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Daily Market Update February 10, 2021

Early Morning Update

The Mar21 natural gas contract is trading up $0.02 at $2.86. The Mar21 crude oil contract is up $0.24 at $58.60.

Summary

There was downward movement in natural gas through the near-term during yesterday’s NYMEX trading session, as the March 2021 prompt month contract fell 4.7 cents to $2.835/MMBtu. The 12-month strip followed behind as it lost 2.5 cents to close just below the $3 dollar mark at $2.99. The forward calendar strip for 2022 was flat, while calendar strips 2023 and 2024 showed minimal movement as they both inched up under a penny. The market is backwardated to Cal 2024, which is the lowest priced strip on the board at $2.534, but 2023 and 2025 are trading very closely, at just 1-2 pennies away. The cold temperatures across the bulk of the country are keeping domestic demand high, with residential and commercial heating demand holding over 10 Bcf/d higher than just late last week. Projections show that as we hit the coldest period around Sunday/Monday, it could move another 6 Bcf/d higher as Chicago’s lows fall below zero. As a result, the storage report representing the period of next week is projected to show a pull greater than 330 Bcf, over twice the amount of the 5-yr average withdrawal.

 

Market Update 02 10 2021

Market Settles 02 09 2021

 

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