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Daily Market Update March 22, 2022

Early Morning Update

The Apr ‘22 natural gas contract is trading up $0.15 at $5.05.  The Apr ‘22 crude oil contract is up $0.68 at $112.80.

Summary

As parts of Texas and Oklahoma experience dangerous tornado outbreaks and harsh weather conditions, natural gas production is projected to drop by 0.5 Bcf/day today.This comes just one day after U.S. natural gas production hit a year-to-date high of 94.9 Bcf/day yesterday.It will be a welcomed sign by market participants to see continued growth of natural gas production in order to meet resilient-to-growing demand.However, many producers remain hesitant to boost production guidance for this year and remain focused on capital discipline. Meanwhile, LNG exports hit another record high last week, reaching 13.7 Bcf/day on March 19th.Leading the incremental gains is Calcasieu Pass and Sabine Pass Train 6, which both recently entered commercial service.U.S. exports of LNG are projected to remain at maximum capacity utilization as supply sources evolve and prices remain attractive to shippers.

 

Market Update 03 22 2022

Market Settles 03 21 2022

 

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