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Daily Market Update March 08, 2022

Early Morning Update

The Apr ‘22 natural gas contract is trading down $0.15 at $4.68.  The Apr ‘22 crude oil contract is up $7.80 at $127.20.

Summary

With warmer weather forecast for the coming weeks, the front of the NYMEX natural gas pricing curve gave back some of its recent gains yesterday. Weather has been the primary driver for the run-up in prices seen the past few weeks, as stubborn cold temperatures have been lingering for several weeks now. However, 20-day outlooks are showing colder-than-normal temps being squeezed out as above-average temps take hold in the West in the 6-10 day outlook, and then in the East in the 8-14 day outlook. The natural gas prompt month dropped 18 cents during the first trading session of the week, settling at $4.833/MMBtu. Cal ‘23 lost almost six cents and settled just under $4.00 at $3.988/MMBtu, but the declines stopped there.  Cal ‘24 settled relatively flat, and calendar strips beyond 2024 all saw price increases yesterday. Natural gas dry production had been holding above 94 Bcf/d for the past several days, but dipped to 93.5 Bcf/d today, with most of the day-over-day declines seen in Texas and the Southeast. Res/comm demand is up 3.2 Bcf/d today and looks to be elevated for the next week or so before those warmer temps settle in. LNG exports dipped 0.8 Bcf/d from yesterday and are back down to 12.2 Bcf/d today.

 

Market Update 03 08 2022

Market Settles 03 07 2022

 

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