Electricity Markets
Markets moved upwards for the second consecutive week, largely driven by recent announcements of cuts in natural gas production.
Record warmth continued over the past week. Spot pricing remained calm with minimal natural gas demand.
Natural Gas Markets
2024 Forward pricing year now at about the same levels as the 2023 historical line. 2025/2026 years also stayed consistent week over week, with drops coming in winter pricing in both years.
Futures as of 3/7/2024 versus previous week:
| Current | ||
| Apr-24 | $1.922 | +$0.071 |
| May-24 | $2.062 | +$0.046 |
| Jun-24 | $2.288 | +$0.063 |
| Jul-24 | $2.520 | +$0.012 |
| Aug-24 | $2.590 | +$0.006 |
| Sep-24 | $2.578 | +$0.009 |
Natural Gas Inventory
Working gas in storage was 2,334 BCF as of Friday, March 1st , according to EIA estimates. This represents a net decrease of 40 Bcf from the previous week.
The Baker Hughes exploration decreased by 4 rigs, for a total of 115 this week.
Weather Update
Temperatures will be above average across the East Coast and West Coast, and below average across the Midwest
Hurricane Watch: Click here to view the National Hurricane Center site.
News : Analysts expect US natural gas storage surplus to keep rising despite production cuts- Natural gas analysts expect the Energy Information Administration to report a fifth consecutive below-average withdrawal from storage for the week ending March 1 as falling demand in the week more than offset cuts to gas production, a trend expected to continue into the middle of March.
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