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Daily Market Update August 12, 2021

Early Morning Update

The Sep ‘21 natural gas contract is trading down $0.04 at $4.02.  The Sep ‘21 crude oil contract is down $0.45 at $68.80.


The near-term natural gas market weakened slightly yesterday, cancelling out nearly all gains from Tuesday’s trading session. The twelve-month strip lost just shy of a penny, settling at $3.819/MMBtu. Most of the slide within the strip was heavily weighted towards the front-end of the curve. The September contract traded within a ten cent range between $3.980 and $4.080/MMBtu, before settling down three cents day-over-day to close at $4.059/MMBtu. This current price level is nearly eight cents lower than last Friday’s close of $4.140/MMBtu. The 2021 fourth quarter strip lost 2.9 cents and closed at $4.147/MMBtu, only a penny behind the Q1 ’22 strip, which is still the most expensive strip on the board. Participants in yesterday’s forward market were likely reacting to the dip in the cash market, largely driven by the waning demand outlook for the next week. The market is hopeful Tropical Storm Fred, which is tracking to land in the Gulf by Sunday or Monday, will weaken demand and allow storage to build over the next several days. Today’s Energy Information Administration inventory report is expected to show an injection within the range of 38 Bcf to 58 Bcf, in-line with last year’s 55 Bcf, as well as the 42 Bcf five-year average build.


Market Update 08 12 2021

Market Settles 08 11 2021


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