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Daily Market Update August 11, 2021

Early Morning Update

The Sep ‘21 natural gas contract is trading down $0.05 at $4.04.  The Sep ‘21 crude oil contract is down $0.69 at $67.60.

Summary

NYMEX natural gas pricing inched up during yesterday’s trading session following the drop on Monday, with the September prompt month contract gaining just under three cents to close at $4.089/MMBtu. Both the winter strip and the twelve-month strip gained 2.6 cents, while the front calendar strip for 2022 gained 2.5 cents to move to $3.58/MMBtu. The upward movement continued to 2023, which gained just a penny to close at $3.05/MMBtu. The lowest priced strip on the board remains 2026 at just under $2.75. On the fundamentals side, natural gas production has increased by just over half a Bcf/d over the past week (91.3 Bcf/d) compared to the prior week (90.7 Bcf/d). Demand over the same timeframe has remained fairly unchanged, with power burn holding at 39.6 Bcf/d, and total exports shifting down slightly to 16.5 from 16.8 Bcf/d with lower LNG feedgas being the culprit. The heat in the forecast through the Northeast is pushing up electricity demand, and both PJM and NYISO are projected to peak tomorrow.

 

Market Update 08 11 2021

Market Settles 08 10 2021

 

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