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Daily Market Update February 15, 2022

Early Morning Update

The Mar ‘22 natural gas contract is trading up $0.13 at $4.33.  The Mar ‘22 crude oil contract is down $2.16 at $93.30.

Summary

The near-term natural gas market was really feeling the love yesterday, as the prompt month and beyond swelled after three straight days of declines. March 2022 gained a quarter on the day to settle at $4.195/MMBtu, the 12-month strip moved up 20 cents to $4.345/MMBtu, 2023 gained eight cents to $3.71/MMbtu, and 2024 and 2025 rose three cents each to $3.38 and $3.36, respectively. Fluctuating temperatures in the short- and medium-term forecasts could indicate a few variable weeks ahead on the demand front, particularly in the residential and commercial sectors. Still in the thick of withdrawal season, we will also have to see what impact the continued and slowly increasing presence of LNG exports will have on the overall storage picture, as the seventh LNG terminal in the U.S. begins to ramp up operations in Louisiana. However, overall supply numbers appear to be steadying close to 94 Bcf/d after multiple freeze-offs to start the year across the country, as new all-time production highs have been reached in parts of Texas over the last week.

 

Market Update 02 15 2022

Market Settles 02 14 2022

 

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