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Daily Market Update May 4, 2018

Early Morning Update

The Jun18 natural gas contract is trading flat at $2.72. The Jun18 crude contract is up $0.35 at $68.78.

 

Summary

Yesterday the EIA announced a larger-than-expected injection of 62 Bcf.  This was the first injection of the year and much higher than the expectations of roughly 50 Bcf.  The net effect on the market was almost nothing since prices were down slightly prior to the report and finished down $.028 to close the day at $2.726.  Long-term prices slid slightly as well with Cal ‘21 again hitting another all-time low.  
Weather forecasts continue to show above average temperatures for the next 3 weeks which is leading to some air conditioning load and occasional high prices in PJM.  The switch from winter to summer seems especially fast this year…
Despite the cooling demand, power prices in most eastern market sold off slightly this week.
May the 4th be with you.

 

Market Update 050418 

Market Settles 050318

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