Weekly Market Update- 6/3/2024

Electricity Markets

Forward pricing across all markets saw a sizable drop over the last week. This was largely driven by actual energy demand not meeting market expectation. If expected summer heat materializes, markets could continue to trend upward throughout the summer.


Warm weather this week brought some volatility to the spot markets, but spot pricing still stayed within a reasonable range.

Natural Gas Markets

June 2024 settled at $2.49/dth, highest since February. Gas markets overall still remain strong. Winter 2024 continues to show optimal pricing. 2025 also looks good. However, if warm weather depletes storage, it could put upward pressure on gas markets.


Futures as of 5/30/2024 versus previous week:

Jul-24 $2.618 -$0.317
Aug-24 $2.674 -$0.317
Sep-24 $2.652 -$0.288
Oct-24 $2.732 -$0.271
Nov-24 $3.073 -$0.214
Dec-24 $3.521 -$0.176

Natural Gas Inventory 

Working gas in storage was 2,795 BCF as of Friday, May 24th, according to EIA estimates. This represents a net increase of 84 Bcf from the previous week.


The Baker Hughes exploration rig count increase by 1 rig, for a total of 100 this week.

Weather Update

Temperatures are expected to be below average across the East Coast and Midwest, and above average across the West Coast


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


Exclusive-White House to support new nuclear power plants in the U.S.- WASHINGTON (Reuters) -The White House on Wednesday plans to announce new measures to support the development of new U.S. nuclear power plants, a large potential source of carbon-free electricity the government says is needed to combat climate change  


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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