Electricity Markets
Forward markets increased over the past week, to highest levels in nearly 2 months. A forecast of a warmer summer could cause markets to tighten up in the coming weeks as we head into spring
Another mild week in the Northeast mostly kept spot markets in check. Some cooler weather late week did cause spot prices to rise slightly, but have been mostly at a standstill movement wise as minimal gas demand and mild temperatures have kept spot markets calm
Natural Gas Markets
Minimal change week over week in Forward pricing years. 2024 continues to be flat near term. 2025 and 2026 are beginning to tighten up again. Winters in 2025 and 2026 continue to be advantageous
Futures as of 3/21/2024 versus previous week:
| Current | ||
| Apr-24 | $1.688 | +$0.036 |
| May-24 | $1.827 | +$0.054 |
| Jun-24 | $2.049 | +$0.006 |
| Jul-24 | $2.360 | -$0.016 |
| Aug-24 | $2.447 | -$0.021 |
| Sep-24 | $2.442 | -$0.028 |
Natural Gas Inventory
Working gas in storage was 2,332 BCF as of Friday, March 15th , according to EIA estimates. This represents a net increase of 7 Bcf from the previous week.
The Baker Hughes exploration decreased by 4 rigs, for a total of 112 this week.
Weather Update
Temperatures will be above average across the Southeast and Southern Plains, and be below average across the Southwest and Northern Plains
Hurricane Watch: Click here to view the National Hurricane Center site.
News : As US gas production slows, analysts see long road ahead to balanced market- US natural gas producers are tapping the brakes on output this spring but it’s unclear how quickly the recent slowdown can rebalance the oversupplied market and lift Henry Hub gas prices back above $2.
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