All markets saw a move up as underlying natural gas rates put pressure on the cost of electricity.
Colder than normal weather caused volatility in the markets as we saw some higher rates.
Natural Gas Markets
The NYMEX has moved up as February 2022 closed at $6.265. This is the highest February close since 2008.
Futures as of 1/26/2022 versus previous week:
Natural Gas Inventory
Working gas in storage was 2,591 Bcf as of Friday, January 21, 2022. According to EIA estimates this represents a net decrease of 219 Bcf from the previous week.
The Baker Hughes exploration gas count came in at 115 this week, which was up two from last week. There are 27 more rigs in service compared to this time last year.
Most of the country will see at or below normal temperatures for the upcoming week with a small portion of the eastern coast with above normal temperatures.
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.
Forward gas markets in the Appalachian Basin have remained largely indifferent to this month’s steep drop in gas production there, even as tighter supply boosts cash and balance-of-month contract prices. 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.