Weekly Market Update- 1/8/2024

Electricity Markets

Forward markets rebounded over the last week, but still remain in a strong position. Markets remain strong in the face of retiring capacity.


Another mild week capped off a near record warm December. More seasonal weather returned at the end of the week, but spot pricing stayed calm for the most part.

Natural Gas Markets

2024 forward pricing curve flattened out over the past week. Winter 2024-2025 also came down. Small movement in 2025 forward pricing. Natural gas storage surpluses are expected to evaporate heading into 2025, which could drive 2025 and 2026 forward pricing years up in the coming months and beyond.


Futures as of 1/4/2024 versus previous week:

Feb-24 $2.825 +$0.325
Mar-24 $2.560 +$0.221
Apr-24 $2.514 +$0.195
May-24 $2.570 +$0.191
Jun-24 $2.705 +$0.179
Jul-24 $2.831 +$0.177

Natural Gas Inventory 

Working gas in storage was 3,476 BCF as of Friday, December 29th, according to EIA estimates. This represents a net decrease of 14 Bcf from the previous week.


The Baker Hughes exploration decreased by 2 rigs, for a total of 118 this week.

Weather Update

Temperatures will be below average across most of the Continental United States


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


BP and Equinor scrap New York offshore wind contract as costs rise- BP and Equinor reached a deal to scrap a contract to sell energy from a planned offshore wind power project to the state of New York, the latest such venture to be knocked off course by worsening industry economics.


  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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