Daily Market Update May 19, 2022
Early Morning Update
The Jun ‘22 natural gas contract is trading down $0.16 at $8.20. The Jun ‘22 crude oil contract is down $1.65 at $107.94.
Summary
After a bumpy session, the market ultimately finished yesterday higher by $0.064 to close the day at $8.368. Within the day though, prices ranged from a low of $8.16 and a high of $8.548, extending the volatility present in the current market. The volatility is also showing up in the index markets where PJM and MISO pricing is very high as heat moves throughout the area. Temps are expected to be in the 90’s today and tomorrow for much of the mid-Atlantic area. After the hot spell, temps are forecast to moderate a bit next week. But this warm-up serves notice to the type of volatility and high prices we may see this summer as temps move higher.Today the EIA will release its weekly storage report. Estimates call for a build in the upper 80’s, compared to 71 last year and the 5-year average of 87.
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