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Daily Market Update April 06, 2022

Early Morning Update

The May ‘22 natural gas contract is trading up $0.36 at $6.39.  The May ‘22 crude oil contract is up $1.04 at $103.00.

Summary

Yesterday’s NYMEX natural gas trading session saw another day of strong upward movement through the entire pricing strip. The May 2022 prompt month contract closed above the $6 mark for the first time since January as it gained 32 cents to settle at $6.032/MMBtu for the day. As has been typical the past few weeks, the 12-month strip followed closely behind the prompt month as it moved up 28 cents on the day. The upward momentum halved past Q1 of next year, with the 2023 calendar strip climbing 14.6 cents to $4.728/MMBtu. Beyond there, 2024 through 2026 climbed between 8-9 cents, and the remainder of the curve moved up uniformly 1.8 cents. The low strip is now Calendar 2025 at $3.952/MMBtu. Just two weeks ago that same strip was 50 cents lower at $3.44. On the fundamentals side, natural gas production has turned lower after dropping below the 94 Bcf/d mark at the end of March with the 10-day average nearly 1.0 Bcf/d lower than the prior 10-day period. While demand has also softened over the past week from the cold period we had to end the month, forecasts show another cold airmass moving through the midcontinent region and eastward to end the week and increasing residential and commercial heating demand.

 

Market Update 04 06 2022

Market Settles 04 05 2022

 

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