Weekly Market Update- 6/24/2024

Electricity Markets

New England and New York forward markets saw a slight increase over the past week. New England increases mainly driven by an increase in Algonquin basis pricing and an increase in liquid natural gas exports. PJM saw a slight decrease, mainly because of increased cloud cover during last week’s heatwave.


Near record heat set in across the Northeast this past week, leading to a sizable spike in spot pricing. New England spot markets saw the largest increase.

Natural Gas Markets

2024 forward pricing saw a slight dip over the past. 2025 future pricing also down slightly, but uncertainty lingers into the outward years.


Futures as of 6/20/2024 versus previous week:

Jul-24 $2.855 -$0.129
Aug-24 $2.933 -$0.130
Sep-24 $2.908 -$0.130
Oct-24 $2.981 -$0.129
Nov-24 $3.341 -$0.148
Dec-24 $3.789 -$0.156

Natural Gas Inventory 

Working gas in storage was 3,045 BCF as of Friday, June 14th, according to EIA estimates. This represents a net increase of 71 Bcf from the previous week.


The Baker Hughes exploration rig count remained unchanged, for a total of 98 this week.

Weather Update

Temperatures will be above average across most of the Continental United States, except for the Pacific Northwest


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


Market Commentary : US Northeast cash gas prices jump on stronger demand, warmer weather- US Northeast spot natural gas prices jumped to multi-month highs during June 17 trading, as warmer weather was forecast to boost demand to a near four-month high.  


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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