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Daily Market Update May 19, 2021

Early Morning Update

The Jun ‘21 natural gas contract is trading down $0.03 at 2.98. The Jun ‘21 crude oil contract is down $1.29 at $64.20.


After the sharp upward movement to start the week on Monday, Tuesday’s NYMEX natural gas trading session gave a large portion of those gains back as it traded down throughout the curve. The June prompt month contract dropped nearly ten cents to close just above the $3 mark at $3.01/MMBtu, and the twelve-month strip trailed behind, losing 5.8 cents. The forward calendar strips of 2022 through 2024 showed slight downward movement of around a penny, with the 2024 calendar strip remaining the lowest on the board at $2.58. There was more downward movement beyond that with the 2025 strip moving down two cents, and 2026-2033 all shifting down around three cents. This puts the 2025 calendar strip, now at $2.596, below the 2023 cal strip price and lessens the year-over-year premiums from 2024 on. The supply and demand fundamentals have remained fairly steady through the past week, with domestic production at just above 90 Bcf/d and U.S. demand down slightly from this time last week. While the industrial and residential/commercial demand sectors have trended down by a combined 5.0 Bcf/d, the power burn demand sector added just under 3.0 Bcf/d.


Market Update 05 19 2021

Market Settles 05 18 2021


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