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Daily Market Update September 08, 2022

Early Morning Update

The Oct ‘22 natural gas contract is trading down $0.01 at $7.83.  The Oct ‘22 crude oil contract is up $0.66 at $82.60.

Summary

The natural gas market fell across the board in trading on Wednesday. The prompt month decreased $0.30 on the day, settling below the $8 mark at $7.842/MMBtu. The 12-month strip declined $0.31, and Cal ’23 settled $0.32 lower. From a fundamental perspective, both supply and demand declined day-over-day, each falling 0.6 Bcf/d and 2.0 Bcf/d, respectively. Canadian imports contributed the most to the supply decline, after shrinking by 0.4 Bcf/d. Power burn demand decreased by 2.4 Bcf/d, stemming largely from the Southeast and the Northeast. Total demand was slightly offset by an uptick in ResComm demand of 0.5 Bcf/d. For the week ended September 2, Bentek is projecting a storage injection of 52 Bcf. An injection of this level would fall below the five-year average and bring the total stocks to 2,692 Bcf, which takes the deficit to 351 Bcf compared to the five-year average for the same week. Weather in the West will continue to see record heat in the near-term window. That heat will shift to the Central region over the next 6-15 days. Temperatures in the back half of September look to be moderate for most of the country, with some slightly above-normal conditions in the Midwest.

 

Market Update 09 08 2022

Market Settles 09 07 2022

 

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