Weekly Market Update – 5/29/2023

Electricity Markets

Slight downward trend in forward markets over the past week. Week over week volatility has continued to remain low with minimal factors in play influencing large swings in the market.

Moderate and seasonal temperatures continue to remain in place. Very few temperature extremes have been observed this spring which has kept spot pricing in check.

Natural Gas Markets

Minimal week over week change, outward winters continue to have great value. Gap between 2024 and 2025 outward years closed slightly over the last week. Disconnect between gas and electric markets continues amid uncertainty of electric and gas supply and the impending retirement of some power plants.


Futures as of 5/25/2023 versus previous week:

Jun-23 $2.378 -$0.012
Jul-23 $2.550 +$0.024
Aug-23 $2.628 +$0.026
Sep-23 $2.622 +$0.035
Oct-23 $2.710 +$0.025
Nov-23 $3.141 +$0.027

Natural Gas Inventory 

Working gas in storage was 2,336 BCF as of Friday, May 19th, according to EIA estimates. This represents a net increase of 96 Bcf from the previous week.


The Baker Hughes exploration decrease by 4 weeks for a total of 137 this week.

Weather Update

Temperatures will be above average in the Northwest and Northern Plains, and below average across the Southern Plains and Southeast


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


Analysis : US oil and gas rig counts continue to decline- US oil and gas rig counts continued to decline in the reporting week ended May 10, although drilling activity in the Permian Basin has held up, S&P Global Commodity Insights data showed May 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.

Leave a Reply