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Daily Market Update February 11, 2022

Early Morning Update

The Mar ‘22 natural gas contract is trading down $0.03 at $3.92.  The Mar ‘22 crude oil contract is up $1.32 at $91.20.

Summary

As warmer weather secures itself in the forecasts from coast to coast for the next 20-days or so, NYMEX natural gas pricing has seen a bit of a relief from its end of January highs. This week did not have the same level of volatility as the expiration date of the February 2022 contract, but did see an overall decrease in prices approximately $0.613/MMBtu from Monday through Thursday. Even on Thursday there was a large withdrawal from storage announced by the EIA which actualized at 222Bcf, 4Bcf higher than expectations. This would typically be bullish given the sheer size and the underestimation, but that is less than a 2% margin of error and future withdrawals are expected to be decreasing from there. Current demand levels are already decreasing and have fallen a total of 3.5Bcf day over day, but supply has continued to recover, pushing above the Summer 2021 average of 93Bcf up to 94.3Bcf following freeze-offs.

 

Market Update 02 11 2022

Market Settles 02 10 2022

 

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