Weekly Market Update- 3/4/2024

Electricity Markets

Slight upward movement in forward markets over the past week. ERCOT saw a more sizable increase, and could see larger increases in the coming weeks compared to the Northeast if there is warmer weather.


Record warmth returned to the Northeast, and is expected to continue into the coming week. Mild temperatures kept spot pricing calm over the past week.

Natural Gas Markets

The NYMEX March settle was lowest monthly settle price seen since July 2020. The price increase into winter of 2024 is the steepest seen in the past few weeks. 2025 and 2026 forward pricing years saw minimal movement, but are slowly beginning to consolidate.


Futures as of 2/29/2024 versus previous week:

Mar-24 $1.851 +$0.068
Apr-24 $2.016 +$0.099
May-24 $2.225 +$0.090
Jun-24 $2.508 +$0.142
Jul-24 $2.584 +$0.145
Aug-24 $2.569 +$0.144

Natural Gas Inventory 

Working gas in storage was 2,374 BCF as of Friday, February 23rd , according to EIA estimates. This represents a net decrease of 96 Bcf from the previous week.


The Baker Hughes exploration decreased by 1 rig, for a total of 119 this week.

Weather Update

Temperatures will be above average across the East Coast and Northern Plains, and below average across the West Coast


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


Natural Gas Hasn’t Been This Cheap in Decades- an unusually warm winter and roaring U.S. output have pushed natural gas prices to some of the lowest levels of the shale era  


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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