Direct Energy Business
Market Data For Your Home Contact Us
Market Updates

Daily Market Update July 13, 2022

Early Morning Update

The Aug ‘22 natural gas contract is trading up $0.42 at $6.58.  The Aug ‘22 crude oil contract is up $0.46 at $96.30.

Summary

It seems the bulls and bears have been at odds with each other, causing quite a bit of volatility in the market. Yesterday morning, the prompt month shot up and then seemed to lose steam throughout the day. The NYMEX natural gas contract for August fell 26.3 cents on the day to settle at $6.163/MMBtu, with a wide trading range as high as $6.786 and dipping down to $6.014. Sustained volatility seems to be here to stay. Weather forecasts show warmer-than-normal temperatures for the majority of the country this month, with some much need relief for the East Coast this week. Unfortunately, the heat does not seem to want to leave Texas, and peaking demand has been constant. After moving up to over 95 Bcf/d just last week, U.S. dry production has seen another dip at a time when demand is rising. Over the past week, production has averaged just over 94 Bcf/d, and is currently at 93.9 Bcf/d, most likely due to maintenance. Tomorrow, the U.S. Energy Information Administration is expected to report around a 61 Bcf build into storage, which would be higher than the 5-year average of 55 Bcf for that same week. However, for now, the deficit to inventory levels remains substantial and concerns for this upcoming winter remain.

 

Market Update 07 13 2022

Market Settles 07 12 2022

 

3.236.225.157