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Daily Market Update July 07, 2022

Early Morning Update

The Aug ‘22 natural gas contract is trading up $0.25 at $5.76.  The Aug ‘22 crude oil contract is up $1.17 at $99.70.

Summary

The NYMEX natural gas market remained relatively quiet as prices moved just slightly. The prompt month settled only one cent lower in yesterday’s trading session. The 12-month and 2023 calendar strip each gained three cents on the day, while the 2024 strip rose almost five cents. The largest change of the day came from the 2025-2028 calendar strips, all settling nine cents higher. From a demand perspective, power burn declined by 1.6 Bcf/d, stemming from the Northeast and Southeast regions. Supply trended lower due to a decrease of 0.7 Bcf/d in domestic production, bringing total production to 93.8 Bcf/d for yesterday. The U.S. Energy Information Administration is projecting a 68 Bcf injection for today’s storage report for the week ended July 1. This level of injection would be 8 Bcf higher than the five-year average for the same week. However, current natural gas stocks are still falling short relative to the levels seen last year and the five-year average. The short-term weather forecasts show cooler-than-normal temperatures in the Northeast, while heat is building in the Midwest through Texas and the Southeast. The middle of July is projecting the West and Texas to remain hot and dry.

 

Market Update 07 07 2022

Market Settles 07 06 2022

 

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