Crude Oil, Natural Gas and Commercial Electricity Market Update

Natural Gas

Natural Gas took a sharp turn this week in the market, in which prices have begun to fall over .05 cents a day. The previous week had prices pegged around the $3.70/MMBtu, however prices are well below that now.  On Monday some experts believed they had seen the low prices of the week at around $3.46/MMbtu, but the market proved that was just the beginning. Prices could potentially fall below todays price of $3.40/MMBtu. Storage received an injection of 59 Bcf, which is 15 Bcf more than the previous week. The East received the largest injection, and total storage improved  to 2845 Bcf. This is still well below last years numbers but within the 5 year historical range.

 

Crude Oil

After a week of falling, crude oil began to revert to it’s old form and began to climb once again this week, despite it being minimal. With a bullish outlook, crude oil should continue to climb. Prices began the week around $104.5/barrel, and never looked back. Prices continue to climb and should reach above the $110/barrel mark by early next week. Prices currently sit at $107.5/barrel but should rise above $108/barrel by the end of the day.

Commercial Electricity Prices

ERCOT: Rates were seen between .062 – .076 cents

NYISO: Prices were found between .059 – .088 cents

PJM: Rates have been found between .054 – .067 cents

Photo by Miheco
Photo by Miheco

Weather

The Midwest should be experiencing quite a cool down, with temperatures expected to be 4 – 6 degrees cooler than normal. Temperatures in the South are expected to rise around 2 – 4 degrees above normal. The Western part of the US is expected to stay relatively similar to it’s historical average. The East coast could see anywhere from a 0 – 2 increase over the next few days. After this week, temperatures are expected to increase all across the country especially in the South.

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