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Daily Market Update May 09, 2022

Early Morning Update

The Jun ‘22 natural gas contract is trading down $0.22 at $7.82.  The Jun ‘22 crude oil contract is down $2.27 at $107.50.

Summary

After another week of big volatility across U.S. equity and commodities markets, traders begin a new week wondering what’s in store.U.S. equity markets were overall down on the week after a mixed bag of economic news - another Fed rate hike to help stymie inflation, gasoline prices continuing to break records, a strong jobs report on Friday with over 428,000 jobs added, and an historically low unemployment rate of 3.6%.This mix of bullish and bearish news spilled over into commodities and, notably, natural gas.On Thursday, the NYMEX prompt month price settled at its highest price since 2008 at $8.783/MMBtu, but then lost 80 cents in Friday’s trading to settle at $8.043/MMBtu.Prompt month gas beginning with an “8” is pretty rare air, with prices only hitting this level over the past week in the last decade. Fundamentally, the story remains the same.With supply continuing to be lackluster and with the summer months just around the corner, the question continues to be asked, “When will the increase in rig counts result in higher production?”Fingers crossed that answer comes sooner rather than later.

 

Market Update 05 09 2022

Market Settles 05 06 2022

 

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