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Daily Market Update February 21, 2022

Early Morning Update

The Mar ‘22 natural gas contract is trading up $0.36 at $4.79.  The Mar ‘22 crude oil contract is up $0.73 at $91.80.

Summary

The gas market experienced volatility last week while dealing with complex weather patterns that would change temperatures rapidly. The prompt month saw swings in pricing from $4.19-$4.72. This week will experience much of the same when it comes to weather, as there is potential for large forecast swings depending on changes in frontal timing all throughout the United States. On Saturday, Feb. 19, the temperature fell, causing the res/comm demand to continue its increase from the first half of last week. However, the warmer temperatures from Sunday caused res/comm demand to reverse course. It’s is expected that this week’s res/omm demand will stay in the mid 40s Bcf/d, which is similar to the rates seen in previous weeks. Total U.S. demand will see a similar trend. After changing course with the warmer temperatures from Sunday, the total demand will remain in line with demand values from last week. There is a similar story when it comes to production and exports. Both are expected to stay in line with their values from last week, which were 93.5 Bcf/d and 13.3 Bcf/d, respectively. The storage withdrawals have been less than expected, but current estimations still have storage levels after winter being well below the five-year average at around 1,350 Bcf.

 

Market Update 02 21 2022

Market Settles 02 18 2022

 

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