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Daily Market Update June 25, 2021

Early Morning Update

The Jul ‘21 natural gas contract is trading up $0.02 at $3.43.  The Aug ‘21 crude oil contract is up $0.09 at $73.39.

Summary

NYMEX Henry Hub prices have continued to move upwards due to continued stress via seasonally high powerburn paired with consistently high exports, a factor that historically did not play as large of a factor. As a result, the storage injection for the week was announced by the EIA to be below expectations and much below last year's and the 5 year average levels. The estimate was a 60Bcf injection, but actualized as a 55Bcf injection, falling behind the 115Bcf build from last year, and the 83Bcf 5 year average. Due to the bullish news, the prompt month of July flipped from being a -$0.01/MMBtu change to settling another $0.085/MMBtu above open. Overall, the price has moved up $0.24/MMBtu this week, and hitting levels not seen since August 20th, 2015 for this specific contract. Monday will bring the last trading day for this July as time expiration hits, but the August contract is actually trading in contango currently, and settled yesterday at $3.437/MMBtu, just about 2 cents higher above the current prompt. 

 

Market Update 06 25 2021

Market Settles 06 24 2021

 

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