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Daily Market Update December 21, 2021

Early Morning Update

he Jan ‘22 natural gas contract is trading up $0.05 at $3.88. The Feb ‘22 crude oil contract is up $0.89 at $69.50.

Summary

he first major threat of polar air has made its way into the mid-range U.S. weather forecast, and has swept in upward gas market movement to this holiday week. The January 2022 prompt month rose more than 14 cents to $3.834/MMBtu, while the 2022 calendar year gained almost 12 cents to $3.747/MMBtu. Future calendar strips moved up as well, with 2023 settling up seven cents to $3.432/MMBtu, 2024 up almost five cents to $3.223/MMBtu, and 2025 and beyond up just around 1.5 cents. Mild temperatures rule for the next week, but the final days of 2021 and first week of 2022 are looking increasingly colder, with a mass of cold air moving in from Canada to the Pacific Northwest and moving eastward through the Midwest to the Northeast in the first week of the new year. All other major supply and demand factors remain relatively steady, with both production and LNG exports near all-time highs. As we have witnessed over the last few weeks, the weather remains a top driver of market fluctuations at this point of the year. Winter officially begins today, and there will most likely be more cold to follow in the coming weeks.

 

Market Update 12 21 2021

Market Settles 12 20 2021

 

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