Electricity Markets
Forward pricing across all markets remained stable for a second straight week. Indications are that the forward markets will remain stable over the coming weeks as gas storage remains strong and the weather remains unseasonably warm.
Spot rates remained low over the past week as mild weather set up across the northeast. While stable amid the warmer temperatures, this does not signal an end to the market volatility.
Natural Gas Markets
Recent warmth has significantly softened winter 2023 pricing. Positive storage will draw pricing down into the future.
Futures as of 2/16/2023 versus previous week:
| Current | ||
| Mar-23 | $2.538 | $0.105 |
| Apr-23 | $2.614 | $0.110 |
| May-23 | $2.767 | $0.096 |
| Jun-23 | $2.949 | $0.094 |
| Jul-23 | $3.112 | $0.083 |
| Aug-23 | $3.156 | $0.128 |
Natural Gas Inventory
Working gas in storage was 2,266 BCF as of Friday, February 10th. According to EIA estimates this represents a net decrease of 100 Bcf from the previous week.
The Baker Hughes exploration gas count increased by 1 rig for a total of 151 this week. There are 118 additional rigs in operation than at this time one year ago.
Weather Update
Temperatures will be above average across the Southeast, and below average across New England and the West Coast.
Hurricane Watch: Click here to view the National Hurricane Center site.
News : Eversource executive proposes New England states buy fuel to stabilize energy prices- Executives for Eversource Energy and Avangrid are calling on Connecticut lawmakers to collaborate with other New England states to bring more fuel into the region and help manage volatility in the energy supply market.
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