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Daily Market Update August 29, 2022

Early Morning Update

The Sep ‘22 natural gas contract is trading down $0.03 at $9.27.  The Oct ‘22 crude oil contract is up $1.24 at $94.30.


As fears of global recession continue to linger, the markets received a signal from U.S. Fed Chairman Powell during a speech on Friday on how stubborn inflation continues to be and a promise that the Fed’s number one priority is to reduce inflation down to 2% from July’s reading of a 6.3% increase.This news prompted a very strong sell-off in U.S. equities, with the Dow, S&P, and Nasdaq composites all down over 3%.The Dow, in particular, saw its largest decline since early May.Commodities were mixed on the news, with the prompt month NYMEX natural gas contract finishing up $0.08 to settle at $9.296/MMBtu, but down four cents on the week.Today closes September as the prompt month, and it may bring some extra volatility to the session.On the weather front, it’s a good news bad/news story for the eastern U.S.After a humid start to the week, fall-like temperatures arrive for the Labor Day weekend, with some much-needed rain in the Northeast as a cold front moves through mid-week.While the western U.S. has seen extended extreme drought for the past few years, the majority of Massachusetts, Rhode Island, and Connecticut are also in extreme drought, according to the US Drought Monitor, so any precipitation is welcomed.


Market Update 08 29 2022

Market Settles 08 26 2022


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