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Daily Market Update January 25, 2021

Early Morning Update

The Feb21 natural gas contract is trading up $0.08 at $2.53. The Mar21 crude oil contract is down $0.02 at $52.25.

Summary

Last week was a shortened week, given the MLK holiday, but that doesn’t mean there was a shortage of energy-related news. The inauguration of President Biden was followed by the rejoining of the Paris Climate Accord, the cancelling of the Keystone XL pipeline permits, and Commissioner Richard Glick was named the chair to the Federal Energy Regulatory Commission. As we discussed last week, the Keystone XL pipeline is not likely to have much of an impact to our customers energy bills, but the changing of the guard at both the White House and at FERC promise to bring change. Commissioner Glick has stated publicly that he believes FERC should rethink how it assesses greenhouse gas emissions and more seriously review environmental impacts on gas infrastructure projects. He’s also looking to prioritize transmission reform, reassess capacity markets, and eyeing to lower barriers that hinder clean energy resources’ participation in the markets. Fundamentally speaking, production of natural gas is hovering around 91 Bcf/day, which is roughly 2.5 Bcf/day less than this time last year. The NYMEX prompt-month contract for February lost a total of $0.29/MMBtu over the shortened week, most of which was on Tuesday, after a shift in weather patterns lessened the risk of polar vortex conditions and prolonged cold.

 

Market Update 01 25 2021

Market Settles 01 22 2021

 

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