Weekly Market Update- 5/6/2024

Electricity Markets

Markets were flat over the last week except Texas, which saw a sizable increase as a heatwave continues to grip the South


Temperatures warmed up over the last week to cap off a warmer than average April. Lack of extreme heat or cold kept spot pricing calm

Natural Gas Markets

NYMEX for the May prompt month closed at $1.61/dth. 3 of the lowest 4 NYMEX closes since 1996 have occurred in the last 3 months. 2024 pricing did not see much movement. However, 2026 saw a significant increase over the past week.


Futures as of 5/2/2024 versus previous week:

Jun-24 $1.980 +$0.041
Jul-24 $2.289 -$0.003
Aug-24 $2.409 -$0.008
Sep-24 $2.426 +$0.007
Oct-24 $2.539 +$0.014
Nov-24 $2.951 +$0.002

Natural Gas Inventory 

Working gas in storage was 2,484 BCF as of Friday, April 26th , according to EIA estimates. This represents a net increase of 59 Bcf from the previous week.


The Baker Hughes exploration decreased by 3 rigs, for a total of 102 this week.

Weather Update

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


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


In Northern Virginia, increasing power demand means more fossil fuels- An explosion of so-called hyperscale data centers in places such as Northern Virginia has upended plans by electric utilities to cut the use of fossil fuels.  


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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