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WEEKLY MARKET UPDATE
July 12, 2018
Natural Gas

August 2018 futures continue to trend downward this week, down roughly 3 cents through Wednesday and down another 3 cents thus far in trading today.

Today's storage report of a 51 Bcf injection of gas into storage increased the deficit between current and year ago levels to 725 Bcf.
Electricity

The 30 day average price of power continued to climb from last week, now up nearly another $2/MWh from this time last week.

Electricity futures lost momentum this week as the 12 month strip dipped 16 cents from last week. Additionally the gap between the 12 and 24 month strips has narrowed from 63 cents to 42 cents.
 
 
12 & 24 Month NYMEX Strip
12 & 24 Month Zone A Power Strip
 
 
 
This document is intended for indicative purposes only. All information contained within this report is acquired from third party sources and EnergyMark makes no representations or warranties, express or implied, as to the accuracy of the information provided herein. EnergyMark is not liable for any actions or decisions made in reliance on the information provided in the report.
 
(Reuters) - U.S. federal energy regulators on Monday approved Millennium Pipeline’s request to start service on the Valley lateral natural gas pipeline project in New York.
The 0.13 billion-cubic-feet-per-day (bcfd) pipeline will connect Competitive Power Ventures’ (CPV) 680-megawatt Valley Energy Center, which entered service in February using diesel as its fuel. CPV has said it will switch to gas once it is available. Diesel was supposed to be a backup fuel.
The plant is one of several being built in New York that will help replace generation that will no longer come from Entergy Inc’s 2,051-megawatt Indian Point facility once the two reactors there are retired in 2020 and 2021.
One megawatt can power about 1,000 U.S. homes.
The Valley lateral is a small pipeline but it received outsized notice after the U.S. Federal Energy Regulatory Commission (FERC) in September 2017 found that the New York State Department of Environmental Conservation (NYDEC) waived its authority to provide a water quality certification under the Clean Water Act within one year, as required by statute.
Other much bigger pipelines, including Williams Cos Inc’s proposed 0.65-bcfd Constitution and National Fuel Gas Co’s proposed 0.5-bcfd Northern Access projects from Pennsylvania to New York, also hope FERC will overturn similar water permit denials from New York environmental regulators.

Read the full article here
WEATHER WATCH
 
NOAA 8-14 Day Outlook
NOAA 30 Day Outlook
 
 
 
 

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