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Daily Market Update April 29, 2021

Early Morning Update

The Jun ‘21 natural gas contract is trading down $0.03 at $2.93. The Jun ‘21 crude oil contract is up $1.39 at $65.25.


The May '21 natural gas contract expired at $2.925 yesterday, gaining nearly 30 cents since the start of April. The Jun '21 contract debuts as the new prompt month this morning slightly higher at $2.96. Looking ahead, all consecutive months past Jun '21 through Feb '22 are trading at $3.00 or above, with Dec '21-Feb '22 being the highest priced months, averaging $3.23. It's clear that market participants' concerns are growing for the near-term months as these price premiums continue to grow. The market has seen a more bullish shift in fundamentals lately, with growing natural gas demand, particularly from the industrial sector, and exports to Mexico hitting a new all-time high near 7.0 Bcf/d earlier this month. Combined with stagnant production around 91 Bcf/d and the potential for early season cooling demand from above-normal temperatures, it’s yielding the perfect recipe for a bullish price response. One other fundamental that's tipping the scale is natural gas storage inventory. As next winter carries the highest price premiums in the near-term, it's clear there is market concern around the ability for natural gas reserves to return to healthy levels by that time. Market participants expect to see a very mild 13 Bcf injection reported today, which, if actualized, would be 54 Bcf lower than the 5-year average build.


Market Update 04 29 2021

Market Settles 04 28 2021


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