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Daily Market Update September 15, 2022

Early Morning Update

The Oct ‘22 natural gas contract is trading down $0.57 at $8.54.  The Oct ‘22 crude oil contract is down $1.38 at $87.10.

Summary

The natural gas market strengthened yesterday as all calendar strips settled higher, with most of the volatility in the near-term. The market continues to remain in backwardation as the prompt month closed $0.83 higher, and Cal ’23 was up $0.44 on the day. Cal ’24 increased seventeen cents, and Cals ’25-’28 were up marginally. From a fundamentals perspective, demand continues to slide, and supply is up slightly on the day. Power burn demand fell 2.5 Bcf/d, while LNG demand picked up by 0.6 Bcf/d. Total demand, overall, was down 1.7 Bcf/d. Domestic production increased by 0.2 Bcf/d. Imports from Canada helped push total supply up by 0.5 Bcf/d yesterday. Bentek is projecting a storage injection of 71 Bcf for the week ended September 9. An injection of this level would fall below the 5-year average of 82 Bcf, continuing the trend of a storage deficit. A 71 Bcf injection would bring total stocks to 2,765 Bcf. Weather over the next ten days will bring above-normal temperatures to the Central and Midwest regions and extend to the East Coast. In the back half of September, the conditions in the East will moderate, and the Central to West regions will experience temperatures that are hotter than normal once again.

 

Market Update 09 15 2022

Market Settles 09 14 2022

 

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