ISO-NE saw a dip week over week due to a drop in forward winter costs. This is partially due to a drop in the 12 Month forward average cost of the Algonquin basis as natural gas remained flat week over week.
Excessive heat brought volatility to all markets across the United States with spikes in daily traded rates.
Natural Gas Markets
Natural Gas costs held steady week over week with very little change.
Futures as of 8/10/2022 versus previous week:
Natural Gas Inventory
Working gas in storage was 2,501 Bcf as of Friday, August 5, 2022. According to EIA estimates this represents a net increase of 44 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 New England and the Pacific Northwest will see above normal temperatures whereas the South and Southwest 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.
ISO New England power prices jump about 150%on year in July ISO New England wholesale power prices in July jumped nearly 150% year on year on higher power demand and natural gas prices that surged about134% from year-ago levels.
Texas’ record heat waves triple July average prices on year Electric Reliability Council of Texas power prices in July averaged about triple the July 2021 average, as peak load set seven all-time records during the month, natural gas prices remained strong, and wind output fell month-to-month but was offset by stronger solar output.
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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.