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Daily Market Update May 13, 2022

Early Morning Update

The Jun ‘22 natural gas contract is trading up $0.10 at $7.83.  The Jun ‘22 crude oil contract is up $2.54 at $108.67.

Summary

Yesterday was a relatively quiet day on the NYMEX with the prompt month trading in a range of ’only’ $0.535, with the settlement up $0.099 from the prior day.  The main news on the day was the EIA’s announcement of a injection of 76 Bcf into storage, nearly exactly inline with the most recent estimates.   Looking ahead, the market is increasingly concerned with generation availability for this coming summer.  With gas prices at very high levels and coal stocks near all-time lows, it may be that the high index prices we’re currently seeing are here to stay.  Current weather forecasts are calling for a warmer-than-average summer, and higher temps will certainly lead to higher demand.  And with gas and coal prices being so high, index prices are sure to follow.  Either way, volatility seems set to continue until we see NG production increase and ease the supply/demand balance, which remains very tight.

 

Market Update 05 13 2022

Market Settles 05 12 2022

 

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