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Daily Market Update June 13, 2022

Early Morning Update

The Jul ‘22 natural gas contract is trading up $0.02 at $8.87.  The Jul ‘22 crude oil contract is down $0.97 at $119.70.

Summary

Over the weekend, total demand fell by 1.0 Bcf/d, making the total demand 89.5 today. The main driving factor was a 0.4 Bcf/d drop in industrial demand. Power burn, which peaked last week at 38.2 Bcf/d last Thursday, also dropped 3.0 Bcf/d over the weekend, before recovering to 37.1 Bcf/d today. The Northeast is responsible for the majority of the power burn recovery and is currently at 9.5 Bcf/d. The Southeast also saw a 0.6 Bcf/d increase in power burn, which took the region to a year-to-date high of 13.4 Bcf/d. The total res/comm demand stayed at a flat 12 Bcf/d this weekend. Both the Northeast and Northwest regions saw 0.2 Bcf/d gains in res/comm demand, but it was offset by a 0.4 Bcf/d loss in the Midcon region. Production saw a slight 0.3 Bcf/d gain over the weekend, which brought production back up to the 95 Bcf/d level. Exports to Mexico saw a 0.3 Bcf/d decrease, as well, and total LNG exports held at 10.8 Bcf/d. Current weather projections show warmer weather across the Midcontinent and pushing into the eastern markets, with cooler-than-normal temperatures out west, a welcomed, but temporary respite from the heat. Although the July ‘22 lost $0.11 on Friday, settling at 8.85/MMBtu, it is still up $0.33 week-over week and $1.11 higher than it was one month ago.

 

Market Update 06 13 2022

Market Settles 06 10 2022

 

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