Daily Market Update May 20, 2022
Early Morning Update
The Jun ‘22 natural gas contract is trading down $.32 at $7.98. The Jun ‘22 crude oil contract is down $0.51 at $111.70.
Summary
After all was said and done, the market finished yesterday down $0.060 to finish the day at $8.308, after another wild ride. The market had been trending lower throughout the morning but after the EIA reported a build into storage of 89 Bcd, prices started ticking higher, even the report was spot-on with expectations. The prompt month traded as high as $8.50 before easing at the end of the session. The real story though is index pricing for the power markets, especially PJM/MISO where heat has moved into the area and demand is expected to soar. Temps are expected to be above 90 for much of the area today and tomorrow. As forecasts are calling for a hotter-than-average summer, this surely won’t be the last blast of heat the area sees.
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