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:
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.
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.
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