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Daily Market Update August 06, 2021

Early Morning Update

The Sep ‘21 natural gas contract is flat at $4.14.  The Sep ‘21 crude oil contract is up $0.88 at $69.97.

Summary

Thursday saw one of the least volatile days in recent weeks for the NYMEX natural gas market with a minimal change of only -$0.018/MMBtu since open. The downward movement came somewhat unexpectedly given the 13Bcf injection reported by the EIA. The bearish movement is surprising only because the injection came in below the 32Bcf build last year, and the 30Bcf 5 year average. The primary reason for a downwards, but mostly flat movement, could be as a result of the actualized injection hitting directly on what market analysts had forecasted. Upcoming short term fundamental changes lie heavily with the weather forecasts throughout the next few weeks. Power demand is predicted to increase by 4-5Bcf/d with the weather, as all parts of the US are predicted to return to normal or well above normal temperatures.

 

Market Update 08 06 2021

Market Settles 08 05 2021

 

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