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Daily Market Update May 25, 2022

Early Morning Update

The Jun ‘22 natural gas contract is trading up $0.35 at $9.15.  The Jul ‘22 crude oil contract is up $1.33 at $111.10.

Summary

There was mixed movement during yesterday’s NYMEX natural gas trading session, with the near-term moving higher, the middle of the curve dropping lower, and further out calendar strips all shifting upward. The June 2022 prompt month contract showed a gain of 5.2 cents on the day, closing at $8.796/MMBtu, although it did reach as high as +18 cents at one point before trading back lower. The 12-month strip followed closely behind, gaining 3.2 cents, but, interestingly, much of the upward movement in the strip occurred at the prompt month and March through May 2023, with the three months averaging nearly eight cents higher. At one point during yesterday’s trading, the contracts for July 2022, December 2022, and January 2023 all moved above the $9 barrier before trading lower to close. As of market open this morning, all months through February 2023 have moved above $9. There was slight downward movement from 2025 through 2028 yesterday of around two cents, and 2025 remains the low point at $4.172. Towards the end of the curve, calendar strips 2029 through 2034 all shifted up 6.8 cents. Production remains stagnant at 94 Bcf/d, while demand is averaging 4.6 Bcf/d higher for the month compared to last year. The June 2022 natural gas contract expires tomorrow.

 

Market Update 05 25 2022

Market Settles 05 24 2022

 

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