Weekly Market Update- 4/15/2024

Electricity Markets

Forward markets stayed flat over the past week, ending the 4 week run of market gains. Capacity uncertainty and gas production cutbacks loom large into the back half of 2024, but gas storage remains strong


Mild weather moved into the Northeast last week, keeping spot pricing in check

Natural Gas Markets

Minimal change in forward pricing week over week as markets continue to stay calm. Winter 2024-2025 continues to look good as forward pricing years continue to follow historical trends.


Futures as of 4/11/2024 versus previous week:

May-24 $1.846 +$0.013
Jun-24 $2.037 -$0.006
Jul-24 $2.356 $0.000
Aug-24 $2.465 +$0.003
Sep-24 $2.457 $0.000
Oct-24 $2.558 +$0.013

Natural Gas Inventory 

Working gas in storage was 2,283 BCF as of Friday, April 6th , according to EIA estimates. This represents a net increase of 24 Bcf from the previous week.


The Baker Hughes exploration decreased by 1 rig, for a total of 109 this week.

Weather Update

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


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


News : Ahead of Q1 earnings calls, 2024 capex, output, rigs shape up to be flat to lower: analysts- With upstream producers expecting to see flat or lower capital budgets, drilling activity, and output in 2024, upcoming first-quarter earnings calls will likely focus on companies’ plans to navigate this bearish environment, analysts say.  


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.

Leave a Reply