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Daily Market Update October 07, 2022

Early Morning Update

The Nov ‘22 natural gas contract is trading down $0.18 at $6.79.  The Nov ‘22 crude oil contract is up $0.63 at $89.08.

Summary

Yesterday saw an interesting NYMEX natural gas market in the sense that the market was strangely flat. The prompt month only saw a 4.2c/MMBtu increase but the calendar strip for 2023 moved in a negative direction. This demonstrates the fact that the short term move into the upcoming winter maintains higher levels of risk than the forward calendar years themselves. The simple fact that prices were relatively flat was also interesting given the fact that the EIA storage report was released and had a sizeable injection. The 129Bcf injection came slightly above expectations, but also came in as the biggest injection the market has seen since 2015. While this would typically be great news, the lack of movement likely is coming as a result of general fears for the global energy market paired with the fact that injections are becoming less useful due to the diminishing time left in the injection season.

 

Market Update 10 07 2022

Market Settles 10 06 2022

 

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