Weekly Market Energy Report: Natural Gas, Electric Spike on Frigid Temps
February 2019 contracts rose sharply on Monday in anticipation of frigid temperatures in the eastern half of the US. This 49 cent jump was the largest since November 14th.
This morning’s withdrawal of 81 Bcf was in line with estimates and puts total gas in storage now only 77 Bcf behind last year.
Real time power prices are beginning to climb with the colder weather and higher gas prices. The 30 day average is up over $2.60 from last week.
Electricity futures jumped in tandem with natural gas prices following Monday. The 12 month strip is up over $2.25/MWh from this time last week.
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