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

Daily Market Update March 28, 2022

Early Morning Update

The Apr ‘22 natural gas contract is trading down $0.07 at $5.50. The May ‘22 crude oil contract is down $5.40 at $108.50.

Summary

After a weekend with temperatures feeling more like February than the end of March for the eastern U.S., the old adage of March ending like a lamb certainly hasn’t rung true.In much of the U.S., the temperature rollercoaster will continue this week with highs pushing 20 degrees warmer than highs over the weekend for those same eastern locations, but vice-versa for the middle of the country with high temperatures falling similarly. On the good news weather front, a large rain-maker moved into California and other southwestern states last night bringing much-needed rainfall to areas that haven’t seen measurable precipitation in months. The other big news story from Friday was President Biden announcing continued U.S. support to reduce Europe’s dependency on Russian natural gas. In an address, the President promised to deliver an additional 15 Bcf of LNG to Europe in 2023. It will be interesting to see how this policy will impact development of additional export facilities or how U.S. allies will help deliver these supplies as the seven existing U.S. LNG export terminals are already working at maximum capacity. The natural gas market reacted to the news on Friday with strength across all terms. The prompt was up 17 cents to $5.57/MMBtu, Cal 23 was up eight cents to $4.30, and Cals ‘24-’26  another two to four cents to average around $3.55/MMBtu.As the Russian/Ukrainian conflict drags into its 2nd month, the global energy complex continues to look volatile as the markets don’t see signs of the conflict ending soon, nor bullish fundamentals slowing down.

 

Market Update 03 28 2022

Market Settles 03 25 2022

 

44.200.174.97