Weekly Market Update- 2/19/2024

Electricity Markets

Forward markets dropped significantly over the past week. This decrease was largely driven by the combination of continued mild weather and strong natural gas production. This strong trend could continue in the coming weeks.


4 straight weeks of significant warmth has kept spot pricing lower, but daily volatility still exists.

Natural Gas Markets

2024 forward pricing has fallen below 2023 historical settlement values. The next 4 months are all currently below $2/dth. Spring 2025 and 2026 saw sizable dips in pricing.


Futures as of 2/15/2024 versus previous week:

Mar-24 $1.640 -$0.296
Apr-24 $1.692 -$0.265
May-24 $1.806 -$0.241
Jun-24 $1.982 -$0.226
Jul-24 $2.177 -$0.205
Aug-24 $2.258 -$0.187

Natural Gas Inventory 

Working gas in storage was 2,535 BCF as of Friday, February 9th, according to EIA estimates. This represents a net decrease of 49 Bcf from the previous week.


The Baker Hughes exploration remained unchanged, for a total of 121 this week.

Weather Update

Temperatures will be above average across the Midwest, and below average across the West Coast


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


News : US gas production tracks near records as market awaits moderation- Having fully recovered from mid-January freeze-offs, US gas production is back within reach of record levels even as forecasters project output will moderate on the heels of 2023’s decline in drilling activity.


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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