Daily Market Update July 30, 2021
Early Morning Update
The Sep ‘21 natural gas contract is trading down $0.07 at $3.98 The Sep ‘21 crude oil contract is down $0.11 at $73.51.
Summary
While fundamentals remain consistent, NYMEX natural gas prices saw a volatile week. Monday started out with a $0.22/MMBtu trading range, but ultimately only moved up $0.042/MMBtu. Following that, each day saw at least a $0.07/MMBtu movement for the prompt month. Speaking of the prompt month, Wednesday was the final trading day of the August 2021 contract which settled at $4.044/MMBtu. It should be noted that pricing was above the $4/MMBtu mark, a settled expiration price the market has not hit since December 2018. September is now the new prompt month, but Summer pricing is still being applied due to the heat that this month can still receive. The last thing to note is the fact that the injection into storage was announced by the EIA yesterday and it came in as expected at 36Bcf. Despite the actualization being in line of the forecasts, prices still moved up by $0.092/MMBtu.
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