Electricity Markets
Forward markets were slightly elevated over the past week, but continue to remain within a normal range. The underlying NYMEX has gone up over the past few weeks, and has driven a slow and steady increase in NY and PJM forward markets. Tighter natural gas storage also contributed to forward market increases over the past week. New England has remained mostly flat over recent weeks despite the increase in oil prices
Spot pricing retreated a little after a hot weekend, but still remains slightly elevated in comparison to the past few weeks
Natural Gas Markets
Not much movement in forward pricing over the past week. Forward pricing continues to remain stable, with not much room to go lower.
Futures as of 9/14/2023 versus previous week:
| Current | ||
| Oct-23 | $2.735 | +$0.205 |
| Nov-23 | $3.013 | +$0.084 |
| Dec-23 | $3.448 | +$0.039 |
| Jan-24 | $3.694 | +$0.033 |
| Feb-24 | $3.617 | +$0.030 |
| Mar-24 | $3.322 | +$0.303 |
Natural Gas Inventory
Working gas in storage was 3,205 BCF as of Friday, September 8th, according to EIA estimates. This represents a net increase of 57 Bcf from the previous week.
The Baker Hughes exploration increased by 8 rigs, for a total of 121 this week.
Weather Update
Temperatures will be above average across the East Coast and Midwest, and below average across the Southwest
Hurricane Watch: Click here to view the National Hurricane Center site.
News : Tight Texas power market generates quadruple-digit real-time prices near sunset- The Electric Reliability Council of Texas market faced tight conditions for the third consecutive day Sept. 7, with real-time prices in quadruple digits for2.5 hours before sunset. Heavy heat-related demand, light wind output, and larger thermal generation outages likely exacerbated tight supplies, which may recur Sept. 8.
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