Electricity Markets
NYISO, ISO NE and PJM are all up from last week. NYISO and ISO-NE forward prices fell a bit for the prompt year, but then increased on the back end.
Because we are expecting warmer than normal temperatures this summer, the increased market prices are a result of this.
Natural Gas Markets
The price of the July 2022 NYMEX contract was unchanged Wednesday to Wednesday. The 12 month strip averaging July 2022 through June 2023 futures increased about $0.20.
Futures as of 6/8/2022 versus previous week:
| Current | ||
| Jul-22 | $8.699 | $0.003 |
| Aug-22 | $8.679 | $-0.007 |
| Sep-22 | $8.649 | $0.006 |
| Oct-22 | $8.637 | $0.023 |
| Nov-22 | $8.690 | $0.033 |
| Dec-22 | $8.781 | $0.055 |
Natural Gas Inventory
Working gas in storage was 1,999 Bcf as of Friday, June 3, 2022. According to EIA estimates this represents a net increase of 97 Bcf from the previous week.
The Baker Hughes exploration gas count came in at 151 this week, which is up two from last week. There are 53 more rigs in service compared to this time last year.
Weather Update
The summer forecast remains above normal for much of the country. The median portion of the country will see above normal temperatures, whereas the Eastern and West parts will be below normal.
National Weather Service Updates (NOAA)
Hurricane Watch: Click here to view the National Hurricane Center site.
Equatorial Pacific Outlook: Click here to view La Nina and El Nino status.
US Freeport LNG in Texas offline at least three weeks after fire
A fire broke out at the three-train Freeport LNG plant on Quintana Island, Texas, on 8 June, which drew emergency responders for hours and sent the US Henry Hub gas benchmark plunging on concerns of a prolonged outage of at least three weeks.
If you would like to receive the Energy Market Update to your inbox weekly, please click here to submit your name and email address.
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.