An increase in natural gas caused a spike in the electric markets. NYISO, ISO-NE and PJM all saw an increase as a reaction to the summer heat.
We saw an extended heat spell throughout the country, with the average daily temperature around 85 degrees in the Northeast. However, we are still below the average temp for the same time last year.
Natural Gas Markets
The natural gas markets are trending down, week over week, however we are up about $0.20 from prompt month. Balance of 2023 is up slightly, but we see a return to a more normal state further out
Futures as of 8/3/2022 versus previous week:
Natural Gas Inventory
Working gas in storage was 2,457 Bcf as of Friday, July 29, 2022. According to EIA estimates this represents a net increase of 41 Bcf from the previous week.
The Baker Hughes exploration gas count remained the same at 157 this week. There are 104 additional rigs in operation than at this time one year ago.
The western part of the country as well as the eastern coast will see above normal temperatures whereas Ohio down to the Gulf will see below 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.
Atlantic hurricane season still to be abnormally active: National Hurricane Center The US National Hurricane Center on Aug. 4 continued to forecast the 2022 hurricane season as more active than normal, albeit with some what diminished chances
Cheniere planning for additional expansions at US Gulf Coast LNGfacilities Cheniere Energy plans to pitch further expansions of its liquefied natural gas facilities in 2022 on the back of rising demand for US supplies and a briskpace of contracting activity tied to US export projects, the company’s top executive said Aug 4.
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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.