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Daily Market Update December 09, 2021

Early Morning Update

he Jan ‘21 natural gas contract is trading down $0.04 at $3.78.  The Jan ‘21 crude oil contract is down $0.96 at $71.40.

Summary

he prompt month experienced another day of gains as it closed out the day $0.11 higher at a $3.815/MMBtu. Despite the uptick over the past two days, the Jan '22 contract is still trading at a remarkable $1.63 discount compared to the end of November. Cal '22 gained $0.08, and Cal '23 increased by just a penny. However, the outer calendar strips '27 - '29 sold off by a notable $0.07 - $0.10. Natural gas production slipped to 93.7 Bcf/d yesterday, about 1.0 Bcf/d lower than where we've been averaging over the past five days. Forecasts for today, though, are calling for production to increase by 0.7 Bcf/d, which will put us in line with previous levels. More bearish news is that well-above-normal temperatures in the central U.S. have caused gas demand to slide, resulting in a milder storage withdrawal forecast of 55 Bcf. If actualized, this pull from natural gas inventories would be on par with the 5-year average and 23 Bcf smaller than the 78 Bcf draw reported last year for the same week.

 

Market Update 12 09 2021

Market Settles 12 08 2021

 

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