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Daily Market Update November 16, 2021

Early Morning Update

he Dec ‘21 natural gas contract is trading up $0.19 at $5.20.  The Dec ‘21 crude oil contract is up $0.42 at $81.30.

Summary

he NYMEX natural gas prompt month contract gained 22.6 cents yesterday, settling at $5.017. The calendar strips also settled higher, with Cal ‘22 gaining 8.5 cents and Cal ‘23 gaining 1.6 cents.Additionally, the longer term calendar strips for 2024-2030 all gained 1.3 cents.Industrial demand has been sluggish for much of this year, however, Texas and the Southeast appear to be recovering from lingering outages due to Hurricane Ida.Industrial demand for November is averaging 11.5 Bcf/d, up 0.8 Bcf/d from October and up 1.5 Bcf/d from September.While it’s expected to see some seasonal upswings during the winter months, month-to-date demand for November is now in line with November 2019 demand.In similar news, the Federal Reserve Bank of New York released their November 2021 Empire State Manufacturing Survey. The results of the survey indicate strong business activity of new orders and shipments, however, unfilled orders and longer delivery times were noted, while employment grew at it’s fastest pace on record. Firms responding to the survey remain optimistic that conditions will continue to improve over the next six months. In weather-related news, Res/Comm demand is expected to increase 5.0 Bcf/d over the next week, after pulling back as temperatures moderate on the East Coast in the middle of this week.Temperatures are expected to warm through Thursday, then drop steadily on Friday, prompting the anticipated increase in heating demand.

 

Market Update 11 16 2021

Market Settles 11 15 2021

 

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