New York Nuclear Power Plant Closes
Forecasts calling for hotter temperatures in major cities on the east coast helped to propel natural gas futures sharply higher on Monday. This comes after a week of being stuck in the $2.90-$3.00 price range.
June’21 natural gas futures traded as high as $3.15/MMBtu on Monday morning but as the week progressed and weather forecasts shifted, prices cooled off and have returned to similar levels as last week.
Today’s injection of 71 Bcf into storage brings total gas in storage to 2,100 Bcf which is 4.0% below the 5 year average level.
Real-time electricity prices continue to march higher as we approach the summer. The 30-day average real-time price has climbed nearly $2/MWh in the past month.
It is not unusual for electricity prices to rise through September as hotter weather drives people to turn on their A/C’s thereby creating greater demand for the power grid.
The 12 and 24 month electricity futures remain relatively unchanged since last week but if you observe the chart below you’ll notice a solid uptrend has developed in the past month.
Click on a thumbnail to see a larger version:
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