Daily Market Update July 23, 2021
Early Morning Update
The Aug ‘21 natural gas contract is flat at $4.00. The Sep ‘21 crude oil contract is down $0.09 at $71.82.
Summary
The NYMEX Henry Hub contract for August continued its move upwards and barely inched past the major technical level of $4.00/MMBtu. Interestingly, both the September and October contracts managed to stay below that level by a slim margin. This could simply be a reflection of the shoulder month pricing where demand tends to be lower since neither powerburn nor heating demand creates high price environments. In other news, the EIA did report that the storage injection for the week hit right on target for the Bentek Daily Storage Analytic Report at 49Bcf. This comes in larger than both the 5-year average, and last year's level. The effects of this report were immediately bearish and pushed the prompt down by $0.03/MMBtu from open, but the good news did not hold its ground through the rest of the day.
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