Electricity Markets
There was very little movement this week across all forward markets and pricing remains favorable.
The spot markets experienced little volatility amid seasonably warm temperatures over the past week.
Natural Gas Markets
The gaps between forward pricing have widened further as 2023 continues to be hyper-competitive with relief happening more slowly in the outward years of 2024 and 2025.
Futures as of 3/30/2023 versus previous week:
| Current | ||
| Apr-23 | $2.132 | -$0.063 |
| May-23 | $2.392 | $0.065 |
| Jun-23 | $2.668 | $0.111 |
| Jul-23 | $2.721 | -$0.093 |
| Aug-23 | $2.687 | -$0.172 |
| Sep-23 | $2.782 | -$0.035 |
Natural Gas Inventory
Working gas in storage was 1,853 BCF as of Friday, March 24th, according to EIA estimates. This represents a net decrease of 47 Bcf from the previous week.
The Baker Hughes exploration decreased by 2 rigs for a total of 160 this week. There are 137 additional rigs in operation than at this time one year ago.
Weather Update
Temperatures will be above average across the west coast, and below normal across the mid-Atlantic.
Hurricane Watch: Click here to view the National Hurricane Center site.
News : Enterprise sees US LNG feed gas demand threatening to outpace ‘fragile’ production- US midstream operator Enterprise Products Partners said the crash in US gas prices this winter showed the “fragility of natural gas ” but that overall US gas production will need to increase from current levels to meet future demand that will be increasingly driven by rising LNG exports.
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