Electricity Markets
Forward markets trended slightly downward this week. Forward markets in the Northeast have been flat and calm, mainly because of seasonal weather. Texas continues to remain volatile and saw a large increase over the last week as scorching heat continues to grip the South. The same factors causing volatility in Texas are still in play and could contribute to market swings in the Northeast in the near future.
Spot pricing was calm and slightly down over the past week as seasonal weather settled in across the Northeast.
Natural Gas Markets
Forward pricing came down across all years. 2023 still remains at a good value, and the winter months still present opitmal pricing.
Futures as of 8/24/2023 versus previous week:
| Current | ||
| Sep-23 | $2.439 | -$0.219 |
| Oct-23 | $2.542 | -$0.239 |
| Nov-23 | $3.000 | -$0.264 |
| Dec-23 | $3.490 | -$0.274 |
| Jan-24 | $3.738 | -$0.148 |
| Feb-24 | $3.668 | $0.104 |
Natural Gas Inventory
Working gas in storage was 3,083 BCF as of Friday, August 18th, according to EIA estimates. This represents a net increase of 18 Bcf from the previous week.
The Baker Hughes exploration decreased by 2 rigs, for a total of 111 this week.
Weather Update
Temperatures will be above average across the Midwest and East Coast, and below average across the West Coast
Hurricane Watch: Click here to view the National Hurricane Center site.
News : Texas power prices hit quadruple digits during one of hottest days on record- At 105.2 degrees F, Aug. 17 was the Electric Reliability Council of Texas’ second-hottest day, in terms of population-weighted high temperatures, since CustomWeather started collecting the statistic in 2015. The power market set system wide hub real-time prices in quadruple digits for 6.5 hours in the afternoon and evening.
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