Electric Futures Briefly Break $25/MWh
Natural gas futures fell further from last week before rebounding today. Even after today’s rebound, January 2021 contracts are still down around 20 cents from last week.
This week’s storage report showed a much larger withdrawal from storage than expected and added momentum to the rebound. Total gas in storage is now 7% ahead of the 5 year average.
Stronger real time power prices have pulled the 30 day average nearly $3/MWh higher from this time last week.
Electricity futures crept lower, the 12 month strip briefly sank below $25/MWh. The strip has not broken that level since April in the wake of Covid-19 lockdowns.
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