Weekly Market Energy Report: Futures Prices Fall Back to Earth
January 2019 contracts rolled off the board last week at $3.642/MMBtu, about $1 lower than its peak on November 29. Feb 2019 has fallen over 50 cents since becoming the prompt month, today hovering around $3/MMBtu.
This morning’s smaller than anticipated withdrawal created a short-lived downward turn for the market. Total gas in storage is now only 450 Bcf behind last year.
Mild weather has allowed for sustained low power prices. The 30 day average is now down nearly $8 since before the holidays to $28.47/ MWh.
With January 2019 contracts coming off the board, the 12 and 24 month strips have both fallen. At $34.95, this is the lowest the 12 month strip has been since early November.
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