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Daily Market Update November 19, 2021

Early Morning Update

he Dec ‘21 natural gas contract is trading up $0.05 at $4.95. The Dec ‘21 crude oil contract is down $2.41 at $76.60.

Summary

esterday's NYMEX natural gas market saw a bearish EIA report overturned by a general market upward correction coming after a generally bearish week. The EIA reported a 26Bcf injection while the forecast was 21Bcf. Further, the 5 year average of storage change is typically a withdrawal for this week. This is indicative of the fact that the market has seen an increase in demand, but the growth of production has allowed for longer injection seasons than previous years despite the change in spread. Though the market prompt month did increase by $0.086/MMBtu, this level is approximately half of the high trading level for the day, demonstrating that the bearish news did benefit gas purchasers via decreasing potentially high settles. Looking into the next week, the same concerns of supply and demand through the lens of weather remains, but volatility may be increased due to Friday being the December 2021 contract settle

 

Market Update 11 19 2021

Market Settles 11 18 2021

 

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