Weekly Market Energy Report: Gas Prices Fall on Mild Weather
January 2019 contracts fell nearly 60 cents and dropped below $4/MMBtu between Friday and Monday. The prompt month has since struggled to get back to $4/MMBtu.
This morning’s larger than anticipated withdrawal from storage gave the market a boost but it was short lived as this January’s contracts are now down around 5 cents on the day.
Mild weather has provided relief for real time electricity prices in New York. The 30 day average has dropped over $2.50/MWh from last week.
A slight downturn in electricity futures followed the drop in natural gas prices this week. The 12 month strip fell 77 cents to $37.38/MWh.
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