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Daily Market Update November 24, 2021

Early Morning Update

he Dec ‘21 natural gas contract is trading up $0.07 at $5.04.  The Dec ‘21 crude oil contract is down $0.15 at $78.35.

Summary

he cold has returned to the East Coast and appears to linger for the next week, making it quite chilly for Thanksgiving holiday celebrations. The cooler-than-normal temperatures have caused a spike in residential/commercial demand for heating and in the power burn sector, as well. Coal stockpiles still remain low, adding to the upward trend in power burns as there continues to be a heavy reliance on natural gas globally. LNG exports remain steady, averaging just over 11.5 Bcf/d. This is expected to continue to grow over the next year as global pricing and demand remain high and new trains are expected to come online to increase export capacity closer to 13.0 Bcf/d. Yesterday, the NYMEX natural gas futures price for December climbed 17.8 cents on the day to settle at $4.967/MMBtu. U.S. dry production ticked higher this morning, coming in just over 95 Bcf/d, and has been averaging around 94 Bcf/d over the past week. This recovery will hopefully help alleviate some of the withdrawals over the next few weeks with the spike in demand from the cold. Due to the holiday, the EIA storage report will be released today at noon, with estimates showing the first withdrawal of the season to be about 22 Bcf, about half of the 5-year average for that same week. We hope everyone has a safe and wonderful Thanksgiving!

 

Market Update 11 24 2021

Market Settles 11 23 2021

 

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