Weekly Market Report- 2/12/2024

Electricity Markets

Forward markets were down slightly over the past week. Natural gas production has held steady and mild temperatures over the past week have kept forward markets strong. PJM at lowest rates since August of 2021.


2 weeks of significantly mild weather has driven down natural gas pricing. Spot pricing has mostly stayed in check with an occasional spike.

Natural Gas Markets

Spring of 2024 almost falls below the 2020 spring rates. Winter rates this year are down significantly from last winter. Minimal movement in 2025 and 2026 forward pricing years.


Futures as of 2/8/2024 versus previous week:

Mar-24 $1.936 -$0.114
Apr-24 $1.957 -$0.107
May-24 $2.047 -$0.110
Jun-24 $2.208 -$0.116
Jul-24 $2.382 -$0.178
Aug-24 $2.445 -$0.098

Natural Gas Inventory 

Working gas in storage was 2,584 BCF as of Friday, February 2nd, according to EIA estimates. This represents a net decrease of 75 Bcf from the previous week.


The Baker Hughes exploration increased by 4 rigs, for a total of 121 this week.

Weather Update

Temperatures will be below average across the Eastern United States and Midwest, and above average across the West Coast and Desert Southwest


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


News : Fate of Massachusetts LNG import terminal a growing concern for gas utilities Though an initial bout of elevated winter gas prices is in the rear-view mirror for New England, the road ahead for the region to meet its fuel needs remains murky due to the uncertainty surrounding an LNG import and gas storage terminal in Everett, Massachusetts, gas utilities and market observers said.


  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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