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Daily Market Update March 16, 2022

Early Morning Update

The Apr ‘22 natural gas contract is trading up $0.14 at $4.71.  The Apr ‘22 crude oil contract is up $1.06 at $97.50.


After a roller coaster of shifting weather forecasts this winter, it looks like spring might be finally making its debut. The shot of cold last weekend was short-lived, and weather forecasts through the end of this month are calling for much-warmer-than-normal temperatures for the majority of the country. This year started off with the coldest January since 2014, tightening the supply/demand balance. However, the storage withdrawal period is coming to an end a bit early with these warmer forecasts, with estimates showing the first injection in two weeks. The projected end-of-season inventory level looks to be right around 1.4 Tcf, which is much lower than the projected 1.6 Tcf when winter began. High oil prices have been incentivizing producers to pick up the pace, despite some headwinds such as labor shortages and supply chain issues; we are starting to see signs for the first time in a while of sharp increases in new drill rig counts. The largest increases have been seen from Haynesville, increasing in count to a 10-year high. This will hopefully be a positive sign for supply levels later this year as demand remains at the peak of the five-year average range. Yesterday, the NYMEX natural gas futures price for April dipped nine cents, settling at $4.568/MMBtu. LNG exports continue to flow near peak capacity and are expected to continue to do so as global LNG pricing remains elevated. U.S. dry production has averaged right around 92.5 Bcf/d for the last week, peaking just over 94.0 Bcf/d earlier this month.


Market Update 03 16 2022

Market Settles 03 15 2022


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