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Daily Market Update August 25, 2022

Early Morning Update

The Sep ‘22 natural gas contract is trading up $0.04 at $9.37.  The Oct ‘22 crude oil contract is up $0.71 at $95.60.


The natural gas market strengthened across the board yesterday. The prompt month contract gained fourteen cents to settle at $9.33/MMBtu, after topping $10/MMBtu earlier this week. The 12-month strip closed out yesterday’s trading session a dime higher. Cals ’24-’28 remained fairly quiet. From a fundamentals perspective, supply strengthened by 0.5 Bcf/d, while demand fell 1.1 Bcf/d. The jump in supply came from a 0.7 Bcf/d boost in domestic production. For demand, power burn demand was the largest contributor to the decline, as power burn fell 1.2 Bcf/d coming from easing demand in the North and South. Although demand is down on the day, it is up almost 3.0 Bcf/d from a week ago due to hotter-than-normal temperatures continuing in the West and returning to the Northeast. Bentek is projecting a 62 Bcf injection for the week ended August 19. An injection of this level would be significantly larger than the previous week’s injection of 18 Bcf and would exceed the 5-year average for the same week. A forecasted injection of that size comes after much of the country experienced cool to moderate temperatures for most of last week. Weather patterns over the next 20 days will stay similar, as the heat remains steady in the North and West, with the Northeast seeing some temperatures slightly above normal. The South should see moderate conditions for the next twenty days.


Market Update 08 25 2022

Market Settles 08 24 2022


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