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Daily Market Update February 10, 2022

Early Morning Update

The Mar ‘22 natural gas contract is trading down $0.09 at $3.92.  The Mar ‘22 crude oil contract is up $0.54 at $90.20.

Summary

Short-term natural gas prices slid yesterday as day-over-day fundamentals turned more bearish.Tuesday’s overnight weather models continued their warming trend, causing an expected loss of weather-related gas demand, mostly focused towards the back half of next week.Further, production has been recovering steadily over the last several days, up nearly 4.0 Bcf/d week-over-week.The prompt contract slid another $0.239/MMBtu and settled at $4.009/MMBtu, nearly $1.50/MMBtu lower since last week.The March trading range dipped below the $4.000/MMBtu resistance level, but only briefly.Despite forecasts trending normal to slightly above normal for the 6-10 and 11-15 day ranges, a cold front is expected to move through the major U.S. load centers this weekend, indicating demand will likely remain somewhat elevated for the upcoming week.The lingering cold also won’t provide much of an opportunity for the current storage deficit to improve, as the next three withdrawals may all be above 200 Bcf.Withdrawal estimates from the major polls for today’s Energy Information Administration (EIA) storage report for the week ending February 4th were around 220 Bcf, well above the 150 Bcf five-year average.

 

Market Update 02 10 2022

Market Settles 02 09 2022

 

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