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Daily Market Update October 11, 2022

Early Morning Update

The Nov ‘22 natural gas contract is trading up $0.08 at $6.52.  The Nov ‘22 crude oil contract is down $1.33 at $89.80.

Summary

The front of the natural gas pricing curve continued its slide from Friday, with the prompt month losing 31 cents yesterday to settle at $6.435/MMBtu, December dropped 26 cents, settling at $6.784/MMBtu, and the 12-mo strip is down $0.06 at $5.692/MMBtu. Cal ‘23 was relatively flat, but the 2024-2034 calendar strips all rose between one and three cents. Natural gas production dipped below 97 Bcf/d to 96.4 Bcf/d, losing 0.8 Bcf/d day-over-day. However, on the demand side of things, power burn also decreased by 1.4 Bcf/d, and res/comm demand is off 1.5 Bcf/d from yesterday. Total demand dropped 3.0 Bcf/d, with most of the loss coming from the Midcon region, accounting for one half of the total demand decrease. Exports to Mexico had steadily fallen the past several days from 6.1 Bcf/d last Wednesday to 5.0 Bcf/d on Sunday, but has been steadily picking up so far this week and are at 5.6 Bcf/d today. Demand for LNG exports has also fallen since the weekend, losing almost 1.0 Bcf/d from Sunday to Monday. Overall, total supply outweighs total demand by 15.3 Bcf/d today, a 2.5 Bcf/d increase from yesterday.

 

Market Update 10 11 2022

Market Settles 10 10 2022

 

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