Weekly Market Update- 11/20/2023

Electricity Markets

Forward markets increased slightly over the past week. New England saw its first week over week increase in almost a month. There has been plenty of daily variability in forward pricing, but week to week the changes have been minimal. No big moves expected in forward markets over the next week as we head into the heating season.


Cooler weather this week brought a slight increase in spot pricing mid-week, but retreated by the end of the week.

Natural Gas Markets

There was some decrease in forward pricing years over the past week. Winter of 2024 looks good, and 2024 remains mostly flat. A gap is beginning to open up between 2025 and 2026 forward pricing, mainly being driven by an increase in future export capabilities.


Futures as of 11/16/2023 versus previous week:

Dec-23 $3.085 +$0.036
Jan-24 $3.235 -$0.093
Feb-24 $3.188 -$0.102
Mar-24 $3.014 -$0.070
Apr-24 $2.914 -$0.060
May-24 $2.974 -$0.057

Natural Gas Inventory 

Working gas in storage was 3,833 BCF as of Friday, November 9th, according to EIA estimates. This represents a net increase of 60 Bcf from the previous week.


The Baker Hughes exploration decreased by 4 rigs, for a total of 114 this week.

Weather Update

Temperatures will be below average across most of the country


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


News : NERC finds North American power reliability risks this winter, natural gas supplies critical- A large portion of the North American bulk power system faces risk of insufficient electricity supplies this winter from prolonged, wide-area cold snaps that threaten power generation reliability and fuel supply availability for natural-gas-fired generation, the North American Electric Reliability Corporation said Nov. 8.


  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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