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Daily Market Update August 25, 2021

Early Morning Update

The Sep ‘21 natural gas contract is trading up $0.01 at $3.90. The Oct ‘21 crude oil contract is up $0.56 at $68.10.

Summary

NYMEX natural gas traded down during yesterday’s trading session following the upward movement on Monday, with the September prompt month contract dropping just shy of five cents lower to $3.896/MMBtu. Much of the movement was contained to the near term as the winter strip fell three cents, and the twelve-month strip followed behind, moving two cents lower. Beyond the near term, calendar strip 2022 remained flat at $3.50, while 2023 gained about a penny and half to move to just under $3.05. There was little movement beyond 2023, and 2025 at $2.83 remains the low strip on the board, but with 2026 just a few tenths of a cent higher. On the fundamentals side, natural gas production dropped 1.6 Bcf/d from Monday to just over 90 Bcf/d yesterday, after having been above the 91 mark for much of the past week. Demand increased about 3.0 Bcf/d from Monday to Tuesday, with gains in the power burn, residential/commercial, and exports to Mexico sectors, although demand is likely to fall through the next two weeks as we move out of August and into September and, hopefully, cooler temperatures.

 

Market Update 08 25 2021

Market Settles 08 24 2021

 

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