Electricity Markets
Forward markets stayed flat over the past week, ending the 4 week run of market gains. Capacity uncertainty and gas production cutbacks loom large into the back half of 2024, but gas storage remains strong
Mild weather moved into the Northeast last week, keeping spot pricing in check
Natural Gas Markets
Minimal change in forward pricing week over week as markets continue to stay calm. Winter 2024-2025 continues to look good as forward pricing years continue to follow historical trends.
Futures as of 4/11/2024 versus previous week:
| Current | ||
| May-24 | $1.846 | +$0.013 |
| Jun-24 | $2.037 | -$0.006 |
| Jul-24 | $2.356 | $0.000 |
| Aug-24 | $2.465 | +$0.003 |
| Sep-24 | $2.457 | $0.000 |
| Oct-24 | $2.558 | +$0.013 |
Natural Gas Inventory
Working gas in storage was 2,283 BCF as of Friday, April 6th , according to EIA estimates. This represents a net increase of 24 Bcf from the previous week.
The Baker Hughes exploration decreased by 1 rig, for a total of 109 this week.
Weather Update
Temperatures will be below average across the Midwest and Northeast, and above average across the West Coast
Hurricane Watch: Click here to view the National Hurricane Center site.
News : Ahead of Q1 earnings calls, 2024 capex, output, rigs shape up to be flat to lower: analysts- With upstream producers expecting to see flat or lower capital budgets, drilling activity, and output in 2024, upcoming first-quarter earnings calls will likely focus on companies’ plans to navigate this bearish environment, analysts say.
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