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Daily Market Update April 21, 2021

Early Morning Update

The May ‘21 natural gas contract is trading down $0.04 at $2.69. The Jun ‘21 crude oil contract is down $1.27 at $61.40.

Summary

Yesterday’s NYMEX natural gas trading session saw slight downward movement through the near-term coupled with a broader drop in the further out calendar strips. The May prompt month contract slipped 2.2 cents to close at $2.727/MMBtu, while the balance of 2021 moved down just under a penny, and the 12-month strip followed behind, dropping just $0.03. The 2022 and 2023 calendar strips bucked the downward trend by gaining less than a penny, but 2024 and 2025 both moved down 2.5 cents, and 2026 and 2027 moved down just over four cents each. Stretching out beyond there, the forward calendar strips through 2033 each moved down 5.5 cents. Calendar strip 2023 remains the lowest price strip on the board at $2.577. Natural gas production came in below 90 Bcf/d on Monday and Tuesday for the first time since February 22 when freeze-offs in Texas lowered domestic production nearly 20%. This recent drop in output is the result of pipeline maintenance. Domestic demand has continued its climb upwards after remaining fairly soft through March, as cooler temperatures are driving heating demand across the midcon and eastern regions. A return to more seasonable weather is projected for the last week of this month and into May.

 

Market Update 04 21 2021

Market Settles 04 20 2021

 

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