Weekly Market Energy Report: Gas Futures Leap on Weather Expectations
Huge movement in the natural gas futures market on Monday on the expectation of colder weather in the near term. The December 2018 contract rose nearly 30 cents.
This winter’s contracts showed the strongest upward movement due to concerns over natural gas storage levels. Currently natural gas storage is 621 Bcf behind the 5 year average.
The 30 day average price of power is up only 40 cents from last week as real time power prices have remained steady.
Electricity futures responded to the jump in gas futures on Tuesday. The 12 month strip rose by over $1/MWh, the largest day over day increase since January.
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