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Daily Market Update March 09, 2022

Early Morning Update

The Apr ‘22 natural gas contract is trading down $0.05 at $4.48.  The Apr ‘22 crude oil contract is down $5.60 at $118.10.

Summary

Yesterday’s NYMEX natural gas trading session saw strong downward movement through the 12-month strip. The April 2022 prompt month contract moved down over 30 cents to close at 4.527/MMBtu, and the 12-month strip followed close behind as it dropped 27 cents. Beyond there, the 2023 calendar strip moved 7 cents lower with the majority of the movement contained in the January through March period, and 2024 through 2026 remained fairly flat. The lowest priced calendar strip is now 2025 at $3.46/MMBtu. The further out calendar strips of 2027 through 2034 moved up from four to eight cents, which could be caused by assumptions of a more accelerated shift to higher exports, among other factors. The big news in energy markets yesterday came with the Biden Administration announcing a ban on Russian energy imports to the U.S. in response to Russia’s aggression in Ukraine. This announcement, along with the ongoing upheaval in eastern Europe, drove WTI pricing up $4.30 to $123.70.

 

Market Update 03 09 2022

Market Settles 03 08 2022

 

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