Weekly Market Update- 11/6/2023

Electricity Markets

Forward markets in New England were down for a 3rd week in a row, while PJM and NY were up over last week. Texas has remained stable over the past few weeks after a volatile summer, but still at highest levels since last December. PJM and NY have continued their general upward trend. Forward markets have started to consolidate over the past few weeks.


A cold shot brought temperatures down last week, driving spot pricing up. Spot pricing across all utilities has slowly trended upward over the past few weeks. PJM has continued to remain volatile, likely being driven by large amounts of electric heat.

Natural Gas Markets

The balance of 2023 and start of 2024 continue to remain in a good position. 2025 and 2026 forward pricing years beginning to increase and separate as expected future gas demand increases in the future.


Futures as of 11/2/2023 versus previous week:

Dec-23 $3.439 +$0.038
Jan-24 $3.710 +$0.067
Feb-24 $3.648 +$0.079
Mar-24 $3.386 +$0.081
Apr-24 $3.189 +$0.084
May-24 $3.218 +$0.092

Natural Gas Inventory 

Working gas in storage was 3,779 BCF as of Friday, October 27th, according to EIA estimates. This represents a net increase of 79 Bcf from the previous week.


The Baker Hughes exploration increased by 1 rig, for a total of 118 this week.

Weather Update

Temperatures will be above average across Midwest and Southeast, and below average in the Northeast


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


News : US gas producers anticipate falling rigs, moderating storage builds to rerate 2024 pricing- US natural gas producers expect declining rig activity and high LNG feed gas demand to cut into the gas storage surplus over the coming months, providing upside to pricing going into the new year.


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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