Weekly Market Update- 7/3/2023

Electricity Markets

Forward markets in NY and PJM increased over the last week, while they decreased in New England and Texas. Overall, all forward markets have generally trended upward as we head into summer. Texas forward markets still remain elevated in comparison to the previous few months as near record heat settles in across the South.


Heat returned to the Northeast over the last week, and spot markets responded in kind. All regions saw an increase near the end of the week. New England spot prices were the highest observed since February.

Natural Gas Markets

Forward pricing years are beginning to consolidate again. 2023 Forward pricing increased, while 2024 and 2025 stayed flat. Increases in the forward markets are being driven by near term increases.


Futures as of 6/29/2023 versus previous week:

Aug-23 $2.628 -$0.171
Sep-23 $2.612 -$0.192
Oct-23 $2.697 -$0.186
Nov-23 $3.051 -$0.161
Dec-23 $3.471 -$0.083
Jan-23 $3.717 -$0.065

Natural Gas Inventory 

Working gas in storage was 2,805 BCF as of Friday, June 23rd, according to EIA estimates. This represents a net increase of 76 Bcf from the previous week.


The Baker Hughes exploration remained the same, for a total of 130 this week.

Weather Update

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


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


News : US FERC allows 304-mile Mountain Valley gas pipeline to resume full construction- The US Federal Energy Regulatory Commission gave Mountain Valley Pipeline the go-ahead to proceed to full construction of the 304-mile, 2 Bcf/dnatural gas project, the agency said in an order June 28.


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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