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Daily Market Update November 03, 2021

Early Morning Update

he Dec ‘21 natural gas contract is trading up $0.01 at $5.55.  The Dec ‘21 crude oil contract is down $2.31 at $81.60.

Summary

he volatility in the NYMEX natural gas market continued in yesterday’s trading session as the December prompt month contract gained 35.6 cents from Monday to close at $5.542/MMBtu. The remaining winter strip of Dec ‘21 through Mar ‘22 followed closely behind, gaining 32.6 cents, and the 12-month strip climbed 21 cents. The upward momentum extended throughout the curve with all forward calendar strips gaining. Calendar 2022, now only one month off of the 12-month strip, gained the most, as it closed at $4.287, an increase of 19 cents. Cal strips 2023 through 2025 gained between 3 and 5 cents and remain backwardated at $3.58, $3.20, and $3.04, respectively. The calendar strips beyond there, from 2026 through 2033, all gained a consistent 6.1 cents. Cal 2026 remains the low strip on the board, just below the $3 mark at $2.987. On the fundamentals side, domestic natural gas production has remained above 92 Bcf/d since Friday and, over the past two days, has came in right below 93 Bcf/d, with most of the increases coming from Texas. On the demand side, the Res/Comm sector has shown significant growth through the past week, up 12 Bcf/d from last Thursday, as the cooler temps through the Midcon and Northeast are likely encouraging higher furnace utilization.

 

Market Update 11 03 2021

Market Settles 11 02 2021

 

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