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Daily Market Update July 01, 2021

Early Morning Update

The Aug ‘21 natural gas contract is trading up $0.08 at $3.73.  The Aug ‘21 crude oil contract is up $1.98 at $75.45.


Wednesday’s trading session marked the sixth day in a row of steady gains in the short-term natural gas market. While the twelve-month strip settled about $0.010/MMBtu higher day-over-day, most monthly contracts traded within very wide ranges. The August contract sprinted out of the gate early yesterday morning, rallying over $0.10/MMBtu to $3.756/MMBtu, before retreating to $3.604/MMBtu within a few hours. August prices then climbed to $3.814/MMBtu after the announcement of an event at a processing facility upstream of the TCO pipeline, impacting 2.0 Bcf of supply headed to the Northeast. The prompt month eventually retreated and gained again, finishing the day just $0.02/MMBtu higher day-over-day at $3.650/MMBtu. Today’s outlook for intraday volatility likely hinges upon the upcoming storage report. The injection range from the Bloomberg poll measured between 59 and 75 Bcf. An injection towards the upper-end of this range would be roughly in-line with the 65 Bcf five-year-average injection, which may help cap volatility to the upside.


Market Update 07 01 2021

Market Settles 06 30 2021


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