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Daily Market Update September 20, 2022

Early Morning Update

The Oct ‘22 natural gas contract is trading down $0.01 at $7.74.  The Oct ‘22 crude oil contract is down $0.23 at $85.50.

Summary

Yesterday, the NYMEX natural gas prompt month contract for October closed 1.2 cents lower, settling at $7.752/MMBtu, for a third straight day of losses. Longer term calendar strips also slid further, with calendar year 2023 losing 4.9 cents to settle at $6.033/MMBtu, and calendar year 2024 losing 5.7 cents, settling at $5.107/MMBtu.Lingering power burn demand is ebbing between ‘normal’ to ‘above normal’ for this time of year, as cooling demand fizzles out after a very strong summer demand season. However, res/comm demand is also projected to pick up another 0.5 Bcf/day in combination with 0.6 Bcf/day in exports to Mexico.Market participants are pulling for strong injections into storage as we transition through the fall season.Many eyes are on production, which has been hovering around the 96 Bcf/day mark.Stay tuned for further updates on what has been a very strong year for natural gas demand.

 

Market Update 09 20 2022

Market Settles 09 19 2022

 

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