Electricity Markets
Forward markets trended slightly downward this week. Mainly being driven by the NYMEX coming down over the last week. New England has remained stable in spite of oil prices increasing. Texas forward pricing still volatile because of the persistent heat across the Southern United States.
Weather across the Northeast was stable over the past week, which kept spot pricing quiet.
Natural Gas Markets
Forward pricing years continue to consolidate. 2024 and 2025 forward pricing years are very tight and have come down slightly over the past week.
Futures as of 8/17/2023 versus previous week:
| Current | ||
| Sep-23 | $2.658 | -$0.233 |
| Oct-23 | $2.781 | -$0.205 |
| Nov-23 | $3.264 | -$0.120 |
| Dec-23 | $3.764 | -$0.047 |
| Jan-24 | $3.886 | -$0.108 |
| Feb-24 | $3.564 | -$0.340 |
Natural Gas Inventory
Working gas in storage was 3,065 BCF as of Friday, August 11th, according to EIA estimates. This represents a net increase of 35 Bcf from the previous week.
The Baker Hughes exploration decreased by 6 rigs, for a total of 117 this week.
Weather Update
Temperatures will be below average across the Northeast, and above average across the Southeast and Midwest
Hurricane Watch: Click here to view the National Hurricane Center site.
News : Analysts expect lower US gas prices, bearish market cues in 2024- Bearish sentiment in the US gas market could well persist into 2024 as high storage levels, slow incremental demand growth and strong gas production kept domestic gas prices under pressure, according to ConocoPhillips’ senior market analyst, Matthew Henderson.
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