Weekly Market Energy Report: Gas Futures Continue to Slide
March 2019 futures contracts are down around 9 cents from last week to $2.575/MMBtu. The 12 month strip is also down roughly 3 cents to $2.796/MMBtu.
This morning the EIA announced a withdrawal of 78 Bcf. This lowers total gas in storage to 1,882 Bcf, just 30 Bcf below last year’s level.
Real time power prices have been cheap as we separate ourselves from the polar vortex. The 30 day average is down over $3 from last week to $32.06/MWh.
Electricity futures ticked up slightly due to natural gas’s rise to start the week. Overall the 12 month strip is only up about 25 cents from last week.
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