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Daily Market Update April 12, 2022

Early Morning Update

The May ‘22 natural gas contract is trading up $0.06 at $6.70.  The May ‘22 crude oil contract is up $3.51 at $97.80.

Summary

There was another day of tremendous gains in the natural gas market yesterday, as fundamentals remain constrained and uncertainty continues to reign. Production, despite increases in drilling activity, has stagnated and has even declined over 1.0 Bcf/d since just yesterday. Temperatures nationwide continue to fluctuate, as well, with warmer and cooler outlooks alternating between the East and West Coasts in an up-and-down pattern fit for spring. This has put storage reports into heightened focus, particularly as we look to move from withdrawals to injections for good, but estimates still remain volatile. The translation of this unpredictability into commodity pricing is apparent, as the prompt month gained nearly 37 cents on the day to $6.643/MMBtu, and the 12-month strip was not far behind in rising 34 cents to $6.607/MMBtu. Past the next 12 months, prices drop over $2.00, but are still at all-time highs as calendar strips for 2023 and beyond all top $4.00 now.

 

Market Update 04 12 2022

Market Settles 04 11 2022

 

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