Electricity Markets
Mild temperatures and low natural gas demand kept NY and PJM flat over the last week. NE rose slightly in lue of expected natural gas production cuts. Texas continues to rise because of continued heat and rapid load growth
Low natural gas demand and mild temperatures kept spot pricing flat. PJM did see a small increase over the last week.
Natural Gas Markets
2025 forward pricing saw a sizable drop over the last week, almost fully on top of the 10 year average. A large still exists between 2025 and 2026. 2024 forward pricing went up as speculation about a warm summer swirls.
Futures as of 5/9/2024 versus previous week:
| Current | ||
| Jun-24 | $2.226 | +$0.246 |
| Jul-24 | $2.492 | +$0.203 |
| Aug-24 | $2.584 | +$0.175 |
| Sep-24 | $2.578 | +$0.152 |
| Oct-24 | $2.651 | +$0.112 |
| Nov-24 | $3.005 | +$0.054 |
Natural Gas Inventory
Working gas in storage was 2,563 BCF as of Friday, May 3rd, according to EIA estimates. This represents a net increase of 79 Bcf from the previous week.
The Baker Hughes exploration increased by 1 rig, for a total of 103 this week.
Weather Update
Temperatures will be below average across the Northern Rockies, and above average across the rest of the United States
Hurricane Watch: Click here to view the National Hurricane Center site.
News : US EIA sees renewables resources checking gas consumption growth in 2024- Despite expectations of a 3% rise in US electricity generation in 2024, power-sector natural gas consumption is likely to be kept in check amid a rise in renewable energy sources, the US Energy Information Administration said May 7.
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