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Daily Market Update August 23, 2022

Early Morning Update

The Sep ‘22 natural gas contract is trading up $0.08 at $9.76.  The Oct ‘22 crude oil contract is up $1.14 at $91.50.

Summary

News of more uncertainty on European gas supplies plagued global energy markets yesterday, with NYMEX natural gas prices having another volatile day of trading. NYMEX prompt month prices traded in a broad range, but ultimately closed at $9.68/MMBtu, up $0.34 day-over-day. For the first time this year, the January 2023 natural gas contract traded above $10/MMBtu, before settling at $9.862/MMBtu. Russia’s Gazprom announcement of already reduced flows on the Nord Stream pipeline helped spark the rally. They announced gas flows would be completely shut off for three days later this month for maintenance.In domestic news, normal summer temperatures have returned to the majority of the U.S., except for the West Coast, and this has helped gas demand return to levels more in line with 2021 – around 83 Bcf/d.Despite the return to lower demand levels,consensus for end-of-summer storage is 3.3 Tcf – significantly lower than the 5-year average of 3.6 Tcf.

 

Market Update 08 23 2022

Market Settles 08 22 2022

 

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