Forward electric saw another small dip week over week as the underlying cost of gas continues to fall.
Some volatility was observed as temperatures fluctuated above and below normal over the last week.
Natural Gas Markets
Forward gas dropped substantially week over week for the Winter 2021-2022 season while the remainder of 2022 held steady.
Futures as of 11/10/2021 versus previous week:
Natural Gas Inventory
As of Friday, November 5, 2021 working gas in storage was 3,618 Bcf. According to EIA estimates this represents a net increase of 7 Bcf from the previous week.
The Baker Hughes exploration gas count rose by two from the previous week for a total of 102 rigs. This is 29 more rigs than the 73 in operation at this time one year ago.
Warmer than normal temperatures are expected over the Southwest with a narrow band of cooler temperatures expected from the Pacific Northwest to the East Coast.
National Weather Service Updates (NOAA)
Hurricane Watch: Click here to view the National Hurricane Center site.
Equatorial Pacific Outlook:
Click here to view La Nina and El Nino status.
New England winter gas prices dip on shifting outlook for LNG, heating demand Winter forwards prices at Algonquin city-gates are down nearly 20% from early October highs, as global LNG prices dip and concerns over seasonal demand in New England’s gas market ease. If you would like to receive the Energy Market Update to your inbox weekly, please click here to submit your name and email address. 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.