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Daily Market Update February 08, 2022

Early Morning Update

The Mar ‘22 natural gas contract is trading up $0.09 at $4.32.  The Mar ‘22 crude oil contract is down $1.52 at $89.80.

Summary

As temperatures continue to moderate, total demand for natural gas continues to slide.This is likely to continue throughout the week, but weather forecasts show a brief shot of cold expected to cover much of the East Coast early next week. So far this month, heating demand is relatively on par with last February.However, year-to-date total demand for 2022 is up 10.0 Bcf/day versus this time last year, mainly contributable to a 4.8 Bcf/day rise in residential/commercial heating demand, the result of a cold January.Also contributing to the year-over-year gain is demand from power burn, up 2.7 Bcf/day, and LNG exports, which are up 1.7 Bcf/day. LNG exports are expected to continue to rise as new terminals come on line.Yesterday, the first LNG tanker arrived at Venture Global’s Calcasieu Pass export terminal in Louisiana.Calcasieu Pass, the most recent U.S. LNG export facility to begin operations, is preparing to load it’s first cargo of LNG this week.Later this year, as new terminals become fully operational, the U.S. is anticipated to clinch the #1 spot as the country with the highest LNG export capacity on the globe. Production of natural gas is lagging the strong demand gains, up only 1.5 Bcf/day versus this time last year.

 

Market Update 02 08 2022

Market Settles 02 07 2022

 

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