Direct Energy Business
Market Data For Your Home Contact Us
Market Updates

Daily Market Update June 22, 2022

Early Morning Update

The Jul ‘22 natural gas contract is trading down $0.21 at $6.60.  The Jul ‘22 crude oil contract is down $6.92 at $102.60.


The bulls are taking a slight hiatus following an extremely volatile trading week due to the heat last week. Temperatures for the East Coast seem to have moderated quite a bit to end June, a much-needed break. Last week, the Southeast saw record-setting demand due to the jump start in summer temps. Yesterday, the natural gas prompt month softened once again, dipping 13.6 cents on the day to settle at $6.808/MMBtu, down almost $2.50 versus just two weeks ago when fears of the market creeping up toward $10 was a possibility. This market remains tightly correlated to weather, and, unfortunately, it doesn’t seem like Texas will see any relief soon as the state continues to see record-high demand with the lingering heat putting pressure on the system. U.S. dry production has been fairly steady over the past week, averaging right around 94.5 Bcf/d, still below the year-to-date peak over 95 Bcf/d reached just a few weeks ago. Due to Freeport LNG maintenance, which is expected to last until about mid-September, LNG exports remain lower, averaging just 10.6 Bcf/d over the past week. Tomorrow, the EIA is expected to report a 70 Bcf build into storage, which would be much lower than the five-year average benchmark of 82 Bcf for the week, once again widening the storage deficit.


Market Update 06 22 2022

Market Settles 06 21 2022