Direct Energy Business
Market Data For Your Home Contact Us
Market Updates

Daily Market Update November 09, 2021

Early Morning Update

he Dec ‘21 natural gas contract is trading down $0.18 at $5.24.  The Dec ‘21 crude oil contract is up $0.17 at $82.10.

Summary

armer weather in the immediate forecast for the East and West has dampened demand forecasts for the early part of the week, lending itself to a downswing in near-term natural gas prices. The prompt month lost nearly nine cents, settling at $5.427/MMBtu yesterday, and Q1 2022 took an even sharper dip of over 12 cents to $5.30/MMBtu. The remainder of 2022 had significantly less movement, only moving down by a bit over a penny, bringing the entire prompt year of 2022 down by around four cents. The low demand period may be short-lived, as the East Coast and Midwest continue on the weather rollercoaster and look to move to below-normal temperatures over the weekend and beyond, which may bring with it increased heating demand through the residential & commercial sectors. Bentek is projecting total U.S demand to grow almost 8.0 Bcf/d over the next week, and another 6.5 Bcf/d in the following week. Meanwhile, U.S. dry production has been holding steady above 93 Bcf/d for the past week, climbing all the way up to 94.4 Bcf/d this past Saturday. This may help to dampen any upward price movements in the coming weeks.

 

Market Update 11 09 2021

Market Settles 11 08 2021

 

To subscribe to Daily Market updates please visit nrg.com

18.232.179.5