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Daily Market Update May 10, 2022

Early Morning Update

The Jun ‘22 natural gas contract is trading down $0.43 at $6.59.  The Jun ‘22 crude oil contract is down $0.59 at $102.50.

Summary

The second day of major losses in the natural gas market brought an even steeper decline on Monday than on Friday, amid reports of both higher production and higher temperatures across the nation. The 12-month strip lost double-digit percentages yesterday, dropping nearly 90 cents to erase all of the $8.00 marks on the board. The prompt month lost over $1.00 on it’s own, to $7.03/MMBtu, while all calendar years out through 2026 lost over 10 cents, on average. The first sneaking signs of production increases were spotted in the Permian region, as national production rose to just over 94 Bcf/day, on average, since the weekend. This small sign of relief was paired with a decrease in overall demand, as well, led by residential demand as we move further away from winter’s long arms. The Southeast and Texas, in particular, have made the move from spring to summer quickly, as highs remain in the 90s across most of Texas for most of this week.

 

Market Update 05 10 2022

Market Settles 05 09 2022

 

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