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Daily Market Update October 19, 2022

Early Morning Update

The Nov ‘22 natural gas contract is trading down $0.12 at $5.62.  The Nov ‘22 crude oil contract is up $1.48 at $84.30.

Summary

October has continued the bearish trend that started last month, with mild to wetter weather conditions helping alleviate demand. Freeport LNG export facility has begun to receive feedgas for testing, with expectations that this facility should return to full service sometime next month. Maintenance at Cove Point appears to be wrapping up and the facility should start to ramp back up to full export capacity. Total LNG exports are creeping up towards 12 Bcf/d, a significant uptick from just the other week of around 10.5 Bcf/d. The NYMEX prompt month contract tumbled 25.4 cents on the day to settle at $5.745/MMBtu, once again seeing a significant trading range, reaching as high as $6.095 down to $5.673. U.S. dry production has dipped slightly from the all-time high set at the beginning of the month, hovering around 96.6 Bcf/d this morning. Tomorrow, the EIA is expected to report the fifth consecutive injection over 100 Bcf, with an estimated build of 104 Bcf into storage, much higher than the 5-year average of 73 Bcf.

 

Market Update 10 19 2022

Market Settles 10 18 2022

 

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