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Daily Market Update October 22, 2021

Early Morning Update

he Nov ‘21 natural gas contract is trading up $0.14 at $5.25.  The Dec ‘21 crude oil contract is up $0.67 at $83.17.

Summary

guess you could call this a quiet day, with the prompt month ’only’ trading in a $0.22 range, from a low of $5.006 to a high of $5.227.  The market traded down through the morning, rose in the afternoon, then crashed suddenly at the end of the day to close down $.055 to $5.115.   The EIA reported a build into storage of 92 Bcf, a touch larger than expectations.  The market didn’t react immediately to the report but rose throughout the balance of the day (until the very end).  Overall, the market is likely to remain volatile as there is real concern over the potential for high demand this winter and the low storage levels that would come as a result.  Some estimates showing that a very cold winter could leave total storage levels much less than 1 Tcf at the end of March, a potential record low volume.Near-term weather patterns so far look good and it looks like we’re avoiding a very early start to winter.  But weather patterns change and at some point the cold will arrive - how will the market react?

 

Market Update 10 22 2021

Market Settles 10 21 2021

 

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