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Daily Market Update July 12, 2022

Early Morning Update

The Aug ‘22 natural gas contract is trading up $0.19 at $6.62.  The Aug ‘22 crude oil contract is down $4.39 at $99.70.

Summary

Yesterday, the NYMEX natural gas prompt-month contract rallied 39.2 cents, settling at $6.426/MMBtu.The rally pushed throughout the NYMEX curve, with calendar year 2023 gaining 11.2 cents, settling at $5.047/MMBtu, 2024 gained 4.2 cents, 2025 gained 6.2 cents, and calendar years 2026 – 2030 all gained approximately three cents. Power burns remain strong, up 5.8 Bcf/day versus this time last year and 1.5 Bcf/day year-to-date.Daily gas prices in the spot market are also pushing higher today.On the East Coast, the Zone 5 region in the Southeast is over $12/MMBtu for the day, while other regions in the Mid-Atlantic and Northeast are in the $6 range.Temperatures have been strong to start the week, as many inland portions of Texas exceed triple digits.Weather forecasts appear to remain above average for large swaths of the country into next week. Meanwhile, production of natural gas is hovering in the 94 Bcf/day range, averaging 94.8 Bcf/day, month-to-date. As the market waits on more concrete news of the Freeport LNG startup plans, LNG exports are hovering at 11 Bcf/day, month-to-date,while the year-to-date average of LNG exports is over 12 Bcf/day.

 

Market Update 07 12 2022

Market Settles 07 11 2022

 

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