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Daily Market Update July 14, 2022

Early Morning Update

The Aug ‘22 natural gas contract is trading up $0.08 at $6.77.  The Aug ‘22 crude oil contract is down $4.30 at $92.00.

Summary

The natural gas market continued to see volatility throughout yesterday’s trading session. The prompt month jumped 8.53% to settle at $6.689/MMBtu, $0.53 higher than the previous settle. The 12-month strip gained $0.42 to close out the day at $5.934.Cal ‘23 was the second largest gainer on the day, finishing twenty-six cents higher at $5.185. Further out, the 2024-2026 strips were all up on the day, gaining eight to ten cents each. Despite the price increases to the gas market, it is still down significantly from a month ago. The most notable being the prompt and the 2023 strip, each down $1.92 and $1.43, respectively. On the demand side, power burn pulled back by 2.5 Bcf/d, stemming mostly from normal temperatures remaining in the Northeast and along the East Coast. The supply fundamentals show flat production on the day, yet demonstrate a slight downward trend to production since the start of July. Current production is around 93.9 Bcf/d, compared to the 95 Bcf/d levels seen at the start of the month. The falling production levels are a contributing factor to the gas market price volatility seen over the last week. Market analysts are estimating a 57 Bcf injection for the week ended July 8. From a weather perspective, the hotter-than-normal temperatures for most of the country are forecasted to remain in place for the remainder of July.

 

Market Update 07 14 2022

Market Settles 07 13 2022

 

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