Electricity Markets
All forward markets moved down slightly over the past week. Week to week movement continues to be minimal as a lack of big shocks to the market has contributed to lengthy stability.
Seasonal weather prevailed this week keeping most spot markets in check. PJM spot markets were more volatile this past week
Natural Gas Markets
The balance for the remainder of 2023 is quite low, providing a good value for locking in positions for the remainder of this year and winter. A positive storage report caused the NYMEX to drop back below $3/dth, causing 2025 and 2026 forward pricing years to drop.
Futures as of 10/19/2023 versus previous week:
| Current | ||
| Nov-23 | $3.013 | -$0.315 |
| Dec-23 | $3.409 | -$0.199 |
| Jan-24 | $3.654 | -$0.185 |
| Feb-24 | $3.598 | -$0.169 |
| Mar-24 | $3.324 | -$0.151 |
| Apr-24 | $3.108 | -$0.141 |
Natural Gas Inventory
Working gas in storage was 3,626 BCF as of Friday, October 13th, according to EIA estimates. This represents a net increase of 97 Bcf from the previous week.
The Baker Hughes exploration decreased by 1 rig, for a total of 117 this week.
Weather Update
Temperatures will be below average across the West Coast and Midwest, and above average across the East Coast
Hurricane Watch: Click here to view the National Hurricane Center site.
News : US EIA lifts Q4 gas production forecasts, sees lower heating prices for winter- The US Energy Information Administration bumped up its US natural gas supply forecast for the fourth quarter of 2023 and shaved its gas consumption outlook, as it looked ahead to lower gas heating costs this coming winter.
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