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Daily Market Update September 24, 2021

Early Morning Update

he Oct ‘21 natural gas contract is trading up $0.11 at $5.08.  The Nov ‘21 crude oil contract is down $0.15 at $73.15.

Summary

nother raucous day on the NYMEX as the prompt month finished the day up $0.171 to close the day back towards $5.  The prompt month flirted with $5, trading as high as $5.037 before losing a bit of steam at the end of the session.  The rally started after the EIA released its weekly storage report, then accelerated as the market drew to a close.  The EIA did report a build into storage of 76 Bcf, in-line with expectations and ahead of last year and the 5-year average.  But this market has become so tightly stung that any slight shift in fundamentals seems to cause an outsize move in prices.  Weather forecasts are currently showing above average temps for the interior of the country, while the coasts are forecast to be normal.  As for fundamentals to watch out for, we’re closing watching daily NG production levels and rig counts for any sign of production growth (none so far) and winter weather forecasts should start  to appear in 2-3 weeks.

 

Market Update 09 24 2021

Market Settles 09 23 2021

 

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