Electricity Markets
All ISOs saw a drop in forward electric rates as natural gas and weather conditions remained stable.
Mild temperatures, and a warmup mid next week are leading to little volatility in electric pricing.
Natural Gas Markets
2022 NYMEX continued to see another step down this week.
Futures as of 12/8/2021 versus previous week:| Jan-22 | $3.815 | -$0.440 |
| Feb-22 | $3.774 | -$0.422 |
| Mar-22 | $3.658 | -$0.382 |
| Apr-22 | $3.575 | -$0.245 |
| May-22 | $3.583 | -$0.213 |
| Jun-22 | $3.628 | -$0.206 |
Natural Gas Inventory
As of Friday, December 3, 2021 working gas in storage was 3,505 Bcf. According to EIA estimates this represents a net decrease of 59 Bcf from the previous week.
The Baker Hughes exploration gas count remained the same from the previous week for a total of 105 rigs. This is 30 more rigs than the 75 in operation at this time one year ago.
Weather Update
Warmer than normal temperatures are expected across much of the contiguous US with a small strip of near or below normal temperatures expected over the West Coast.