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Daily Market Update April 13, 2021

Early Morning Update

The May ‘21 natural gas contract is trading up $0.03 at $2.59. The May ‘21 crude oil contract is up $0.55 at $60.25.

Summary

As weather begins to trend on the cooler side in the midcontinent and eastern regions, natural gas demand has been ticking up, while production levels have seen a slight decrease. These production decreases come as the price for the NYMEX natural gas prompt month has seen a tumble to current levels around $2.55/MMBtu. As a result, this slightly contradicts what some market analysts may have forecasted for this week's EIA storage report for approximately 60 Bcf to be injected into storage facilities. On the power side, we have seen an overall flat market, with the exception of California, which is still in the midst of an extreme drought and warmer-than-normal temperatures, causing prices to be at a high premium compared to other markets. With weather forecasts unchanging for that region over the next few weeks, they may come to expect little change to pricing in that area. In the PJM ISO, much more focus is gathering around next month's capacity auction for the 2022-2023 planning year. As a result, generators are paying attention to see how they will be affected, especially under new MOPR rules.

 

Market Update 04 13 2021

Market Settles 04 12 2021

 

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