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Daily Market Update January 10, 2022

Early Morning Update

he Feb ‘22 natural gas contract is trading up $0.24 at $4.16.  The Feb ‘22 crude oil contract is down $0.20 at $78.70.

Summary

ast week, as the entire country was dealing with colder temperatures, total demand levels were volatile, ranging from 124-139 Bcf/d. This trend continued over the weekend, where total demand jumped by more than 8.0 Bcf/d to 133.5 Bcf/d. This jump in demand was mainly due increases in the Northeast and Midcon Market areas, which saw jumps of 3.6 and 3.9 Bcf/d, respectfully. The lower temperatures continued to be the driving factor of the demand bump in those regions, pushing res-comm demand to near 20 Bcf/d for the Northeast, and 17.3 Bcf/d for Midcon. In comparison, total U.S. power burn and industrial demand saw stagnant rates over the weekend, only increasing by 0.4 and 0.7 Bcf/d to 30.1 and 25.6 respectfully. Likewise, production held at a flat rate throughout last week and is at 92.9 Bcf/d after the weekend. Total supply saw a slight increase as Canadian imports rose 0.5 Bcf/d to 6.5 Bcf/d since Friday. Last week, the market saw a slight increase in price towards the end of the week, but overall prices remain lower than they have been in recent months. This upcoming week will have a mix of weather conditions. The Northeast will continue to have colder temperatures, while warmer temperatures will appear in the Midwest and stay there throughout the week.

 

Market Update 01 10 2022

Market Settles 01 07 2022

 

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