January 24, 2011
"Super-Chilled" Air Spikes Markets,
The spot market for natural gas is extremely kinetic as the current arctic wave settles like a bed of ice across most of the Northeastern US. Natural gas closed at $16.77 per mmbtu last Friday. The temperature range today for much of New England and New York is 10 degrees to -10 degrees. Today's Day Ahead Electric market also reflects the urgent need for heat. Prices look ballistic. Even NYISO Zone A is over $70.00 per MWH.
Natural Gas Prices Moving Up Slowly
In the natural gas futures market, front-month prices are moving up today. After spiking above $4.87 per mmbtu earlier this morning, natural gas declined to $4.698 per mmbtu at 8:45 AM- down $0.038 compared to Friday's close.
Natural Gas Storage Declines by 243 BCF
Working gas in storage was 2,716 Bcf as of Friday, January 14, 2011, according to EIA estimates. This represents a net decline of 243 Bcf from the previous week. Stocks were 74 Bcf higher than last year at this time and 51 Bcf above the 5-year average of 2,665 Bcf.
Natural Gas Futures
CME-NYMEX natural gas futures market intraday prices for Jan. 24, 2011 at 10:05 AM
(Prices are USD per mmbtu)
Feb. - $4.698 -$0.038
Mar. - $4.706 -$0.037
Apr. - $4.686 -$0.034
May - $4.719 -$0.034
Jun. - $4.752 -$0.035
Jul. - $4.800 -$0.037
PMC 30-Day Natural Gas Futures Chart
Crude Watch
Light Sweet Crude (WTI) is trading on the CME/NYMEX market at $87.80 bbl, down $0.16 at 8:41 AM.
OPEC Basket Data
Electricity Watch
For more information view the Day Ahead Electric pricing data charts from the PMC database, updated
every Monday.
Interesting Energy News and Commentary (Click on Links to View)
Con Edison 4Q Net Income Rises 15 Percent (Businessweek
Ohio's Natural Gas Prices Reflect Coldest Winter Since 2000-2001 Cleveland Plain Dealer
NY Approves $1.4 B NRG Energy Generator Plant in NYC Reuters
Weather Trends- America Turns Blue With Cold
The National Weather Service's 6-10 Day Forecast shown below indicates significant cooling in the Lower-48 over the next ten days, which will help keep spot prices well above normal. The arctic oscillator also turned negative just as the jet stream descended into the mid-latitudes. The extended forecast is also indicating a prolonged span of below normal temperatures reaching into mid-February.
6-10 Day forecast
8-14 Day forecast
NOAA Forecast- 30-Days
El Nino-La Nina (Pacific Ocean Temperature Levels)
Arctic Oscillation (Arctic Pressure Patterns)
Written and Researched by Martin Linskey; Energy Charts developed by Charles Myers.
Disclaimer: This information is provided for the use of our customers and potential customers. Power Management Company assumes no
responsibility or liability for the accuracy or completeness of pricing or information in this document. Historical data was obtained from
sources that we believe to be reliable, but we do not guarantee its accuracy or completeness. It is not intended to provide advice or recommendation. Views are subject to change without notice.
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