Forward electric markets saw some relief from highs experienced last week but are still elevated compared to historic levels.
An extended warm spell caused a lot of volatility in the daily electric markets.
Natural Gas Markets
2021 NYMEX rates are now well above normal ranges and are nearing highs seen during the polar vortex.
.Futures as of 7/7/2021 versus previous week:
Natural Gas Inventory
As of Friday, July 2, 2021 working gas in storage was 2,574 Bcf. According to EIA estimates this represents a net increase of 16 Bcf from the previous week.
The Baker Hughes exploration gas count is up 1 from the previous week for a total of 101 rigs. This is 25 more rigs than the 76 in operation at this time one year ago.
Increased heat will be seen for much of the northern half of the CONUS with the south seeing much cooler temperatures this week.