Electricity Markets
Forward markets stayed flat over the past week. Market outlook for the coming spring remains good amid strong gas storage surplus
Cooler weather returned briefly early week, causing spot pricing to increase slightly compared to previous weeks. Overall spot pricing continues to remain calm
Natural Gas Markets
The NYMEX had a strong close to finish out the April prompt month, closing at $1.57/dth. That is the lowest monthly close since Summer of 2020 and the second consecutive month that has closed below $1.70/dth. Forward market outlook remains good with natural gas currently at a near record surplus
Futures as of 3/28/2024 versus previous week:
| Current | ||
| May-24 | $1.729 | -$0.098 |
| Jun-24 | $1.965 | -$0.084 |
| Jul-24 | $2.311 | -$0.049 |
| Aug-24 | $2.412 | -$0.035 |
| Sep-24 | $2.403 | -$0.039 |
| Oct-24 | $2.498 | -$0.031 |
Natural Gas Inventory
Working gas in storage was 2,296 BCF as of Friday, March 22nd , according to EIA estimates. This represents a net decrease of 36 Bcf from the previous week.
The Baker Hughes exploration remained unchanged, for a total of 112 this week.
Weather Update
Temperatures will be above average in the Midwest, and below average in the Southeast and West Coast
Hurricane Watch: Click here to view the National Hurricane Center site.
News : Natural gas phaseout plan divides NY legislature during budget negotiation- Budget proposals from the New York State Senate and Assembly differed on a key matter of energy policy: Whether to overhaul the state’s foundational utility law in order to facilitate an orderly transition away from natural gas use.
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.