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Daily Market Update September 22, 2020

Early Morning Update

The Oct20 natural gas contract is trading up $0.02 at $1.86. The Oct20 crude oil contract is up $0.49 at $39.80.


The October natural gas contract fell more than 21 cents yesterday, closing out the day at $1.835/MMBtu, the first time that the prompt month has closed below $2/MMBtu since August 2nd. That weakening was limited to the prompt month, though. The November-March winter strip gained four cents, on average, with the largest gain in November, at eight cents/MMBtu, and the calendar strips through 2026 saw minimal gains, between a half penny and two cents. LNG exports continue to recover, with no more than five cargo cancellations expected in November, and the same for October, a nice rebound from the 45 cancellations per month that were reported for July and August. Export activity has increased sharply since the start of September, even with the shut-in of Cameron LNG, which has been offline since the plant’s power supply infrastructure was damaged by Hurricane Laura. While oil & gas production has begun to rebound in the gulf following hurricanes Laura & Sally, Tropical Storm Beta has hindered that rebound, especially in Texas waters, where offshore production is entirely shut-in while Beta blows through. The 2020 Atlantic hurricane season has the potential to be the most active in recorded history, currently in second place behind the 2005 season, which produced four Category 5 hurricanes.


Market Update 09 22 2020

Market Settles 09 21 2020


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