Weekly Market Update- 3/11/2024

Electricity Markets

Markets moved upwards for the second consecutive week, largely driven by recent announcements of cuts in natural gas production.


Record warmth continued over the past week. Spot pricing remained calm with minimal natural gas demand.

Natural Gas Markets

2024 Forward pricing year now at about the same levels as the 2023 historical line. 2025/2026 years also stayed consistent week over week, with drops coming in winter pricing in both years.


Futures as of 3/7/2024 versus previous week:

Apr-24 $1.922 +$0.071
May-24 $2.062 +$0.046
Jun-24 $2.288 +$0.063
Jul-24 $2.520 +$0.012
Aug-24 $2.590 +$0.006
Sep-24 $2.578 +$0.009

Natural Gas Inventory 

Working gas in storage was 2,334 BCF as of Friday, March 1st , according to EIA estimates. This represents a net decrease of 40 Bcf from the previous week.


The Baker Hughes exploration decreased by 4 rigs, for a total of 115 this week.

Weather Update

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


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


News : Analysts expect US natural gas storage surplus to keep rising despite production cuts- Natural gas analysts expect the Energy Information Administration to report a fifth consecutive below-average withdrawal from storage for the week ending March 1 as falling demand in the week more than offset cuts to gas production, a trend expected to continue into the middle of March.  


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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