21 natural gas contract is trading up $0.04 at $2.92. The Jan21 crude oil contract is down $0.25 at $44.30.


Yesterday’s NYMEX natural gas trading session saw fairly large swings during the day, but the result in day-over-day movement was relatively flat through the near-term. The front months of January and February both traded in a 13-cent range throughout the day, but ended up settling with less than a penny difference from Monday, and the 2021 calendar strip gained just slightly more than that, closing at $2.829/MMBtu, up from $2.823. Calendar strip 2022 was flat at $2.689, while Cal 2023 gained 1.6 cents to $2.52, and Cal 2024 added just under five cents to move to $2.537. The calendar strips are now backwardated through 2023, with 2024’s five-cent gain yesterday. In longer terms beyond 2024, there was broad upward movement, with each calendar strip moving up six cents yesterday. Res/comm demand has continued to climb over the past week with the cold weather moving through the Northeast. This sector, representing mostly heating demand, has gained just over 16 Bcf/d, but is expected to ease back down over the next week with milder temperatures.


Market Update 12 02 20

Market Settles 12 01 20


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