Weekly Market Update- 4/24/2023

Electricity Markets

All forward markets saw a week-over-week increase. The largest jump was seen in New England, which is being driven by the rising cost of the underlying natural gas basis.

Temperatures were higher over the past week, but spot pricing remained low in light of low electric demand.

Natural Gas Markets

All future pricing years rose over the past week with the largest increase was in the near term.


Futures as of 4/20/2023 versus previous week:

May-23 $2.250 +$0.180
Jun-23 $2.416 +$0.174
Jul-23 $2.609 +$0.159
Aug-23 $2.677 +$0.169
Sep-23 $2.650 +$0.167
Oct-23 $2.739 +$0.164

Natural Gas Inventory 

Working gas in storage was 1,930 BCF as of Friday, April 14th. according to EIA estimates. This represents a net increase of 75 Bcf from the previous week.


The Baker Hughes exploration increased by 2 rigs for a total of 159 this week. There are 143 additional rigs in operation than at this time one year ago.

Weather Update

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


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


News : Russia-Ukraine war continues to challenge global power markets: S&P Global analyst- The impacts of the Russia -Ukraine war continue to cause challenges for energy markets across the globe, with US decarbonization goals expected to take longer than planned, a power expert with S&P Global Commodity Insights said April 18.


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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