Daily Market Update July 25, 2022
Early Morning Update
The Aug ‘22 natural gas contract is trading up $0.18 at $8.47. The Sep ‘22 crude oil contract is up $1.42 at $96.12.
Summary
Throughout last week, total demand was continuously over 100 Bcf/d, as the majority of the nation was dealing with above average temperatures from the summer heat. Over the weekend, as parts of the country got some relief temperature wise, the total demand dropped down to 95 Bcf/d, before climbing back to around 97 Bcf/d today. The main driving force behind the demand increase today is a 0.9 Bcf/d Powerburn increase in the Southeast. Another significant contribution is Res-comm demand in the Midconn region, which rose by 0.8 Bcf/d. Production is still at the 95 Bcf/d level, but this is still up around 0.5 Bcf/d than production last week, as the Northeast has seen production increases due to the finishing of some maintenance. Imports from Canada also dipped over the weekend, before returning to their normal levels today. Exports saw no change, as all facilities are still exporting their max capacity while Freeport is still out of commission.
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