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Weekly Market Update
July 8, 2021
Natural gas futures started the week off on a sluggish note as short-term weather forecasts and technical factors sent prices below $3.60/MMBtu.
Despite this early price weakness, futures recovered today and longer-term supply/demand fundamentals continue to support a bullish trend for natural gas.
Today’s injection of 16 Bcf into storage brings total gas in storage to 2,574 Bcf which is 6.9% below the 5 year average level.
The 30-day average real-time electricity price for Zone A NY continues to rise week over week as demand for electricity remains strong.
Since last week’s update, real-time prices have increased by $5/MWh.
The 12 and 24 Month electricity futures declined a bit this week, likely following price declines in other energy commodities such as natural gas and oil.