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Daily Market Update May 21, 2021

Early Morning Update

The Jun ‘21 natural gas contract is trading flat at 2.92. The Jun ‘21 crude oil contract is flat at $62.05.

Summary

After trading in a very wild range this week, yesterday's settled NYMEX natural gas prompt month came in at a comfortable $2.925/MMBtu. The market has experienced an intra-day trading range going from $2.91-$3.15/MMBtu, scaring most of the market bears earlier on this week. Fueled by concerns around hotter than expected weather condition, Monday's trading day shot up but the market was able to recover to lower levels below the $3.00/MMBtu support/barrier level over the last three days. Yesterday the EIA also reported a 71Bcf injection, coming in very close to the market estimates of 70Bcf but ultimately helping the bears' case. Despite the optimistic $0.039/MMBtu movement downwards for the NYMEX natural gas prompt, this injection, which matched last week's injection, came in much lower than the 86Bcf five-year-average level. As for the forwards of the NYMEX, they have seen far less movement, as each of the calendar strips past 2022 had not moved any more than $0.02/MMBtu on their own.

 

Market Update 05 21 2021

Market Settles 05 20 2021

 

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