Weekly Market Update- 3/18/2024

Electricity Markets

Markets dropped slightly over the last week, the first decrease seen week over week in a few weeks. Despite announcements of further gas production cuts, markets dropped in response to continued mild weather and decreased gas demand.


Continued warmth kept spot pricing calm. All regions are seeing similar rates, with markets seeing the lowest spot pricing in nearly 12 months.

Natural Gas Markets

Near term pricing for 2024 continues to drop. Outer months are flat entering the the 2024-2025 injection season. 2024 pricing curve could shift upwards if there are further gas production cuts


Futures as of 3/14/2024 versus previous week:

Apr-24 $1.652 -$0.270
May-24 $1.773 -$0.289
Jun-24 $2.043 -$0.245
Jul-24 $2.376 -$0.144
Aug-24 $2.468 -$0.122
Sep-24 $2.470 -$0.108

Natural Gas Inventory 

Working gas in storage was 2,325 BCF as of Friday, March 8th , according to EIA estimates. This represents a net decrease of 9 Bcf from the previous week.


The Baker Hughes exploration increased by 1 rig, for a total of 116 this week.

Weather Update

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


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


News : US gas producers embrace well deferrals to manage 2024 supply A number of US gas producers are electing to drill but hold back a portion of their new wells this year as they work to simultaneously ease current oversupply conditions while setting themselves up for an expected rebound in prices in 2025.


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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