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Daily Market Update August 12, 2022

Early Morning Update

The Sep ‘22 natural gas contract is trading down $0.24 at $8.63.  The Sep ‘22 crude oil contract is down $1.64 at $92.70.

Summary

Yesterday's NYMEX natural gas market has seen a continued bullish rise as it bumped up against recent highs. The prompt month had intraday trades as high as $8.994/MMBtu, with the peak of the market being the January 2023 contract, which priced as high as $9.215/MMBtu. However, the market did not settle at those highs, bringing the settle for prompt to $8.874 after moving up $0.672 day-over-day. While fundamental factors did not drastically shift, concern over weaker than expected production has kept market participants on their toes. To add extra reason to volatility, the U.S. Energy Information Administration did report an above-forecast injection. Despite the 44 Bcf injection being in line with forecasts and historical levels, it is not high enough to improve the tedious supply forecasts that are worrying for winter levels. Current storage levels are still over 300 billion cubic feet lower than the 5-year average, lending credence to the concern as overall demand continues to rise, while supply remains below average.

 

Market Update 08 12 2022

Market Settles 08 11 2022

 

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