Electricity Markets
Slight upward movement in forward markets over the past week. ERCOT saw a more sizable increase, and could see larger increases in the coming weeks compared to the Northeast if there is warmer weather.
Record warmth returned to the Northeast, and is expected to continue into the coming week. Mild temperatures kept spot pricing calm over the past week.
Natural Gas Markets
The NYMEX March settle was lowest monthly settle price seen since July 2020. The price increase into winter of 2024 is the steepest seen in the past few weeks. 2025 and 2026 forward pricing years saw minimal movement, but are slowly beginning to consolidate.
Futures as of 2/29/2024 versus previous week:
| Current | ||
| Mar-24 | $1.851 | +$0.068 |
| Apr-24 | $2.016 | +$0.099 |
| May-24 | $2.225 | +$0.090 |
| Jun-24 | $2.508 | +$0.142 |
| Jul-24 | $2.584 | +$0.145 |
| Aug-24 | $2.569 | +$0.144 |
Natural Gas Inventory
Working gas in storage was 2,374 BCF as of Friday, February 23rd , according to EIA estimates. This represents a net decrease of 96 Bcf from the previous week.
The Baker Hughes exploration decreased by 1 rig, for a total of 119 this week.
Weather Update
Temperatures will be above average across the East Coast and Northern Plains, and below average across the West Coast
Hurricane Watch: Click here to view the National Hurricane Center site.
Natural Gas Hasn’t Been This Cheap in Decades- an unusually warm winter and roaring U.S. output have pushed natural gas prices to some of the lowest levels of the shale era
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