Weekly Market Update- 3/13/2023

Electricity Markets

The market has stabilized this week amid typical seasonal temperatures and a strong injection into natural gas storage. This comes on the heels of observing the largest week-over-week forward average pricing increase in nearly 3 months.

Temperatures this week were closer to normal, if not a bit above average. There was minimal volatility in the spot pricing market. Temperatures are expected to remain near normal over the coming weeks which should keep spot markets stable.

Natural Gas Markets

Forward rates remain optimal well into the future. However, 2025 forward rates have begun a slow increase and will be something to watch in the coming weeks as we head into the cooling season.


Futures as of 3/9/2023 versus previous week:

Apr-23 $2.593 -$0.185
May-23 $2.744 -$0.176
Jun-23 $2.979 -$0.131
Jul-23 $3.175 -$0.112
Aug-23 $3.208 -$0.122
Sep-23 $3.175 -$0.114

Natural Gas Inventory 

Working gas in storage was 2,030 BCF as of Friday, March 3rd, according to EIA estimates. This represents a net decrease of 84 Bcf from the previous week.


The Baker Hughes exploration gas decreased by 1 rig for a total of 153 this week. There are 130 additional rigs in operation than at this time one year ago.

Weather Update

Temperatures across most of the country continue to be below average.


Hurricane Watch:  Click here to view the National Hurricane Center site.


News : Mild weather slashes US EIA gas consumption, Henry Hub price forecasts for 2023- US natural gas consumption in early 2023 dipped below any first quarter since 2018 amid mild temperatures and reduced space-heating use, the US Energy Information Administration said March 7, as it pared back Henry Hub spot gas price forecasts for 2023.

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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