Weekly Market Update- 6/10/2024

Electricity Markets

Forward markets saw a slight increase over the past week. Volatility is beginning to make its way back into the forward markets as we head into the cooling season. The markets continue to trend upward


The Northeast saw continued warmth, but lack of gas demand has mostly kept spot pricing in check. While there was some small volatility, spot markets for now remain mostly calm. More volatility could be seen as summer weather returns

Natural Gas Markets

2024 forward pricing saw a sizable increase over the past week. Mostly in the near term pricing going into early fall. 2025 saw some increases, mostly in the winter months. 2025 and 2026 forward pricing is beginning to consolidate


Futures as of 6/6/2024 versus previous week:

Jul-24 $2.854 +$0.236
Aug-24 $2.921 +$0.247
Sep-24 $2.905 +$0.253
Oct-24 $2.974 +$0.242
Nov-24 $3.289 +$0.216
Dec-24 $3.700 +$0.179

Natural Gas Inventory 

Working gas in storage was 2,893 BCF as of Friday, May 31st, according to EIA estimates. This represents a net increase of 98 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 will be above average across most of the Continental United States


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


NY Gov. Hochul announces new contracts for Empire Wind 1 and Sunrise Wind- New York Governor Kathleen Hochul has announced the finalization of new contracts for the 810 MW Empire Wind 1, developed by Equinor, and the 924 MW Sunrise Wind, developed by Ørsted and Eversource, as the result of New York’s fourth offshore wind solicitation.  


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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