Weekly Market Update- 8/21/2023

Electricity Markets

Forward markets trended slightly downward this week. Mainly being driven by the NYMEX coming down over the last week. New England has remained stable in spite of oil prices increasing. Texas forward pricing still volatile because of the persistent heat across the Southern United States.


Weather across the Northeast was stable over the past week, which kept spot pricing quiet.

Natural Gas Markets

Forward pricing years continue to consolidate. 2024 and 2025 forward pricing years are very tight and have come down slightly over the past week.


Futures as of 8/17/2023 versus previous week:

Sep-23 $2.658 -$0.233
Oct-23 $2.781 -$0.205
Nov-23 $3.264 -$0.120
Dec-23 $3.764 -$0.047
Jan-24 $3.886 -$0.108
Feb-24 $3.564 -$0.340

Natural Gas Inventory 

Working gas in storage was 3,065 BCF as of Friday, August 11th,  according to EIA estimates. This represents a net increase of 35 Bcf from the previous week.


The Baker Hughes exploration decreased by 6 rigs, for a total of 117 this week.

Weather Update

Temperatures will be below average across the Northeast, and above average across the Southeast and Midwest


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


News : Analysts expect lower US gas prices, bearish market cues in 2024- Bearish sentiment in the US gas market could well persist into 2024 as high storage levels, slow incremental demand growth and strong gas production kept domestic gas prices under pressure, according to ConocoPhillips’ senior market analyst, Matthew Henderson.  


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