- The NYMEX natural gas market was relatively stable last week, continuing to hold to a trading range in the $2.70-$2.80 range. The week settled down about 2% on the 12 month average and 1.5% on the prompt month.
- Thursday’s injection report brought news of a 75 BCF injection into storage. The injection was on the lower end of expectations and 11 BCF below the 5 year EIA average causing the market to react with a slight spike, but there was ultimately not enough support to keep prices at this level and the market came off on Friday.
- The NOAA 6-10 day forecast looks a lot like it did last week with cool weather hovering over the center of the country. The coastal areas are still predicting some warmer than normal tem-peratures, the most extreme of which being in the Northwest.
- Power prices experienced little to no movement in most market areas last week signaling that traders may be waiting for weather forecasts to become more definitely cool or hot before making dramatic changes. New York City was an exception, gaining almost 5% on the week.
- Please visit this link to view our communication on the PJM Ca-pacity Performance filing, a recent regulatory change impacting customers in the PJM service territory. These are electricity customers within the Illinois, Indiana, Ohio, Pennsylvania, Mary-land, and New Jersey market areas.
The comments made above regarding the NYMEX futures market are the sole opinion of the author, not necessarily the opinions of Interstate Gas Supply, its officers or its employees. Information provided in this “Market Update” is for illustration purposes only, and neither the author nor Interstate Gas Supply shall be liable for any information contained herein.
View Archived Market Commentary:
IGS ENERGY EMAIL UPDATES
Enter your email address to receive the weekly market summary.