Electricity Markets
Forward markets were slightly down for a second week in a row. New England forward pricing currently sits at lowest pricing since August of 2021, driven by low spot pricing and low gas prices
Weather was slightly warmer than average this past week, but spot pricing stayed mostly stable. Some separation in pricing is beginning to occur between the different utilities.
Natural Gas Markets
Minimal week over week movement in forward pricing years. The balance of 2023 and start of 2024 remains in a good position.
Futures as of 10/26/2023 versus previous week:
| Current | ||
| Nov-23 | $3.031 | -$0.018 |
| Dec-23 | $3.401 | +$0.008 |
| Jan-24 | $3.643 | +$0.011 |
| Feb-24 | $3.569 | +$0.029 |
| Mar-24 | $3.305 | +$0.019 |
| Apr-24 | $3.105 | +$0.003 |
Natural Gas Inventory
Working gas in storage was 3,700 BCF as of Friday, October 20th, according to EIA estimates. This represents a net increase of 74 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 above average across the West Coast, Midwest, and Southeast
Hurricane Watch: Click here to view the National Hurricane Center site.
Governor Hochul Announces Nation’s Largest-Ever State Investment in Renewable Energy is Moving Forward in New York- Governor Kathy Hochul today announced the largest state investment in renewable energy in United States history, demonstrating New York’s leadership in advancing the clean energy transition.
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