Natural gas report week, April 13, 2022. The week saw natural gas prices skyrocket, uncharacteristic for this time of year. As cool weather collided with maintenance-driven production shortfalls, this week’s injection left the market fixated on supply concerns. Expectations that heating demand will double in the upcoming week and lead to continued anemic EIA storage reports through the end of April only served to heighten concerns.
For this week’s prices and a closer look, continue reading.
Price Factors: Natural Gas Report Week April 13, 2022
This week’s 15 Bcf injection left storage 439 Bcf short of last year and 303 Bcf below the five-year average. The disappointing injection, in combination with forecasts for below-average temperatures east of the Mississippi and continued high European LNG demand, sent prices soaring across the report week. While high LNG demand is unlikely to subside any time soon, temperatures are expected to warm substantially by the last week of April, offering some hope prices may soften soon.
Natural Gas Market Report – April 13, 2022
May settled Thursday at $6.997/Dth, up 31.7 cents from Wednesday’s close at $6.680/Dth, and up 96.8 cents over the prior week.
12 Month Strip
Settled Thursday at $6.958/Dth, up 92.9 cents from the prior week.
The summer strip (MAY22-OCT22) settled at $7.126/Dth, up 99.0 cents from the week prior. The winter forward (NOV22-MAR23) settled Thursday at $7.197/Dth, up 95.9 cents from the week prior.
Calendar Years 2022/2023/2024
CY22 settled Thursday at $7.176/Dth, up 99.0 cents from the prior week.
CY23 settled Thursday at $5.311/Dth, up 51.9 cents from the prior week.
CY24 settled Thursday at $4.269/Dth, up 22.7 cents from the prior week.
Settled Thursday at $104.25/barrel, up $8.02 from the prior week.
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