Electricity Markets
Forward markets across all regions were down from last week. New England saw the largest decrease, which is being driven by a drop in the Algonquin basis. Forward markets could stay stable for the near future as warmer weather is on the horizon, coupled with NYMEX prompt month prices near $3/dth.
Spot pricing came down from last week as more seasonal weather returned to the Northeast.
Natural Gas Markets
The balance of 2023 and winter of 2023-2024 have softened significantly, nearing winter 2020 rates. 2025 and 2026 forward pricing years have seen less downward movement.
Futures as of 11/9/2023 versus previous week:
| Current | ||
| Dec-23 | $3.049 | -$0.390 |
| Jan-24 | $3.328 | -$0.382 |
| Feb-24 | $3.290 | -$0.358 |
| Mar-24 | $3.084 | -$0.302 |
| Apr-24 | $2.974 | -$0.215 |
| May-24 | $3.031 | -$0.187 |
Natural Gas Inventory
Working gas in storage was 3,779 BCF as of Friday, October 27th, according to EIA estimates. This represents a net increase of 79 Bcf from the previous week.
The Baker Hughes exploration remained unchanged, for a total of 118 this week.
Weather Update
Temperatures will be above average across most of the country
Hurricane Watch: Click here to view the National Hurricane Center site.
News : FERC, NERC chiefs urge ISO-NE, states to think twice before letting Everett LNG facility close- Two top US utility and grid regulators Nov. 6 sounded the alarm over potential reliability and affordability perils New England could face if an LNG import terminal in Massachusetts retires next year, as there appears to be no clear plan for keeping the terminal afloat more than four months after a forum highlighted the critical need for the facility.
If you would like to receive the Energy Market Update to your inbox weekly, please click here to submit your name and email address. Disclaimer: This information is provided for the use of our customers and potential customers. Power Management Company assumes no responsibility or liability for the accuracy or completeness of pricing or information in this document. Historical data was obtained from sources that we believe to be reliable, but we do not guarantee its accuracy or completeness. It is not intended to provide advice or recommendation. Views are subject to change.