Weekly Market Update- 12/18/2023

Electricity Markets

All forward markets saw a sizable drop over the past week, mainly driven by warm weather, strong storage and increased gas production. New England forward markets saw one of their largest week over week decreases since last winter.


Near record warmth returned to the Northeast this past week, keeping spot pricing in check. PJM spot pricing remains elevated in comparison to other areas of the Northeast.

Natural Gas Markets

Minimal movement in forward markets over the past week. Warm weather and strong gas production has kept the balance of 2024 optimal. Winter of 2024 crept up slightly over the past week.


Futures as of 12/14/2023 versus previous week:

Jan-24 $2.383 -$0.153
Feb-24 $2.325 -$0.157
Mar-24 $2.233 -$0.121
Apr-24 $2.245 -$0.098
May-24 $2.326 -$0.099
Jun-24 $2.482 -$0.086

Natural Gas Inventory 

Working gas in storage was 3,664 BCF as of Friday, November 30th, according to EIA estimates. This represents a net decrease of 55 Bcf from the previous week.


The Baker Hughes exploration increased by 3 rigs, for a total of 119 this week.

Weather Update

Temperatures will be at or above average across most of the United States.


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


News : NERC raises North American power system reliability flags as demand could outstrip supply- The North American Electric Reliability Corporation’s 2023 Long-term Reliability Assessment found that most areas face power generation resource adequacy challenges, with many regions projected to have reserve shortages or emerging energy risks, and the incremental mix of resources increases fuel supply concerns as the reliance on just-in-time delivery of natural gas to fuel power generation grows.


  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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