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Daily Market Update September 07, 2022

Early Morning Update

The Oct ‘22 natural gas contract is trading down $0.06 at $8.09.  The Oct ‘22 crude oil contract is down $0.78 at $86.10.

Summary

We’re seeing some much welcomed reprieve to start September, as milder, wetter temperatures have moved into much of the Northeast. Still, volatility remains the theme this year, as the prompt month saw a wide trading range yesterday, reaching as high as $9.126/MMBtu and falling as low as $7.823/MMBtu. Ultimately, the September NYMEX prompt month plunged 64.1 cents on the day to settle at $8.145/MMBtu. U.S. dry production seems to finally be seeing consistent improvements, hitting a 9-month high, averaging just over 96.6 Bcf/d. The increase in production is helping balance the tight supply/demand outlook we had been seeing all summer, and could benefit some of the upcoming storage injections. Weather forecasts are still showing warmer-than-normal temperatures moving back into the North as September progresses.Tomorrow, the U.S. Energy Information Administration is expected to report an estimated 55 Bcf into storage. However, this would be just below the 5-year average benchmark of 65 Bcf, once again widening the storage deficit.

 

Market Update 09 07 2022

Market Settles 09 06 2022

 

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