Electricity Markets
We have seen warmer than normal weather across most of the Northeast this past week. The higher temperatures have led to lower spot pricing. As the markets move from winter to spring trends.
Natural Gas Markets
April’s NYMEX price has moved down compared to last month. Overall, NYMEX pricing was almost flat to last week, with little change. Natural gas pricing is trading within normal ranges as previous year.
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Futures as of 3/24/2021 versus previous week:| Apr-21 | $2.518 | $-0.010 |
| May-21 | $2.568 | $0.013 |
| Jun-21 | $2.603 | $0.017 |
| Jul-21 | $2.691 | $0.016 |
| Aug-21 | $2.708 | $0.017 |
| Sep-21 | $2.698 | $0.018 |
Natural Gas Inventory
As of Friday, March 19, 2021 working gas in storage was 1,746 Bcf. According to EIA estimates this represents a net decrease of 36 Bcf from the previous week. Storage levels are gaining on the 5-year average. We predict this to be the last week of withdrawals.
The Baker Hughes exploration gas count remained the same from the previous week for a total of 92 rigs. This is 14 fewer rigs than the 107 in operation at this time one year ago.
Weather Update
A cold front is expected over the East and West Coasts. The Central CONUS is going to see warmer than normal temperatures as we head into April.