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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

 

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