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Daily Market Update April 18, 2022

Early Morning Update

The May ‘22 natural gas contract is trading up $0.32 at $7.62.  The May ‘22 crude oil contract is up $1.35 at $108.30.

Summary

NYMEX was closed on Friday, so the natural gas settles listed below are actually from last Thursday, the final trading session of last week. On Thursday, The U.S. Energy Information Administration reported the second storage build of the year, a 15 Bcf addition to storage inventories for the week to Mar. 8. This comes two weeks after the first injection, following a withdrawal from stockpiles the previous week. The increase was much smaller than the 27 Bcf estimate that Bentek had projected in their Daily Storage Analytic Report that day and was less than the 16-20 Bcf addition that market participants had anticipated, according to the weekly Bloomberg survey. The market reacted as expected, and continued its climb higher, with the prompt month gaining over 30 cents on Thursday and settling at $7.30/MMBtu. Although prices beyond 2024 were relatively flat that day, the 2025-2034 calendar strip prices were up about a dime last week. Dry natural gas production has remained stagnant at 93 Bcf/d, despite steep increase in rig counts over the past few weeks. Total demand for natural gas is up over 8.0 Bcf/d since Friday, but is expected to taper off about 10 Bcf/d over the next two weeks on warmer temperatures.

 

Market Update 04 18 2022

Market Settles 04 14 2022

 

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