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Daily Market Update May 03, 2022

Early Morning Update

The Jun ‘22 natural gas contract is trading up $0.49 at $7.97.  The Jun ‘22 crude oil contract is down $1.97 at $103.20.


With the supply/demand balance already tight, fundamentals took a bullish inclination today, as U.S. dry production dipped 0.8 Bcf/d overnight, and total demand for natural gas grew by 3.6 Bcf/d from yesterday. Demand in the res/comm sector is up 2.1 Bcf/d today, while power burn increased by 1.0 Bcf/d.  The overnight 0.2 Bcf/d drop in LNG exports was all but erased as exports to Mexico added fuel to the fire, jumping 0.5 Bcf/d higher, as well. With temperatures gradually warming up over the next few days, heating demand is expected to wane, as is power burn and, especially, res/comm demand. Natural gas prices through 2028 pushed higher on Monday, with the prompt month up $0.23 to settle at $7.475/MMBtu. Cal ’23 moved up almost $0.24, and the 2024-2027 calendar strips were all $0.07 to $0.17 higher. The push upward was confined to the front end of the pricing curve, as prices for 2029-2034 all dropped $0.13-$0.16. This morning, the prompt month is knocking on the door of the $8 technical level.


Market Update 05 03 2022

Market Settles 05 02 2022


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