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Daily Market Update October 12, 2022

Early Morning Update

The Nov ‘22 natural gas contract is trading up $0.09 at $6.69.  The Nov ‘22 crude oil contract is up $0.25 at $89.60.

Summary

The natural gas market reversed direction on Tuesday, as the entire pricing curve settled a little higher day-over-day, with the largest gains seen in the near-term contracts. The prompt month rose sixteen cents to settle at $6.596/MMBtu, the 12-mo strip was up twelve cents, while the 2024-2034 calendar strips all gained between three and four cents. Prices remain backwardated through 2028, ranging from $5.644 in 2023 to $4.379 in 2028. A survey of market analysts produced an anticipated storage build of 123 Bcf for the week to Oct. 7. This would mark the fourth consecutive week of three-digit injections. Dampened demand in power burns, as well as lower LNG feedgas demand, have largely contributed to the robust growth in storage levels the past several weeks. The demand for gas used for electric generation is down 1.2 Bcf/d for the week to 30.6 Bcf/d, continuing a dip which began when Hurricane Ian destroyed demand for natural gas in the Southeast at the end of September. The Freeport LNG export facility is still off line due to a fire in June, while the Cove Point facility in Maryland is down around 800 MMcf/d for maintenance. Demand for LNG feedgas fell to 10.1 Bcf/d on Oct. 6, its lowest level since July.

 

Market Update 10 12 2022

Market Settles 10 11 2022

 

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