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Daily Market Update June 21, 2022

Early Morning Update

The Jul ‘22 natural gas contract is trading down $0.26 at $6.68.  The Jul ‘22 crude oil contract is up $1.89 at $111.45.

Summary

The natural gas market had an abbreviated session yesterday in observance of the Juneteenth holiday. Despite the fact that there were no settles posted, the market, overall, extended its decline and continued moving further away from the $9.00 handles that were prevalent not even two weeks ago. While the forwards continued their slide, index prices remain high and volatile for both power and gas. A major player in the current disparity between forwards and index is the heat that we have seen envelope the Southeast and Midwest, as well as parts of the East and West Coasts. Prolonged heat can put more and more stress on systems the longer those higher temperatures are maintained. Total demand for natural gas ticked up 2.4 Bcf/d from yesterday, as power burns rose across the country on the higher temperatures. Production has been maintaining a steady 94.5 Bcf/d as we continue to wait for the increase in oil and gas rigs to flow through in supply.

 

Market Update 06 21 2022

Market Settles 06 17 2022

 

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