All electric markets saw a large jump up over the last week as tensions grow with Ukraine and Russia.
A mix of warmer and a few colder than normal temperature days brought on some day to day volatility in forward electric markets.
Natural Gas Markets
NYMEX continues to rise amid higher oil costs due to geopolitical issues. March 2022 closed below February’s high, at $4.568/Dth.
Futures as of 3/2/2022 versus previous week:
Natural Gas Inventory
Working gas in storage was 1,643 Bcf as of Friday, February 25, 2022. According to EIA estimates this represents a net decrease of 139 Bcf from the previous week.
The Baker Hughes exploration gas count came in at 130 this week, which was up three from last week. There are 38 more rigs in service compared to this time last year.
Most of the population centers will see near normal to below normal temperatures in the coming week.
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.
The prospect of a Russian invasion of Ukraine could have major implications for global supplies of oil and gas in a market already feeling the pressure from low inventories, supply constraints, and rebounding demand.
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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.