Energy Market Update 4-4-2022

Electricity Markets

All forward electric markets remain extremely elevated with little relief in sight as the tensions continue with Ukraine and Russia.

Daily pricing across all electric markets saw an increase, as colder than normal temperatures lingered last week.

Natural Gas Markets

NYMEX continued to see elevated pricing for 2022, with April closing at $5.336 The 2023 winter has also seen a rise in pricing.

  Futures as of 3/30/2022 versus previous week:
May-22 $5.605 +$0.331
Jun-22 $5.658 +$0.342
Jul-22 $5.714 +$0.348
Aug-22 $5.717 +$0.346
Sep-22 $5.695 +$0.345
Oct-22 $5.702 +$0.471
Natural Gas Inventory
Working gas in storage was 1,415 Bcf as of Friday, March 25, 2022. According to EIA estimates this represents a net increase of 26 Bcf from the previous week.  

The Baker Hughes exploration gas count came in at 138 this week, which is up one since last week. There are 47 more rigs in service compared to this time last year.

Weather Update

The western half of the country will see warmer than normal temperatures, while the mid-west and east coast will be near or below normal.

National Weather Service Updates (NOAA)

Hurricane Watch: Tropical Storms Peter and Rose. Click here to view the National Hurricane Center site. Equatorial Pacific Outlook:  

OIL FUTURES: US SPR release, OPEC+ output hike send crude sharply lower

Crude oil futures settled sharply lower March 31 after the White House announced it will release up to one-third of the nation’s Strategic Petroleum Reserve over the next six months in a bid to combat high energy 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.

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