Electricity Markets
New England and New York forward markets saw a slight increase over the past week. New England increases mainly driven by an increase in Algonquin basis pricing and an increase in liquid natural gas exports. PJM saw a slight decrease, mainly because of increased cloud cover during last week’s heatwave.
Near record heat set in across the Northeast this past week, leading to a sizable spike in spot pricing. New England spot markets saw the largest increase.
Natural Gas Markets
2024 forward pricing saw a slight dip over the past. 2025 future pricing also down slightly, but uncertainty lingers into the outward years.
Futures as of 6/20/2024 versus previous week:
| Current | ||
| Jul-24 | $2.855 | -$0.129 |
| Aug-24 | $2.933 | -$0.130 |
| Sep-24 | $2.908 | -$0.130 |
| Oct-24 | $2.981 | -$0.129 |
| Nov-24 | $3.341 | -$0.148 |
| Dec-24 | $3.789 | -$0.156 |
Natural Gas Inventory
Working gas in storage was 3,045 BCF as of Friday, June 14th, according to EIA estimates. This represents a net increase of 71 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, except for the Pacific Northwest
Hurricane Watch: Click here to view the National Hurricane Center site.
Market Commentary : US Northeast cash gas prices jump on stronger demand, warmer weather- US Northeast spot natural gas prices jumped to multi-month highs during June 17 trading, as warmer weather was forecast to boost demand to a near four-month high.
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