ISO-NE electric held steady week over week. NYISO, PJM and ERCOT prices all trailed downward. Electric markets all remain very attractive.
Normal weather continued into the last week of June. NYISO day-ahead prices moved up slightly, trending more in line with the other ISO’s.
Natural Gas Markets
The July 2019 contract expired on Wednesday at $2.291. Both the NYMEX and Algonquin Citygate both moved up. Weather forecasts for the week ahead call for some increased temperatures, likely bringing an increase in power demand for cooling, which could lead to even further strength in prices.
Six-Month Natural Gas Futures
Futures as of 6/26/2019 versus previous week:
Natural Gas Inventory
According to EIA estimates a net increase of 98 Bcf was reported. Working gas in storage was 2,301 Bcf as of Friday, June 21, 2019. This is 11% more than the year-ago level and 7% lower than the five-year average for this week.
The Baker Hughes exploration gas rig count decreased 4 rigs from last week for a total of 173 rigs. This is 14 less rigs than were in operation at this time one year ago when there were 187 rigs.
From the Northeast down through Texas, some warmer temperatures are expected with the most substantial in the Southeast according to the NOAA’s 6-10 day outlook. The Northwest coast may also see some above average weather for the beginning of July.
National Weather Service Updates (NOAA)
Hurricane Watch- No Hurricane Activity
Click here to view the National Hurricane Center site.
Equatorial Pacific Outlook:
Click here to view La Nina and El Nino status.
America’s coal-burning power plants are shutting down at a rapid pace, forcing electric utilities to face the next big climate question: Embrace natural gas, or shift aggressively to renewable energy?
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Disclaimer: This information is provided for the use of our customers and potential customers. Power Management Company assumes no responsibility or liability for the accuracy or completeness of pricing or information in this document. Historical data was obtained from sources that we believe to be reliable, but we do not guarantee its accuracy or completeness. It is not intended to provide advice or recommendation. Views are subject to change without notice.