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Daily Market Update July 6, 2020

Early Morning Update

The Aug20 natural gas contract is trading up $0.06 at $1.79.  The Aug20 crude oil contract is down $0.05 at $40.60. 

Summary

As we move beyond the extended holiday weekend, many eastern cities are greeted with a summer heat wave while the rest of the country remains near normal.  Cities like Chicago, Washington DC & Philadelphia will all touch 90 most of the week with today being the warmest – topping out around 94.  PJM is predicting today’s peak at 141 GW with slightly smaller estimates the rest of the week - please be on the lookout for peak demand alerts as the weather will change!  As for how the weather is impacting power index pricing, on peak DA is averaging around $31/mwh across PJM – compared to $25/mwh last week and if these warmer temperatures remain, the eastern market will likely see these higher index prices stick around.  We’ve also seen some strong action this morning on the August NYMEX prompt – it settled on Friday at $1.734/MMTBU and is up over 10 cents in morning trading.  The prompt hasn’t settled above $1.82/MMTBU since late May so this is bears watching over the coming weeks. 

Market Update070620

Market Settles 070220

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