Weekly Market Update-10/2/2023

Electricity Markets

Forward markets remain mostly flat, if not slightly down across the Northeast. Texas forward markets went up over the last week as heat continues to bake the Southern Plains. Markets continue to remain calm as there are minimal forcing mechanisms moving markets at the moment.


Cooler, fall like weather stayed in place over the northeast over the past week, keeping spot pricing quiet.

Natural Gas Markets

2024 and 2025 forward pricing years consolidated more in the past week. No premium for pricing for spring 2025 and 2026 and beyond.


Futures as of 9/28/2023 versus previous week:

Nov-23 $2.926 -$0.087
Dec-23 $3.307 -$0.141
Jan-24 $3.567 -$0.127
Feb-24 $3.496 -$0.121
Mar-24 $3.213 -$0.109
Apr-24 $2.991 +$0.022

Natural Gas Inventory 

Working gas in storage was 3,369 BCF as of Friday, September 22nd, according to EIA estimates. This represents a net increase of 90 Bcf from the previous week.


The Baker Hughes exploration decreased by 2 rigs, for a total of 116 this week.

Weather Update

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


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


News : Well drilling, completion costs to rise in 2024: Dallas Fed survey- A majority of oil and natural gas operators expect well drilling and completion costs to rise in 2024 versus 2023, even as inflation has moderated from peak levels seen a year ago and some service costs have dropped, the most recent Dallas Federal Reserve Bank energy survey found Sept. 27.  


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