Electricity Markets
All electric markets saw another step up in forward electric prices. PJM saw a large spike, now trading over ISO-NE.
Near normal temperatures brought on little volatility in daily electric pricing. NYISO Zone B is seeing very favorable pricing.
Natural Gas Markets
NYMEX is now trading over $8 for the remainder of 2022 and is at a 13-year high. 2024 is still showing some favorable, “normal” rates.
Futures as of 5/4/2022 versus previous week:
|
Jun-22 |
$8.415 |
$1.076 |
|
Jul-22 |
$8.472 |
$1.036 |
|
Aug-22 |
$8.461 |
$1.026 |
|
Sep-22 |
$8.412 |
$1.027 |
|
Oct-22 |
$8.407 |
$1.020 |
|
Nov-22 |
$8.463 |
$1.007 |
Natural Gas Inventory
Working gas in storage was 1567 Bcf as of Friday, April 29, 2022. According to EIA estimates this represents a net increase of 77 Bcf from the previous week.
The Baker Hughes exploration gas count came in at 146 this week, which is up two from last week. There are 50 more rigs in service compared to this time last year.
Weather Update
Most of the eastern half of the country will normal to above normal temperatures, whereas the west coast will be cooler than normal.
National Weather Service Updates (NOAA)
Hurricane Watch: Click here to view the National Hurricane Center site.
Equatorial Pacific Outlook:
US natural gas prices surge above $8/MMBtu in ‘irrational’ market
US natural gas spot and futures prices soared above $8/MMBtu in May 4 trading, continuing a three-day rally as market watchers expressed doubts on whether the fundamentals support such a surge.
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Disclaimer: This information is provided for the use of our customers and potential customers. Power Management Company assumes no responsibility or liability for the accuracy or completeness of pricing or information in this document. Historical data was obtained from sources that we believe to be reliable, but we do not guarantee its accuracy or completeness. It is not intended to provide advice or recommendation. Views are subject to change.