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Daily Market Update April 12, 2021

Early Morning Update

The May ‘21 natural gas contract is trading up $0.05 at $2.58. The May ‘21 crude oil contract is up $0.68 at $60.00.


As a new week begins, weather is the major headline, with major changes coming to most of the country after last week’s near-record highs across the eastern U.S. In some Midwestern cities, they’ll see 20-30⁰ temperature drops, down from the 80s to the 50s, with some snow potential in the Rockies. The East Coast will be in an active pattern, with daily chances for clouds and rain limiting the high temperatures to the low 60s. In other weather news, NOAA released its 2021 hurricane forecast and predicted another busy season – 17 storms with 8 hurricanes. In the report, it highlighted concerns around the Gulf of Mexico and the potential for a repeat of last year’s large disruptive hurricanes that entered the gulf in October (Laura, Sally, Delta, and Zeta) and subsequent impact to offshore production and LNG terminals. As the market digests these updates, NYMEX Q3 ‘21 continues to show weakness. Since March 1st when it traded at $2.94/MMTBU, it has since settled at $2.72/MMBtu on Friday – a 10% drop over 6 weeks. With summer forecasts scheduled to be released over the coming weeks, it will be interesting to see if Q3 continues to push lower toward the prompt, around $2.50, or will rise back to $3 due to potential risk.


Market Update 04 12 2021

Market Settles 04 09 2021


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