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October 31, 2011

Stealthy Snow Storm Leaves 2.8 Million Homes and Businesses Powerless

Over the weekend, a fast, windy storm swept through New York, New Jersey, and New England. Communities were surprised and overwhelmed. West Milford, NJ, which is northwest of New York City, was hit with 19 inches. Jaffrey, New Hampshire recorded over 31 inches. So far, eight deaths have been attributed to the freak October storm.  According to a Reuters story, "48 passengers on an Amtrak train bound for Boston were stranded for 13 hours overnight when a rockslide blocked the tracks in central Massachusetts."

Natural Gas Prices "Magically" Soar on Friday

There are days when you can watch the "invisible hand" of the market pick your pocket. Last Thursday and Friday were just such days. After a month of relatively low prices, the traders gathered their collective intelligence and drove the price of natural gas close to a monthly high. It was conveniently on settlement day when prices are set for contracts. The prices swung almost $0.19 from Thursday to Friday. On Friday, natural gas closed at $3.923 per mmbtu for the front month. Today, the price has settled back slightly to $3.875, down $0.048. Welcome to the heating season.

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Natural Gas Storage Rate Above Average With Injection of 92 Bcf

Working gas in storage was 3,716 Bcf as of Friday, October 21, 2011, according to EIA estimates. This represents a net increase of 92 Bcf from the previous week. Stocks were 28 Bcf less than last year at this time and 158 Bcf above the 5-year average of 3,558 Bcf. 

Natural Gas Futures Break Downtrend

CME-NYMEX natural gas futures market intraday prices for October 31, 2011 at 9:15 AM.
(Prices are USD per mmbtu)


Dec. 2011- $3.886 -$0.037
Jan.  2012 - $4.007 -$0.035
Feb. 2012- $4.017 -$0.036
Mar. 2012 - $3.982 -$0.038
Apr. 2012- $3.971 -$0.039
Dec. 2012- $3.901 -$0.034

PMC 30-Day Natural Gas Futures Chart

Electricity Prices

The trend line as you can see is still moving downward, but as natural gas prices rise with the heating season, so too will electricity prices.

Natgas

Crude Watch

Light Sweet Crude (WTI) is trading today on the CME/NYMEX market at $91.68, down $1.64 at 9:58 AM.

 OPEC Basket Data

Interesting Links and Resources

(Click on Links to View)

Recharge NY To Benefit New York Businesses
New York Power Authority to provide below market rate to select businesses.

Batteries on Wind Farm Help Control Power
The AES innovation streamlines transmission flows into grid.

Where to Find the Cheapest, Greenest Energy
Forbes Magazine article on new state rankings for energy efficiency.

Massachusetts-based Beacon Energy Files for Bankruptcy
It is sad to see another clean-energy company run out of funding.

It Is Time To Deregulate Energy Market by Sunil Sharan
Interesting Washington Post opinion article from their Innovation blog. Deregulation
may be a key driver for energy conservation and meeting state renewable portfolio standards (RPS).

Weather Trends- Indian Summer Ahead
Don't put away your shorts just yet. According to the National Weather Service, our early winter chill will change quickly into a dramatic warm-up that will stretch from the Mississippi to the Atlantic Coast.
(Click links below.)

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)

Jet Stream Forecast (SFSU)

Written 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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