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Daily Market Update April 04, 2022

Early Morning Update

The May ‘22 natural gas contract is trading up $0.06 at $5.78.  The May ‘22 crude oil contract is up $2.93 at $102.20.

Summary

Last week, total demand averaged over 100 Bcf/d, but, over the weekend, that dropped to the lower 90s and is currently sitting at 93.6 Bcf/d. The main driving factor for the demand decrease is the arrival of more moderate temperatures as we move into the spring season. Res/comm demand has the largest drop-off of 0.9 Bcf/d day-over-day and a total drop-off of 3.0 Bcf/d since last Friday. The other large demand drop-off can be seen in LNG exports, which has fallen to 12.3 Bcf/d today. Industrial demand held steady at 23 Bcf/d, but power burn saw an increase of 1.0 Bcf/d recovering from a dip over the weekend, and reaching the same rate it was on Friday. Production also had a slight drop-off and is currently at 92.9 Bcf/d. The majority of declines in production are from Texas. This week is expected to see a mix of weather patterns. After a warmer start, a strong cold front is expected to pass through the country late in the week before warmer temperatures move in next week. The May natural gas contract gained almost eight cents on Friday, ending it’s first week in the front spot at $5.72/MMBtu.

 

Market Update 04 04 2022

Market Settles 04 01 2022

 

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