July 14, 2014
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- Last week started off with another big dip in natural gas prices on the NYMEX. However, the market has struggled to break below the 4.10 price point. Throughout most of the week prices fluctuated around 4.15.
- Thursday’s storage report brought an injection of 93 BCF into natural gas storage. This takes us above the 2 TCF mark. Analysts began the injection season with hopes of reaching 3 TCF in storage by winter, but the cooler weather has 3.3 to 3.4 TCF looking far more realistic than previously thought.
- The Polar Vortex that dominated this past winter is back. However, during the summer this means cool weather as opposed to negative temperatures. This should enable weekly injections to remain strong for the near future.
- Power prices followed natural gas prices quite closely last week with drops between .20 and .30 cents in all index points tracked below.