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Daily Market Update August 05, 2022

Early Morning Update

The Sep ‘22 natural gas contract is trading down $.12 at $8.00.  The Sep ‘22 crude oil contract is down $0.38 at $88.16.

Summary

Another day with a large trading range with the prompt month trading as low as $7.825 and as high as $8.45 before ultimately settling at $8.122, down $0.144 on the day.  The EIA reported a larger-than-expected build into storage of 41 bcf.  The market moved down on the report but quickly bounced back before sliding lower throughout the afternoon to finish down on the day.  Still driving the market are the high temps for much of the country, which is driving demand for power/NG as air conditioners are running 24x7 everywhere in the country.  Weather forecasts still show above-average temps for much of the country for the next two weeks, with perhaps some easing along the east coast.  But demand looks set to be high for the foreseeable future.  On the supply side, daily numbers still show the lower 48 producing 95 Bcf/d, causing concern as the market needs more production and from the growing rig counts, believes it will happen.  Until more supply arrives, the market will remain tight and cause downward revisions to the EOS storage outlook.

 

Market Update 08 05 2022

Market Settles 08 04 2022

 

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