All markets saw a move up in forward electric rates. Besides the February 2021 spikes, rates are now the highest they have been in over a year.
This past week was quiet with little volatility but as warmer temperatures come on, electric markets could react.
Natural Gas Markets
NYMEX rates are in the upper range of normal for the remainder of 2021, and are now trading above $3.00.
.Futures as of 6/1/2021 versus previous week:
Natural Gas Inventory
As of Friday, May 28, 2021 working gas in storage was 2,313 Bcf. According to EIA estimates this represents a net increase of 98 Bcf from the previous week.
The Baker Hughes exploration gas count is down 1 from the previous week for a total of 97 rigs. This is 20 more rigs than the 77 in operation at this time one year ago.
Most of the north and central CONUS are expected to see much warmer temperatures with the south and west coast seeing cooler than normal temperatures.