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Daily Market Update May 14, 2021

Early Morning Update

The Jun ‘21 natural gas contract is trading up $0.03 at 3.00. The Jun ‘21 crude oil contract is up $0.48 at $64.30.

Summary

The current NYMEX natural gas market continues to remain flat due to moderate temperatures paired with the current season not being high demand nor having pressing concerns over supply. Current market prompt is opening today only $0.007/MMBtu higher than the opening on Monday. The market has begun to see an overall decrease in demand as temperatures warm up and heating demand subsides, but exports of natural gases along with higher industrial demand have continued to surpass year-over-year levels. Due to continued maintenance on natural gas rigs, production has remained at 91Bcf/d contributing to the overall lower supply, and the smaller than desired storage levels. As a result, yesterday's injection of 71Bcf helped but unfortunately leaves storage at a whopping 378Bcf behind the 5 year average. This position has continued to put the balance of the year and H1 of 2022 in danger, explaining the heightened prices for those terms. Electric markets across the states have been reacting to this, especially within the midcontinent through the northeast as dependence for natural gas for electric generation increases.

 

Market Update 05 14 2021

Market Settles 05 13 2021

 

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