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Daily Market Update February 16, 2022

Early Morning Update

The Mar ‘22 natural gas contract is trading up $0.22 at $4.53.  The Mar ‘22 crude oil contract is up $1.23 at $93.30.

Summary

Yesterday’s NYMEX natural gas trading session saw the near-term months move higher for the second straight day as the March 2022 prompt month contract closed just above $4.30/MMBtu, representing a gain of 11 cents. The upward momentum carried through the year, with the balance of 2022 gaining almost eight cents, and the 12-month strip following closely behind, moving up 7.6 cents. Outside of the winter months, 2023 was fairly flat and netted out to a gain of just over two cents to close at $3.73/MMBtu. The 2024 calendar strip remained flat with mixed movement, as some months gained half a penny and others lost a penny. All further out calendar strips fell by 1.2 cents with the backwardation continuing to 2026, which is sitting at $3.19/MMBtu. Natural gas demand has trended lower this week, likely on moderating temperatures through the mid-continent and eastern regions, which looks to continue through to next week. Month-to-date total daily average demand is sitting at around 8.0 Bcf/d lower than in January, with the residential and commercial sector owning 5.0 Bcf/d of that drop and power burn demand largely making up the rest. On the production side, the current month-to-date average is around 1.5 Bcf/d lower than January, but nearly 8.0 Bcf/d higher than last February’s average output.

 

Market Update 02 16 2022

Market Settles 02 15 2022

 

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