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Daily Market Update December 17, 2021

Early Morning Update

he Jan ‘21 natural gas contract is trading down $0.07 at $3.69.  The Jan ‘21 crude oil contract is down $1.37 at $71.01.

Summary

he NYMEX Henry Hub natural gas market has stayed below the $4.00/MMBtu level as prices have bounced around between $3.65-$4.00/MMBtu since 12/6/21. The prompt month did settle lower than open yesterday with a 3.6 cent change and settled at $3.766/MMBtu despite a bullish morning that saw the market up by about 16.2 cents at its highest. This is following a very near miss on the EIA storage report that did not appear to affect the markets greatly. Future forecasts are calling for a small withdrawal for this upcoming report that, if actualized as forecasted, would bring the current storage level above the 5 year average YTD storage level. This was a line that was many market buyers were hoping to hit before the end of injection season, but surpassing that benchmark after nearly a third of the Winter strip is finished is helping alleviate some future concerns. As a result, the US market has seen moderating prices. It should not be forgotten though that Winter is not over.

 

Market Update 12 17 2021

Market Settles 12 16 2021

 

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