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Daily Market Update May 18, 2022

Early Morning Update

The Jun ‘22 natural gas contract is trading up $0.18 at $8.48.  The Jun ‘22 crude oil contract is up $2.13 at $114.53.

Summary

Yesterday saw another day of volatility and upward movement for NYMEX as the prompt month traded as high as $8.37 MMBtu before closing for the day at $8.304, representing a gain of just under 35 cents. The twelve month strip followed closely behind as it moved up 29 cents with all months through February 2023 now well above the $8 mark. From February to March there is a $3.31 spread. The momentum continued to the forward cal strips as 2023 moved up 15.6 cents, 2024 added 7 cents, and 2025- still the low strip, gained just over 4 cents to $4.168. The curve flattened beyond there with slight downward movement of around a penny from 2026-2028 but then a big jump up for the end of the curve with 2029-2034 jumping up almost 14 cents. On the fundamental side, the supply/demand balance is tightening as production moved slightly lower to 93.4 Bcf/d after averaging 93.8 Bcf/d for the past seven days and demand is increasing, being led by the export sectors, powerburn demand from generators, and residential and commercial demand.

 

Market Update 05 18 2022

Market Settles 05 17 2022

 

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