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Daily Market Update August 18, 2021

Early Morning Update

The Sep ‘21 natural gas contract is trading up $0.03 at $3.87. The Sep ‘21 crude oil contract is up $0.61 at $67.20.

Summary

The market felt some relief yesterday, and it appears the critical technical trading level for the prompt month is $4.00. Yesterday, the NYMEX natural gas futures price for September fell by 10.9 cents on the day to settle at $3.837/MMBtu. Following last week’s heat, expectations for tomorrow’s storage report show about a 35 Bcf injection, which would continue to widen the storage deficit to historical benchmarks. After a slight uptick last week to U.S. dry production it has once again dipped below 90 Bcf/d, averaging just under 91.0 Bcf/d so far this month. With demand still holding strong this summer, concerns remain for production and if/when we will see an uptick to meet that growing demand. While remnants of Tropical Depression Fred have been moving up through the eastern U.S., the accompanying rain this week looks to cool off the Northeast. Something to keep an eye on is Hurricane Henri. This storm is currently near Bermuda, but has the potential to move north, with some concerns that it will move up along the East Coast. LNG exports are currently just under 11.0 Bcf/d, despite some of the storm systems down in the Gulf, and exports to Mexico remain steady at just under 7.0 Bcf/d.

 

Market Update 08 18 2021

Market Settles 08 17 2021

 

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