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Daily Market Update April 7, 2021

Early Morning Update

The May ‘21 natural gas contract is trading up $0.03 at $2.49. The May ‘21 crude oil contract is down $0.23 at $59.10.

Summary

Yesterday’s NYMEX natural gas trading session saw a swing to the downside after initially trading higher early in the day. The May prompt month contract moved six cents higher at one point, compared to the prior day’s close, but ultimately closed down five and half cents at $2.456/MMBtu. There was similar movement through the near-term months, with the 12-month strip moving down three cents, and the next calendar strip on the board, 2022, dropping just over a penny to $2.615. The further out calendar strips all moved down around one to two cents, with the exception of 2026, which remained flat on the day. Calendar 2023 remains the low point at $2.519, with 2024 not far behind at $2.54. On the fundamentals side, domestic demand remained subdued, with yesterday hitting a recent low point and nearly 21 Bcf lower than the first of the month, with the largest drop occurring in the residential/commercial sector on the softening weather-related demand. Domestic production has moved below 92 Bcf/d over the past couple of days with the output from Texas lowering. However, the 30-day average of 92.5 Bcf/d is still quiet a ways above the 88.3 Bcf/d prior 30-day period.

 

Market Update 04 07 2021

Market Settles 04 06 2021

 

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