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Daily Market Update January 17, 2018

Early Morning Update

The Feb18 natural gas contract is trading up $0.07 at $3.20.  The Feb18 crude contract is down $0.13 at $63.60.



After the holiday weekend, the NYMEX February 2018 contract lost 7.1 cents yesterday, settling at $3.129/MMBtu, on the back of warmer weather predicted by the National Weather Service. Recent changes to the 6-10 and 8-14 day outlooks show a stark reversal to the current U.S. weather pattern, predicting warm temperatures to blanket the entire East Coast, and cooler temperatures in the West. After nearly two years of relative stability in the index market, cold weather has incited higher year-over-year index power prices in ERCOT, NYISO, NEPOOL, PJM, and MISO for the first part of 2018. Around-the-clock day-ahead power for January 2018 has averaged $44.37 for ERCOT North Hub (93% higher y-o-y), $136.83 for NY Zone J (237% higher y-o-y), $143.15 in NEPOOL Mass Hub (255% higher y-o-y), $104.12 in PJM West Hub (233% higher y-o-y), and $43.76 in MISO Michigan Hub (47% higher y-o-y).  Warmer outlooks should help ease index power prices and future natural gas storage withdrawals, not only by decreasing demand, but also by increasing production levels that have faltered due to well freeze-offs.



Market Update 011718 

Market Settles 011618

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