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Daily Market Update May 02, 2022

Early Morning Update

The Jun ‘22 natural gas contract is trading up $0.13 at $7.37.  The Jun ‘22 crude oil contract is down $3.09 at $101.60.

Summary

Over the weekend, U.S. demand for natural gas fell by 3.1 Bcf/d, only to rise 3.3 Bcf/d today and hit the same demand level as last Friday. The rise was mainly driven by res/comm demand, which rose by 2.1 Bcf/d today. The Midcon market saw the largest rise in res/comm demand by over 1.0 Bcf/d due to a drop in temperatures in the Midwest. The other demand sector that saw a change over the weekend is power burn, which rose 2.1 Bcf/d from yesterday. The Northeast lead the rise in power burn by climbing over 0.6 Bcf/d. U.S. dry production stayed relatively flat over the weekend at 92.9 Bcf/d, keeping the trend of staying around 93 Bcf/d intact. However, imports from Canada are down almost 1.0 Bcf/d since Friday. On Sunday, feedgas deliveries at Calcasieu Pass exceeded 1.0 Bcf/d for the first time, with more daily highs expected to come. This helped bring LNG exports up from a slight dip last week to 12.2 Bcf/d today. However, exports to Mexico did see a 0.6 Bcf/d drop to help counterbalance the increase in LNG Exports. The weather this week is expected to remain active with storms moving across the country in the middle of the week. After the storms, temperatures are expected to rise as we move closer to summer.

 

Market Update 05 02 2022

Market Settles 04 29 2022

 

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