Weekly Market Energy Report: Electric Prices Propped Up by Natural Gas
Bearish trend this week for natural gas futures falling over 35 cents Monday through Wednesday.
This morning Jan 19 contracts were up 14 cents before a smaller than anticipated withdrawal from storage stole the upward momentum. Total gas in storage is still 722 Bcf behind last year.
The 30 day average price of power continues to climb and approaches $40/MWh as real time pricing stays propped up by over $4 natural gas prices.
Electricity futures continued to steadily rise following last week’s rebound. The 24 month strip reached $35.72 on Tuesday, the highest it has been since December 2016.
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