Natural gas fell to a low point of $3.52/MMBtu this past week, but was able to rebound to $3.66/MMBtu. Speculation remains bearish, after seeing gas prices dissipate to below $3.55/MMBtu earlier this week. Storage continues to increase, which is contributing to natural gas’s price drop. Storage is currently showing 2605 Bcf. However this injection of 72 Bcf, is much less than the previous weeks. The East experienced the most change, receiving an injection of 48 Bcf. Storage continues to be below the 5 year average, however it is still within the 5 year range.
A bullish crude oil market has producers jumping for joy. Prices finally jumped over the $100/barrel hurdle for the first time in over 9 months. This was in direct response of two things. The first is inventories in the U.S. dropped for the first time in just over four weeks. The second deals with the speculation that the market won’t be able to meet market demand. According to Bloomberg, tensions between Egyptian leaders and the people have speculators believing it will have “…oil shipments cut.” Crude Oil began the week at $ 96.57/barrel, but swiftly rose to $101.39/barrel. As U.S. stockpiles continue to decline, the price of oil should continue to rise. If this holds true we should see oil prices rising to around the $110/barrel range within the next couple of weeks.
Commercial Electricity Rates
ERCOT – The Texas region is experiencing rates between .048 – .078 cents
NYISO – The New York area is experiencing prices around .05 – .085 cents
MISO – The Midwest is seeing rates between .04 – .072 cents
PJM – The greater Pennsylvania area is experiencing rates between .05 – .082 cents
The South will continue to see below average temperatures ranging between 2 – 4 degrees cooler. The East will be experiencing a warmer than normal temperature scale ranging between 2 – 6 degrees. The West and Midwest will be experiencing a range of temperatures between 2-4 degrees warmer than normal. Sometime next week temperatures should drop for both of those regions.