Weekly Natural Gas Market Report | July 11th, 2024

Chrislynn Energy provides unparalleled energy management services and energy market knowledge. We put it all to work for your bottom line! Our technical expertise and comprehensive understanding of the energy industry allow us to deliver superior advice and execution to our clients.

We share our weekly natural gas market reports as a newsletter here on our LinkedIn page! Follow it to be notified when our weekly update goes live.

Temps stay high this weekend into next while production caps prices - b e a r i s h.

WEEKLY NYMEX FWD CURVE CHANGES – AUGUST IS OUR PROMPT MONTH

NYMEX

Prices are being held in check by strong production, while cloud cover from Beryl has cooled down parts of the Mississippi and Ohio valleys. Forecasts for more heat continue through next week. Gas-fired generation demand is strong, yet supply is adequate. AUG24 was off 2ï¿  on the week at 2.33 and getting weaker. Summer is off 3ï¿ , now at 2.37. The market remains bearish due to strong production covering demand.

STORAGE

Working gas increased to 3,199 Bcf as of July 5th, with an injection of 65 Bcf, or 33 Bcf more than the week before. Analysts were expecting much less. Storage is now 504 Bcf above the 5-year average, gaining 8 Bcf – bearish. Demand for gas-fired generation is very high, but storage is filling and helping to cap prices.

ONE WEEK CHANGE – NYMEX and OIL

WEATHER

July 11-17: High pressure is over much of the US w/highs of 80s to 110s. The West will see highs of 100- 113°F. The exception is the Great Lakes and Ohio Valley with highs of 70s-80s due to remnants of Beryl. The country will become hotter Friday through Tuesday with highs of 90s-100s as high pressure expands to cover most of the US.

_________________________________________________________________

Ohio Certificates- Natural Gas: 14-343G(3) Electric: 14-780E(3)

Pennsylvania Certificates- Natural Gas: A-2016-2562535 Electric: A-2009-2108640