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Daily Market Update July 18, 2022

Early Morning Update

The Aug ‘22 natural gas contract is trading up $0.30 at $7.32.  The Aug ‘22 crude oil contract is up $3.41 at $101.00.

Summary

Last week, total natural gas demand topped 100 Bcf/d. Over the weekend, total demand fell to 95 Bcf/d before rebounding slightly to 96.6 Bcf/d today. The main driving factor of all demand changes is still power burn, which hit a year-to-date high of 47.5 Bcf/d last week, before dropping to 43 Bcf/d on Friday. Since then, power burn did climb to 44.3 Bcf/d. The Northeast and Texas are the two regions responsible for the demand increase as they saw a 0.8 Bcf/d and 0.2 Bcf/d demand increase, respectively. However, the demand increases were partially canceled out by a 0.4 Bcf/d demand drop in the Midwest and a slight increase in production, which brought production levels back to the 95 Bcf/d mark after the production rate had dropped slightly last week. Imports from Canada are also down from last week by around 1.0 Bcf/d and are currently sitting at 5.5 Bcf/d. The drop in Canadian imports was led by the Midwest. LNG exports are still around the 11 Bcf/d level, where they’ve been since the Freeport LNG fire. For the upcoming week, weather temperatures look to be above average all across the nation, but the highest temperature increases seem to be in Texas and the Northeast.

 

Market Update 07 18 2022

Market Settles 07 15 2022

 

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