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Daily Market Update April 23, 2019

Early Morning Update

The May19 natural gas contract is trading flat to yesterday’s close at $2.52. The Jun19 crude oil contract is up $0.10 at $65.65.

 

Summary

Demand-crushing mild weather and strong production have not only contributed to annual lows for near-term natural gas pricing, but power prices nationwide have also slid week-over-week with gas. Summer around-the-clock-pricing in MISO and Western PJM fell more than 70 cents from last week, while the eastern PJM markets weakened about 50 cents for the same term. New England’s Mass Hub and ERCOT’s Q3 around-the-clock prices in Houston are down nearly 60 cents, and Southern California followed suit with 25 cents of lost value, as well. Zone A in NY is the biggest summer loser week-over-week, falling nearly 90 cents around-the-clock. ERCOT and CAISO Q3 around-the-clock pricing is still the most expensive at nearly $60, versus the rest of the country’s upper-$20s to low-$30s. Q4s around the country are matching the summer week-over-week losses in most markets, with Zone A in NY losing more than $1/MWh. Calendar pricing for 2020-2023 is a mixed bag of mostly losses, depending upon the market, weakening less severely than near-term pricing.

 

Market Update 042319

Market Settles 042219

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