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Daily Market Update September 09, 2022

Early Morning Update

The Oct ‘22 natural gas contract is trading up $0.20 at $8.12.  The Oct ‘22 crude oil contract is up $2.66 at $86.20.

Summary

The energy complex continued to be stressed by many different variables this week, but, fortunately, did see some relief in pricing for natural gas. Increased production is a primary reason for the bearishness that has been witnessed over the shortened week. In fact, five out of the last seven days had production levels above 96.5 Bcf/d, demonstrating higher available output capacity. Compared to the summer average around 95 Bcf/d, that marginal change can absolutely help the supply demand balance through the upcoming winter season as long as that is maintained and signifies the beginning of growth. In fact, the EIA had predictions earlier in the year that production would reach 102 Bcf/d. Despite the supply growth, concerns still remain around lingering summer heat and how that is keeping a high level of power burn demand into September. Despite the mostly downtrend this week, the prompt month did gain seven cents yesterday, settling at $7.915/MMBtu.

 

Market Update 09 09 2022

Market Settles 09 08 2022

 

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