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Daily Market Update November 29, 2021

Early Morning Update

he Jan ‘21 natural gas contract is trading down $0.54 at $4.94.  The Jan ‘21 crude oil contract is up $4.45 at $72.60.

Summary

ver the holiday weekend, total demand for natural gas fell by 4.2 Bcf/d to 108 BcF/d. The drop-in demand is largely due to declines in res/comm demand. On Friday, November 26th, res/comm demand was at 36.4 Bcf/d, and fell by 3.5 Bcf/d over the weekend. The decline in res/comm heating was widespread across the country, but the Midcon market saw the largest decline at over 2.0 Bcf/d and was driven by higher-than-average temperatures. Temperatures are expected to start off a bit colder today, but as the week moves on, temperatures across the U.S. are expected to rise and remain generally warmer than they were last week, leading to even further decreases in the res/comm sector. On Friday, there was a year-to-date high in U.S. production at 95.4 Bcf/d and an all-time high in LNG exports at 12.4 Bcf/d. However, both U.S. production and exports saw a decline over the weekend and now sit at 90.8 Bcf/d and 11.8 Bcf/d respectively. Power burn continued its November trend of being slightly higher than the 5-year average and currently sits at 27.4 Bcf/d. The market also saw a massive spike in price last Friday by $0.38, with the December natural gas contract expiring at $5.447. January made it’s debut as the prompt month this morning and is currently trading under $5.00.

 

Market Update 11 29 2021

Market Settles 11 26 2021

 

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