Electricity Markets
Forward markets were quiet across all regions over the past week after weeks of gradual increase.
Spot pricing was quiet over most of the week, but shot up end of week as heat returned to the Northeast over the weekend.
Natural Gas Markets
Minimal movement in forward pricing years over the last week. All forward pricing years came down slightly.
Futures as of 7/27/2023 versus previous week:
| Current | ||
| Aug-23 | $2.665 | -$0.071 |
| Sep-23 | $2.693 | -$0.015 |
| Oct-23 | $2.809 | +$0.009 |
| Nov-23 | $3.235 | +$0.066 |
| Dec-23 | $3.645 | +$0.087 |
| Jan-23 | $3.848 | +$0.076 |
Natural Gas Inventory
Working gas in storage was 2,987 BCF as of Friday, July 21st, according to EIA estimates. This represents a net increase of 16 Bcf from the previous week.
The Baker Hughes exploration decreased by 3 rigs, for a total of 128 this week.
Weather Update
Temperatures will be above average across the West Coast, Southern Plains and Southeast, and below average across the Midwest and Mountain West
Hurricane Watch: Click here to view the National Hurricane Center site.
News : Shell trims capex guidance, as gas leads sharp output reductions- Shell on July 27 accelerated planned capex cuts, trimming the top of its 2023 guidance by $1 billion to $23 billion-$26 billion as it tries to cut costs in theface of industry inflation and its own falling oil and gas output.
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