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Daily Market Update June 20, 2022

Early Morning Update

The Jul ‘22 natural gas contract is trading down $0.27 at $6.67.  The Jul ‘22 crude oil contract is up $0.14 at $109.70.

Summary

It was another volatile week as traders digested above-normal temperatures across the country, Freeport LNG extended its outage, and rig counts continued to move higher in hopes of raising domestic production.Let’s start in TX this week where scorching temperatures continue to push demand higher, with today potentially setting a new all-time demand record at over 76,300 MW. Despite the strong demand last week (over 75,000 MW), real time prices largely stayed in check, averaging $84/on peak at North load zone.The market also saw a storage injection in line with expectations at 92 Bcf, but storage injections will need to remain strong through the summer to help refill storage levels as we enter next winter.On the NYMEX front, natural gas prices moved sharply lower on Friday as traders digested the news of the week and wrapped up positions for the long weekend.The July 2022 prompt month fell more than 52 cents to settle below $7 at $6.94/MMBtu and was down $1.90 for the week.This is the first time the prompt month settled at this level since April 28th.All other terms fell strongly on Friday, with Cal ‘23 down 45 cents to $5.49, Cal ‘24 down 28 cents to $4.80 and Cal ‘25 down 20 cents to $4.64.Please note the energy markets are closed today in observance of Juneteenth but NRG offices are open.

 

Market Update 06 20 2022

Market Settles 06 17 2022

 

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