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Daily Market Update May 24, 2022

Early Morning Update

The Jun ‘22 natural gas contract is trading down $0.07 at $8.67.  The Jul ‘22 crude oil contract is down $0.19 at $110.10.

Summary

Another day of big swings in the energy markets kicked off the week yesterday, as the natural gas prompt month first moved down about 20 cents, only to finish the day up nearly 67 cents at $8.74/MMBtu. Overall tightness in the balance of supply and demand is causing this tug-of-war with near-term pricing. While the demand from overly warm temperatures last week has subsided across most of the country for now, looking forward shows the eastern half and south wrapped up in heat in the next 10-14 days. The lingering power burn effects from the warmer weather may show up in this week’s storage report, as the incremental gains in production toward 94 Bcf/d don’t look to be enough to make a huge impact on overall sentiments. Continued maintenance on LNG facilities has kept total send-out to below current U.S. capabilities, but current levels still show a 20% increase in LNG demand compared to May 2021.

 

Market Update 05 24 2022

Market Settles 05 23 2022

 

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