Forward markets in the Northeast increased slightly over the past week. Texas forward markets saw a drop, but still remain volatile as the heat sticks around across the South. We could see volatility in forward markets heading into the fall as the natural gas storage surplus erodes.
Spot pricing was quiet over the past week, but could be more volatile over the next week as heat moves into the Northeast.
Natural Gas Markets
Forward pricing years came down over the last month, closed for September at a good value. Slight run up into winter. Decreasing storage could drive pricing back up.
Futures as of 8/31/2023 versus previous week:
Natural Gas Inventory
Working gas in storage was 3,115 BCF as of Friday, August 25th, according to EIA estimates. This represents a net increase of 32 Bcf from the previous week.
The Baker Hughes exploration increased by 3 rigs, for a total of 114 this week.
Temperatures will be above average across the Southeast, Southern Plains and West Coast, and below average across the Northeast
Hurricane Watch: Click here to view the National Hurricane Center site.
News : Hurricane Idalia to hit Florida Gulf Coast, likely cutting energy demand, prices- Hurricane Idalia is forecast to hit the Florida Gulf Coast early Aug. 30 as a major hurricane and emerge into the Atlantic along the coast of the Carolinas Aug. 31, probably cutting power to hundreds of thousands, weakening power and natural gas demand and prices.
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