Pricing continued to drop over the past week in all markets, returning to levels not seen since March and April.
Pricing in daily markets have been driven down by stable temperatures over the market week.
Natural Gas Markets
Forward natural gas rates continued to drop over the last week. Currently we are seeing rates for this November lower than the same time last year. Pricing has started to consolidate over the summer months, as we are approaching the “new normal”.
Futures as of 10/19/2022 versus previous week:
Natural Gas Inventory
Working gas in storage was 3,342 BCF as of Friday, October 14th. According to EIA estimates this represents a net increase of 111 Bcf from the previous week.
The Baker Hughes exploration gas count decreased by 3 rigs for a total of 157 this week. There are 98 additional rigs in operation than at this time one year ago.
Above normal temperatures are predicted throughout the East Coast. The Midwest and the Southwest may be near average or slightly below normal.
Hurricane Watch: Hurricane Ian. Click here to view the National Hurricane Center site.
Equatorial Pacific Outlook: Click here to view La Nina and El Nino status.
News : Questioning carbon offset benefits, seven US senators ask CFTC to setclear rules- Seven US senators are encouraging the Commodity Futures Trading Commission to bolster regulation of carbon offsets to cut back on faultycorporate claims of emissions reductions and consider environmental justice risks of growth in offset markets.
News : Natural gas prices likely to slide in back half of winter: US trade groupAGA- North American natural gas supply will match demand this coming winter, leaving prices stable and within historical norms, the American GasAssociation said in a seasonal outlook
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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.