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WEEKLY MARKET UPDATE
January 17, 2019
Natural Gas

February 2019 contracts rose sharply on Monday in anticipation of frigid temperatures in the eastern half of the US. This 49 cent jump was the largest since November 14th.

This morning's withdrawal of 81 Bcf was in line with estimates and puts total gas in storage now only 77 Bcf behind last year.
Electricity

Real time power prices are beginning to climb with the colder weather and higher gas prices. The 30 day average is up over $2.60 from last week.

Electricity futures jumped in tandem with natural gas prices following Monday. The 12 month strip is up over $2.25/MWh from this time last week.
 
 
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.
 
New York Governor Andrew Cuomo set a 100% carbon-free power by 2040 goal and increased the state’s offshore wind target to 9 GW by 2035, up from 2.4 GW by 2030, which drew mixed reactions from market watchers Wednesday.
Natural gas and dual fuel generation that mainly runs on natural gas, but uses oil as a backup fuel, accounts for 48% of the New York Independent System Operator ’s 2018 generating capacity.
"Reliability. Practicability. Affordability. These are some of the biggest challenges facing a carbon neutral power sector," Gavin Donohue, president and CEO of merchant generator trade group Independent Power Producers of New York , said in an email. "Barring unprecedented investments in transmission and a tectonic shift in the economics and viability of energy storage technologies, gas -fired generators will be an absolute necessity for keeping the lights on," Donahue said.

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

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