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Daily Market Update August 19, 2022

Early Morning Update

The Sep ‘22 natural gas contract is trading down $0.25 at $8.94.  The Sep ‘22 crude oil contract is down $1.34 at $89.16.

Summary

Yesterday was another volatile day on the NYMEX as the prompt month traded in a $0.75 range, with the market headed lower to open the day, but rallying sharply after the EIA report.  The report showed a build of 18 Bcf, below most estimates and well below the report for the same time last year (+46) and the 5-year average (+47).  Very high demand from power generation continues to keep the market tight and storage injections low.  The lower temps along the east coast should bring down power burns, but still higher than prior years as coal generation availability remains low.  The market did seem set to test $10 gas yesterday but the rally ran out of steam at the high of $9.66.  Call option activity has picked up at $10 strikes but so far, the market hasn’t been able to test that level.  If the market remains this tight into September, it’s possible that $10 prices could show up.

 

Market Update 08 19 2022

Market Settles 08 18 2022

 

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