Weekly Market Update- 4/10/2023

Electricity Markets

Forward markets saw an increase week-over-week that is being driven by rising costs in the winter months of 2023-2024. Volatility still remains low in the near-term.

Temperatures varied widely over the past week. Despite the temperature variability, spot pricing remained quiet.

Natural Gas Markets

The gaps between forward pricing years continue to widen with the greatest disparity driven by high winter pricing. Rates continue to remain flat across the summer and fall months.


Futures as of 4/6/2023 versus previous week:

May-23 $2.145 -$0.247
Jun-23 $2.365 -$0.303
Jul-23 $2.604 -$0.117
Aug-23 $2.663 -$0.024
Sep-23 $2.637 -$0.145
Oct-23 $2.724 -$0.444

Natural Gas Inventory 

Working gas in storage was 1,830 BCF as of Friday, March 31st, according to EIA estimates. This represents a net decrease of 23 Bcf from the previous week.


The Baker Hughes exploration decreased by 2 rigs for a total of 158 this week. There are 138 additional rigs in operation than at this time one year ago.

Weather Update

Temperatures will be above average across the East Coast, and below average across the Midwest.


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


Analysis : Low gas prices add more fuel for summer power burn records in 2023- US gas -fired power burn could be on track for another record-setting summer this year, propelled in part by low gas prices which are already giving thefuel an edge over coal generation this spring.  


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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