Weekly Market Update- 1/22/2024

Electricity Markets

Forward markets came down last week after a cold weather driven run up. Forward markets have tightened up significantly, with risk still existing in the market. Volatility could continue in the coming weeks as gas production freeze offs continue.


A cold snap last week caused significant volatility in spot markets, driving up pricing to highest levels since last winter.

Natural Gas Markets

Outward curves showed very little change over the last week. Most change was near term and was driven by cold weather. The balance of 2024 remains good, 2025 and 2026 are slowly increasing.


Futures as of 1/18/2024 versus previous week:

Feb-24 $2.793 -$0.168
Mar-24 $2.426 -$0.094
Apr-24 $2.408 -$0.083
May-24 $2.469 -$0.098
Jun-24 $2.600 -$0.101
Jul-24 $2.743 -$0.095

Natural Gas Inventory 

Working gas in storage was 3,182 BCF as of Friday, January 12th, according to EIA estimates. This represents a net decrease of 154 Bcf from the previous week.


The Baker Hughes exploration increased by 3 rigs, for a total of 120 this week.

Weather Update

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


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


Market Commentary : US Northeast cash gas prices soar on winter storm, higher demand- US Northeast spot gas prices jumped across the board during Jan. 12 trading, as a winter storm is expected to boost demand during the holiday weekend.


  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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