Weekly Market Update- 7/31/2023

Electricity Markets

Forward markets were quiet across all regions over the past week after weeks of gradual increase.


Spot pricing was quiet over most of the week, but shot up end of week as heat returned to the Northeast over the weekend.

Natural Gas Markets

Minimal movement in forward pricing years over the last week. All forward pricing years came down slightly.


Futures as of 7/27/2023 versus previous week:

Aug-23 $2.665 -$0.071
Sep-23 $2.693 -$0.015
Oct-23 $2.809 +$0.009
Nov-23 $3.235 +$0.066
Dec-23 $3.645 +$0.087
Jan-23 $3.848 +$0.076

Natural Gas Inventory 

Working gas in storage was 2,987 BCF as of Friday, July 21st,  according to EIA estimates. This represents a net increase of 16 Bcf from the previous week.


The Baker Hughes exploration decreased by 3 rigs, for a total of 128 this week.

Weather Update

Temperatures will be above average across the West Coast, Southern Plains and Southeast, and below average across the Midwest and Mountain West


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



News : Shell trims capex guidance, as gas leads sharp output reductions- Shell on July 27 accelerated planned capex cuts, trimming the top of its 2023 guidance by $1 billion to $23 billion-$26 billion as it tries to cut costs in theface of industry inflation and its own falling oil and gas output.


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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