Weekly Market Update- 1/1/2024

Electricity Markets

As expected, another mild week kept forward markets at the lowest levels seen since mid-2021. Strong forward markets expected to continue in the coming weeks.


The mild trend continued this week, with temperatures near record warmth across the northeast. Spot pricing remained calm this week as a result.

Natural Gas Markets

Minimal movement in forward pricing years this week. However, winter 2025 and 2026 spread further apart. With mild weather continuing this week, expect natural gas forward markets to remain strong.


Futures as of 12/28/2023 versus previous week:

Feb-24 $2.500 +$0.111
Mar-24 $2.339 +$0.097
Apr-24 $2.319 +$0.095
May-24 $2.379 +$0.081
Jun-24 $2.526 +$0.078
Jul-24 $2.654 +$0.075

Natural Gas Inventory 

Working gas in storage was 3,490 BCF as of Friday, December 22nd, according to EIA estimates. This represents a net decrease of 87 Bcf from the previous week.


The Baker Hughes exploration increased by 1 rig, for a total of 120 this week.

Weather Update

Temperatures will be above average in the Northeast and Northern Plains, and below average across the Southern Plains, the Desert Southwest and the Southeast


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


News : Massachusetts takes another step away from gas in utility decarbonization- In the latest step to limit gas use for decarbonization goals, Massachusetts regulators are pushing gas utilities away from renewable natural gas and hydrogen as go-to alternatives for reducing greenhouse gas emissions, with an emphasis on electrification, targeted demand-side gas reductions and networked geothermal districts.


  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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