Daily Market Update December 13, 2021
Early Morning Update
he Jan ‘21 natural gas contract is trading up $0.10 at $4.03. The Jan ‘21 crude oil contract is down $0.17 at $71.50.
Summary
ast week the market saw a slight increase in price towards the end of the week, but, overall, prices stayed much lower than they have been in recent months. The lower prices are mainly attributed to warmer weather and mild conditions across the country. Over the weekend, total demand stabilized from the large decrease it experienced earlier on in the week and is sitting at 108.8 Bcf/d today. The changes in total demand were from power burn, industrial, and res/comm, which all saw changes >1 Bcf/d since Friday, and are currently at 28.4, 24.2, and 35.7 Bcf/d, respectively. Most of the changes in industrial and res/comm demand are coming from the Midcon area and Texas, while the changes in power burn can mainly be seen from the Northeast U.S. Dry production had a slight increase of 0.1 Bcf/d to 95.1 Bcf/d, and total supply increased by 0.3 Bcf/d to 99.7 Bcf/d from an increase in Canadian imports. This upcoming week will continue to have warmer weather, with some areas in the Midwest coming close to record highs, before dropping back to more seasonal colder temperatures next week.
Loading please wait...