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Daily Market Update February 24, 2021

Early Morning Update

The Mar21 natural gas contract is trading down $0.03 at $2.85. The Apr21 crude oil contract is up $0.43 at $62.10.

Summary

NYMEX natural gas continued to slide lower during yesterday’s trading session, as fundamentals around the country look to be returning to the levels they were at prior to last week’s cold shot. The prompt month contract lost 7.4 cents to close at $2.879/MMBtu, while the momentum carried through the 12-month strip, which moved down 6.9 cents to $3.018. The 2022 calendar strip fell 2.1 cents to $2.713, while the other forward calendar strips showed little movement, with 2023 inching down under a penny, 2024 holding flat, and others gaining half of a cent. The March 2021 contract will expire this afternoon. Following the freeze-offs in the Southwest last week, natural gas production has recovered back to the 91 Bcf/d level that had been the average over the past months, and LNG exports are ramping back up to above 10 Bcf/d. The average to warmer-than-average temperatures across the bulk of the U.S. are also lowering heating demand, and forecasts show this trend of moderate weather holding into the second week of March.

 

Market Update 02 24 2021

Market Settles 02 23 2021

 

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