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Daily Market Update October 10, 2022

Early Morning Update

The Nov ‘22 natural gas contract is trading up $0.04 at $6.79.  The Nov ‘22 crude oil contract is down $0.54 at $92.10.

Summary

After crude oil falling to under $80/barrel last month,OPEC+ countries announced on Thursday a production cut of two million barrels/day to help stabilize prices in the face of potential economic headwinds.This announcement was greeted with mixed reactions, and prices have since moved above $90/barrel in response.NYMEX markets saw a mixed picture of news last week.NYMEX prices ended the week largely flat, despite strong intra-day movements, with Cal 2023 up 14 cents on the week.On the bearish side, recent storage injections have been very strong.According to Bentek, the upcoming storage injection for Oct 7th is projected to be a net build of 134 Bcf, which would break the existing all-time record of 132 Bcf set in June 2015 and would represent the 4th straight triple-digit storage injection – a feat that has occurred just twice in the past decade. On the bullish side, the U.S. Energy Information Administration released an article on drilled, but uncompleted, (DUC) wells in gas & oil shale basins showing they are at their lowest levels since the EIA began tracking them in 2013. Today, these wells number around 4,200, down almost 50% since their high of nearly 8,500 in 2Q 2020.

 

Market Update 10 10 2022

Market Settles 10 07 2022

 

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