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Daily Market Update September 22, 2022

Early Morning Update

The Oct ‘22 natural gas contract is trading down $0.12 at $7.66.  The Nov ‘22 crude oil contract is up $1.66 at $84.60.

Summary

The natural gas market went largely unchanged day-over-day as the prompt month closed just six cents higher. From a week ago, the prompt has decreased by $1.34. Cals ’23-’28 all closed lower on the day, with the most notable change coming from the Cal ’28 strip falling seventeen cents during yesterday’s trading session. From a fundamentals perspective, demand continues to slide as production stayed flat. Lower demand was driven primarily by power burn demand, falling almost 5.0 Bcf/d. Total demand was slightly offset by a 2.6 Bcf/d uptick in res-comm demand. Bentek is estimating a storage injection of 98 Bcf for the week ended September 16. An injection of this level would beat the 5-year average by 17 Bcf. Despite an injection above historical norms, total stocks would still fall short by 337 Bcf compared to the 5-year average levels for this time of the year. Weather through the end of the week looks to be moderate across the North, while Texas and the South are expected to see temperatures that are above normal. Next week, that heat will shift to the West. Early October conditions are forecasted to be hotter than normal for most of the country, but normal temperatures continue to decline.

 

Market Update 09 22 2022

Market Settles 09 21 2022

 

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