Weekly Market Energy Report: December Gas Settles at $4.715
Trading for December 2018 contracts went out with a bang yesterday. The contract rallied over 45 cents to the highest monthly settle since May of 2014.
Today’s storage withdrawal of 59 Bcf was smaller than expected and for a short time caused the market to fall as much as 25 cents on the prompt month. It has since bounced back, now down around 12 cents on the day.
Real time power prices remained steady over the holiday weekend and created little movement in the 30 day average which is currently at $32.72/MWh.
Electricity futures fell off a bit after last weeks run up as they continue to follow natural gas. The 12 month strip has fallen off nearly $2/MWh from last week, now down to $36.54.
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