Weekly Market Update- 5/20/2024

Electricity Markets

Forward pricing across the Northeast increased over the past week, mainly driven by an increase in near term NYMEX pricing. New England and Texas saw more sizable increases. New England’s was driven by an increase in gas prices, while Texas has seen a sizable spike driven by extreme heat gripping the state. The forecast of a warm summer should keep forward prices increasing in the coming weeks.


Temperatures over the past week were volatile, but not extreme enough to cause huge flucuations in spot pricing. Spot pricing could increase over the coming week as a heatwave is expected in the Northeast this week.

Natural Gas Markets

2024 forward pricing increased over the past week as returning warmth and speculation of a warm summer put upward pressure on pricing. Not much movement over the last week in 2025 and 2026 pricing. We will need to watch 2026 pricing and beyond as news of future LNG exports could impact pricing.


Futures as of 5/16/2024 versus previous week:

Jun-24 $2.458 +$0.232
Jul-24 $2.668 +$0.176
Aug-24 $2.736 +$0.152
Sep-24 $2.705 +$0.127
Oct-24 $2.773 +$0.122
Nov-24 $3.114 +$0.109

Natural Gas Inventory 

Working gas in storage was 2,633 BCF as of Friday, May 10th, according to EIA estimates. This represents a net increase of 70 Bcf from the previous week.


The Baker Hughes exploration rig count remained unchanged, for a total of 103 this week.

Weather Update

Temperatures will be below average across the Northern Rockies, and above average across the rest of the United States


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


U.S. Sets New Rules To Break Power Grid Logjams- WASHINGTON—A little known but powerful regulator has finalized sweeping new rules designed to expand the construction of big power lines and bring more renewable energy to U.S. homes and businesses.  


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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