Electricity Markets
Forward markets saw increased volatility over the past week. Northeast markets saw a sizable increase week over week, and are at their highest rates since the start of 2023. Markets continue to trend upward and will likely continue trending upward as scorching heat returns to the Northeast next week.
Milder weather in the Northeast brought spot pricing slightly down over the past week. Expect increased volatility and higher spot pricing as extreme heat grips the Northeast next week.
Natural Gas Markets
2024 forward pricing saw a big increase in the near term months in anticipation of summer heat returning next week. The gap in 2025 and 2026 forward pricing years decreased further over the last week, largely being driven by anticipated cuts in natural gas production.
Futures as of 6/13/2024 versus previous week:
| Current | ||
| Jul-24 | $2.984 | +$0.130 |
| Aug-24 | $3.063 | +$0.142 |
| Sep-24 | $3.038 | +$0.133 |
| Oct-24 | $3.110 | +$0.136 |
| Nov-24 | $3.437 | +$0.148 |
| Dec-24 | $3.856 | +$0.156 |
Natural Gas Inventory
Working gas in storage was 2,974 BCF as of Friday, June 7th, according to EIA estimates. This represents a net increase of 74 Bcf from the previous week.
The Baker Hughes exploration rig count remained unchanged, for a total of 98 this week.
Weather Update
Temperatures will be above average across most of the Continental United States, with near record warmth in the Northeast
Hurricane Watch: Click here to view the National Hurricane Center site.
News : US FERC authorizes start for 304-mile, 2 Bcf/d Mountain Valley gas pipe project- The US Federal Energy Regulatory Commission on June 11 granted permission for the 304-mile, 2 Bcf/d Mountain Valley natural gas pipeline project to start service, a day after the project informed FERC that the facilities were mechanically complete.
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