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Daily Market Update April 29, 2022

Early Morning Update

The Jun ‘22 natural gas contract is trading up $0.05 at $6.93.  The Jun ‘22 crude oil contract is up $0.67 at $106.03.

Summary

More volatility yesterday with the prompt month trading in a massive $0.543 range before ultimately closing down $0.451 on the day, near the session low.  The market was higher after the EIA reported a build of 40 Bcf into storage, slightly below expectations.  But the rally soon stalled and the sell-off began.  Storage is well behind last years result and the average of the last 5 years as lower production, cold temps and high exports leave the supply/demand balance very tight.  The volatility has also extended to the power markets where we are seeing huge price swings on a daily basis.  You’ll notice below that the vertical axis have had to be adjusted to accommodate the larger price movements.  There’s little indication the volatility will ease anytime soon as fundamentals production remains tight, coal prices are very high and demand for gas and power remains elevated..Weather forecasts continue to show colder than average temps across much of the northeast.

 

Market Update 04 29 2022

Market Settles 04 28 2022

 

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