Weekly Power Outlet US - 2024 - Week 22
Natural Gas, On the Road
Natural Gas, On the Road
Energy Market Update Week 22, brought to you by Acumen.
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This week's WPO will be abbreviated with just some natural gas comments. We've spent the week taking the WPO on the road and attending and speaking at a conference. As it turns out, we picked a pretty opportune time as it seems the news cycle slowed for us. We will be back next week.
Last week we mentioned that the market for natural gas had started to reflect the rumblings of production increases as prices rallied above the $3 level on the front month. This week, the gas market continued the slide after a screeching halt with the day ahead pricing in the electricity market reflecting the move.
The front month in natural gas is making a bee line back to the $2.40 support level albeit on lower volume. We don't usually comment on trading ranges, but this one is just too obvious and impressive to not recognize.
Adding to the natural gas story, the EIA storage report showed a build of 84 Bcf with expectations in the 70s. As shown in the EIA chart below, storage is starting to chip away at the large spread between last year and the 5-year average. We might actually be getting to the point where these reports matter again.
NOAA WEATHER FORECAST
DAY-AHEAD LMP PRICING & SELECT FUTURES
RTO ATC, PEAK, & OFF-PEAK CALENDAR STRIP
DAILY RTO LOAD PROFILES
COMMODITIES PRICING
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