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Daily Market Update February 23, 2021

Early Morning Update

The Mar21 natural gas contract is trading down $0.06 at $2.89. The Mar21 crude oil contract is up $0.05 at $61.75.


This week, we are starting to see aftershocks in the market as a result of last week’s cold that impacted the entire U.S. Yes, the worst was found in Texas, but prices for energy in MISO hit as high as nearly $280/MWh, while prices in PJM were over $130/MWh in the wholesale market. When it comes to wholesale gas, prices were as high as $225 in IL, $175 in CA, $100 in NY, $100 in PJM, $95 in New England, and $80 in NJ. As a note, Boston was one of the cheapest places to buy gas in the U.S. during this time, which is extremely rare, considering New England usually has the highest gas prices in the country. Thankfully, both index prices and production have had a fairly quick recovery. As the market continues forward, market analysts will be watching further impacts on legislative issues in the Texas market, along with what the investigations will bring for the natural gas and energy markets, in general. There is concern that this week's EIA report for natural gas withdrawal may be the largest in history. Regardless of what actualizes, it will not be a small withdrawal, and it will have impacts on future storage, a concern for next winter.


Market Update 02 23 2021

Market Settles 02 22 2021


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