Forward markets once again saw another week over week increase, mostly in the Northeast. OPEC curtailment of production could contribute to increases in the forward markets in the near future.
Spot pricing remained low in spite of higher temperatures.
Natural Gas Markets
Underlying NYMEX is still very low for this year. However, 2024 and 2025 forward pricing years continue to slowly increase. Now is a good time to take positions in the market.
Futures as of 4/13/2023 versus previous week:
Natural Gas Inventory
Working gas in storage was 1,855 BCF as of Friday, April 7th. according to EIA estimates. This represents a net increase of 25 Bcf from the previous week.
The Baker Hughes exploration decreased by 1 rig for a total of 157 this week. There are 143 additional rigs in operation than at this time one year ago.
Temperatures will be below average across the majority of the United States.
Hurricane Watch: Click here to view the National Hurricane Center site.
News : Lower gas prices help pare back coal-fired generation this spring: USEIA- US generation from coal -fired plants is likely to be 17% lower this spring compared with last, the US Energy Information Administration said April 11, pointing to coal plant retirements and weaker utilization of coal units amid lower natural gas prices.
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