Weekly Energy Market Update: September 8, 2014

Below is the Direct Energy Business Weekly Energy Market Update for September 8, 2014. We embedded this video right into the blog post, so you don’t have to leave this page to view it. The written summary is still below too. 

The following is a summary of last week’s market activity and the market outlook.   

Strong reversal last week as the previous week’s gains were more than erased and all terms fell

Prompt month settled below $3.80 for the first time since August 18

Prompt month prices are back at bottom end of range that has been in place since July 15 (3.75 – 4.10)

Late summer heat ended by the weekend and forecasts going forward are very mild, thereby reducing demand

Thursday’s storage injection (+79) was above expectations and was 20th consecutive injection to beat the 5-year average

But strong gas basis for the winter has muted the benefit of weak NYMEX and supported winter prices for regional gas and power

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