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Daily Market Update January 22, 2021

Early Morning Update

The Feb21 natural gas contract is trading down $0.05 at $2.44. The Feb21 crude oil contract is down $1.60 at $51.53.

Summary

President Biden has halted the construction of the Keystone XL (Export Limited) pipeline and you may be concerned with how that could affect your bills. What was it supposed to be, do, and how will it change now? The pipeline was not a natural gas pipeline, but an oil pipeline, designed to deliver oil from the tar pits around the Boreal forest in Canada to Nebraska. All things considered, the Keystone XL would not have effected your natural gas or energy bill by much over the long term due to the fact that it was solely transporting oil. The important news lies in what is going to replace it. President Biden has pointed to his "Build Back Better" plan which covers building "modern, sustainable infrastructure … and delivering an equitable clean energy future." While encompassing much more than just energy and environmental policy, the over $7 trillion dollar idea would provide massive government funding and jobs for renewable energy and the infrastructure to support it. In the meantime, we will see what changes to the new administrations goals and how quickly this plan is enacted. Today we will see the EIA storage report be released, as opposed to yesterday. The delay was caused by the two major federal events including President Biden being sworn in and the federal holiday, MLK Day.

 

Market Update 01 22 2021

Market Settles 01 21 2021

 

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