Weekly Market Update- 9/11/2023

Electricity Markets

Forward markets were slightly down over the past week. New England has continued to remain stable since the winter. Good underlying market conditions continue to contribute to the strong market. NY and PJM markets continue to tighten as we head into winter. Eroding storage surplus could loom large for markets in the coming months.


Spot pricing in the Northeast saw a run up towards the end of the week as sweltering heat returned. The Northeast saw its largest deviation in temperature that it has seen all summer.

Natural Gas Markets

Minimal change in forward pricing years over the past week. Forward pricing looks good for the remainder of 2023. 2024 and 2025 forward pricing years have tightened back up again.


Futures as of 9/7/2023 versus previous week:

Oct-23 $2.530 -$0.308
Nov-23 $2.929 -$0.293
Dec-23 $3.409 -$0.253
Jan-24 $3.661 -$0.214
Feb-24 $3.587 -$0.202
Mar-24 $3.019 -$0.443

Natural Gas Inventory 

Working gas in storage was 3,148 BCF as of Friday, September 1st, according to EIA estimates. This represents a net increase of 33 Bcf from the previous week.


The Baker Hughes exploration decreased by 1 rig, for a total of 113 this week.

Weather Update

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


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


News : US oil, gas rig count drops 9 to 705 as activity hits 20-month low- The US oil and gas rig count continued to decline through late August as total deployments dropped to their lowest since late December 2021, data from S&P Global Commodity Insights showed.


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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