Electricity Markets
In spite of market volatility and warm temperatures, NY and PJM forward markets saw sizable drops over the past week, returning to levels that were seen at the beginning of June. Texas also saw sizable drops, now at lowest levels since mid-April. Further forecasted warmth this summer will continue to spur market volatility.
The Northeast saw one of its warmest Junes on record. Temperatures subsided slightly over the past week, and spot pricing relaxed as a result. Summer like heat is expected to return to the Northeast, which could in turn drive spot pricing upwards.
Natural Gas Markets
Forward gas markets across all years dropped over the last week. Winters of 2025 and 2026 saw the biggest drops over the past week.
Futures as of 7/4/2024 versus previous week:
| Current | ||
| Aug-24 | $2.457 | -$0.254 |
| Sep-24 | $2.480 | -$0.224 |
| Oct-24 | $2.586 | -$0.208 |
| Nov-24 | $3.000 | -$0.181 |
| Dec-24 | $3.475 | -$0.169 |
| Jan-25 | $3.742 | -$0.167 |
Natural Gas Inventory
Working gas in storage was 3,134 BCF as of Friday, June 28th, according to EIA estimates. This represents a net increase of 32 Bcf from the previous week.
The Baker Hughes exploration rig count increased by 4 rigs, for a total of 101 this week.
Weather Update
The entire continental United States will see temperatures above average
Hurricane Watch: Click here to view the National Hurricane Center site.
Major shift in global climate patterns is unfolding now, federal forecasters say- What had been a potent “super” El Niño is now officially over, federal forecasters announced Thursday, They also said the hurricane-boosting La Niña climate pattern is expected to begin over the next few months.
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