Electricity Markets
Markets trended downward slightly over the past week. Forward pricing continues to stay in this extended normal trend that has been observed the past few months, still at lows not seen since 2021. Forward pricing markets continue to look strong out into the future.
Spot markets continued to remain stable over the past week. Temperatures remained stable with little volatility.
Natural Gas Markets
2024 and 2025 pricing years dropped in the last week. Winter pricing for coming forward pricing years remains good. However, on the electric side risk remains elevated into the future.
Futures as of 6/1/2023 versus previous week:
| Current | ||
| Jul-23 | $2.171 | -$0.379 |
| Aug-23 | $2.2272 | -$0.401 |
| Sep-23 | $2.2275 | -$0.395 |
| Oct-23 | $2.398 | -$0.312 |
| Nov-23 | $2.851 | -$0.290 |
| Dec-23 | $3.330 | +$0.000 |
Natural Gas Inventory
Working gas in storage was 2,446 BCF as of Friday, May 26th, according to EIA estimates. This represents a net increase of 110 Bcf from the previous week.
The Baker Hughes exploration remained the same for a total of 137 this week.
Weather Update
Temperatures will be above average in the Northwest, while the remainder of the country will be below average
Hurricane Watch: Click here to view the National Hurricane Center site.
News : Lower pressure seen on US gas prices this summer despite higher demand: NGSA- Despite a 3% rise in US natural gas demand from last summer, higher production, milder weather, and above-average storage levels are likely to put downward pressure on wholesale gas prices this summer, according to the Natural Gas Supply Association’s 2023 Summer Outlook.
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