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Prices for both WTI and Brent experienced slight drops from the 5-month price peaks experienced last week. Oil prices have experienced some recent volatility due to anticipation around Iran’s response to the Israeli attack on the Iranian consulate in Syria. The natural gas prompt month fell one cent week-over-week, landing at $1.75/MMBtu. Production continues to fall, dropping to a 14-month low in the Northeast, and reduced imports from Canada have helped to tighten US supply. New England electricity prices increased over the past week, with the NEPOOL 12-month strip rising by 79 cents or 1.4% week-over-week, settling at $56.71/MWh. Upcoming power plant retirements and anticipated high summer demand have put upward pressure on electricity markets, although new capacity coming online this year positions New England well.
Prices for both WTI and Brent experienced slight drops from the 5-month price peaks experienced last week. WTI was down 0.48% week-over-week to $81.61/barrel, and Brent was down 0.23% week-over-week to $86.39/barrel. Meanwhile, the New York Harbor Heating oil price registered a 1.98% decrease over the last week to $2.67/gallon. The prompt month fell just one cent week-over-week, landing at $1.76/MMBtu. A disruption at the Freeport LNG export terminal in Texas saw feedgas deliveries drop and subsequent prices rise. New England electricity prices rose over the past week, with the NEPOOL 12-month strip increasing by 96 cents or 1.7% week-over-week, settling at $55.92/MWh. Forecasts for the second half of April indicate lower than average temperatures, contributing to upward pressure on electricity pricing.
Prices for both WTI and Brent saw upward movement over the past week. WTI was up 3.4% week-over-week to $80.84/barrel, and Brent was up 2.95% week-over-week to $85.22/barrel. WTI and Brent both reached their highest point since October on Thursday of last week. Natural gas prompt month rose 1.25% week-over-week, landing at $1.79/MMBtu. Production declined week over week to 460 million cubic feet/day in the last week of March as rising confidence in the performance of the production cuts heading into the summer has lifted prices. New England electricity prices had mixed movement over the past week, with the NEPOOL 12-month strip decreasing by $1.51 or 2.7% week-over-week, settling at $54.96/MWh. After colder weather leading into this weekend, forecasts for the first half of April indicate warmer weather than average, contributing to downward pressure on electric prices.
Prices for both WTI and Brent experienced minimal movement over the week. WTI was down 0.28% week-over-week to $78.18/barrel, and Brent was up 0.02% week-over-week to $82.78 barrel. Meanwhile, the New York Harbor Heating oil price registered a 1.90% decrease over the last week to $2.58/gallon. The prompt month decreased 3.8% week-over-week, landing at $1.76/MMBtu. The City of Berkeley, California agreed to repeal its 2019 ban on natural gas hookups in new homes. New England electricity prices rose over the past week, with the NEPOOL 12-month strip increasing by $2.99, or 5.6%, week-over-week, settling at $56.47/MWh. Closure dates for the last two coal-fired power plants in New England were announced last week, with the region’s generation set to be coal-free by 2028.
Prices for both WTI and Brent were up slightly this past week. WTI was 0.3% higher week-over-week at $78.07/barrel, and Brent was up 0.7% week-over-week to $82.67/barrel. The New York Harbor Heating oil price also registered a 0.4% increase over the last week and climbed to $2.63/gallon. The prompt month decreased 4.6% week-over-week, landing at $1.66/MMBtu. Repairs at the Freeport LNG terminal have brought two liquefaction trains offline. New England electricity prices rose over the past week, with the NEPOOL 12-month strip increasing slightly by 55 cents or 1% week-over-week, settling at $53.48/MWh. Natural gas production cuts and colder temperatures forecast for this week have put upward pressure on electricity prices.
Prices for both WTI and Brent were up slightly this past week. WTI increased 1.39% week-over-week to $76.70/barrel, and Brent was up 1.38% as well week-over-week to $80.98 barrel. The New York Harbor Heating oil price registered a 1.33% increase over the last week to $2.60/gallon. The prompt month decreased 8.3% week-over-week, landing at $1.66/MMBtu as another small storage withdrawal has continued to increase the differential to the 5-year average. New England electricity prices rose over the past week, with the NEPOOL 12-month strip increasing slightly by 5 cents or 0.1% week-over-week, settling at $52.92/MWh. Warmer weather forecasts and the approaching end of natural gas withdrawal season will likely put downward pressure on electricity prices.
Prices for both WTI and Brent were up slightly this past week. WTI increased 0.88% week-over-week to $75.65/barrel, and Brent was up 0.41% as well week-over-week to $79.98/barrel. The New York Harbor Heating oil price registered a small week-over-week increase of 0.62% to end the week at $2.57/gallon. The prompt month decreased just 0.9% week-over-week landing at $1.82/MMBtu after a smaller 40 Bcf net storage withdrawal. The 12-month strip dropped just a fraction of a cent week-over-week. Expected warmer temperatures decreased demand in the residential and commercial sectors by 9.4% last week. New England electricity prices rose over the past week, with the NEPOOL 12-month strip increasing by $1.35 or 2.6% week-over-week, settling at $52.88/MWh. After a drop in heating demand due to extended above-average temperatures, forecasted colder weather in late March may put upward pressure on electricity prices.
Prices for both WTI and Brent were up slightly this past week. WTI increased 0.55% week-over-week to $75.35/barrel, and Brent was up 0.55% as well week-over-week to $79.83/barrel. The New York Harbor Heating oil price registered a small decrease over the last week, dropping by 0.39% to $2.54/gallon. The prompt month increased 5.2% week-over-week, landing at $1.84/MMBtu after a brief cold snap last week. QatarEnergy announced an 85% expansion of its current LNG capacity, which will make the country the world’s largest producer of LNG. New England electricity prices rose over the past week, with the NEPOOL 12-month strip increasing by $1.76 or 3.5% week-over-week, settling at $51.53/MWh. After recent increases due to announced gas production cuts, warm winter weather and continued high gas storage levels are expected to put downward pressure on prices.
Prices for both WTI and Brent were down slightly this past week. WTI dropped by 0.85% week-over-week to $74.94/barrel, and Brent was down by 0.84% week-over-week to $79.39 barrel. The New York Harbor Heating oil price also registered a decrease over the last week, dropping by 4.06% to $2.55/gallon. The prompt month rose 9.5% week-over-week, landing at $1.73/MMBtu in response to gas producer Chesapeake Energy’s announcement of 2024 production cuts in order to support upward price trends. New England electricity prices rose over the past week, with the NEPOOL 12-month strip increasing by 74 cents or 1.5% week-over-week, settling at $49.77/MWh. The electricity market is responding to upward pressure on natural gas prices due to production cuts announced last week.
Prices for both WTI and Brent were down slightly this past week. WTI dropped by 0.73% week-over-week to $74.60/barrel, and Brent was down by 0.75% week-over-week to $79.18 barrel. The prompt month fell 12.9% week-over-week, landing at $1.61/MMBtu. The Basis 12-month rolling strip saw a dramatic 21.9% decrease week-over-week as National Grid and Constellation have filed a six-year deal to extend service from the Everett LNG terminal in Massachusetts. New England electricity prices fell over the past week, with the NEPOOL 12-month strip decreasing by $4.59 or 9.10% week-over-week, to settle at $48.72/MWh. Forecasted spring weather and dips in natural gas prices are putting downward pressure on prices.
Prices for crude oil rose last week. WTI increased by 5.5% week-over-week to $75.15/barrel, and Brent was up by 5.31% week-over-week to $79.78/barrel. The New York Harbor Heating oil price also registered a 2.68% increase week over week to $2.68/gallon. The prompt month fell 9.7% week-over-week, landing at $1.85/MMBtu as the Northeast experienced an unseasonably warm weekend. Analysts predict sharp price increases this week as the Northeast braces for a winter snowstorm and cold temperatures. New England electricity prices fell over the past week, with the NEPOOL 12-month strip decreasing by $1.44 or 2.6% week-over-week, settling at $53.41/MWh. This represents a recovery from the previous week’s price increases. Colder than average temperatures are forecast for the coming weeks, putting upward pressure on gas and electricity pricing.
Prices for crude oil increased this past week. WTI rose by 2.95% week-over-week to $73.78/barrel, and Brent was up by 2.59% week-over-week to $78.40 barrel. U.S. crude stockpiles fell more than expected last week and increasing conflict between U.S. forces and Iranian backed militia in the Middle East underscored the peril facing trade in a key global transit route. Natural gas prompt month futures rose just one cent week-over-week, settling at $2.71/MMBtu. A reported five LNG cargoes were cancelled two weeks ago during the cold snap to keep spot gas prices low as terminals in New England imported enough gas to supply 65% of demand in the region. New England electricity prices fell over the past week, with the NEPOOL 12-month strip decreasing by $2.12 or 3.7% week-over-week, settling at $54.78/MWh. Slight upward pressure from a dip in natural gas storage levels has been mitigated by built-up storage security, as well as anticipated milder weather.
Crude oil experienced slight drops in prices this week as concerns over geopolitical tensions grew. WTI decreased 0.09% week-over-week to $72.14/barrel, and Brent was down 0.13% week-over-week to $76.86/barrel. Investors are balancing the impact of war widening in the Middle East and global disruptions to supply with downtrodden economic outlook data. Natural gas prompt month futures experienced a significant 23.8% drop week-over-week, landing at $2.52/MMBtu. Total US consumption rose 20.8% to 123.4 Bcf/day. New England electricity prices remained fairly stable over the past week, with the NEPOOL 12-month strip falling slightly by 2% week-over-week, settling at $56.89/MWh. A mild weather forecast for the coming weeks and high natural gas storage levels are exerting downward pressure on electricity prices.
Oil prices ended this week slightly down. WTI dropped 0.34% week-over-week to $71.50/barrel, and Brent declined 0.45% week-over-week to $76.14/barrel. The Iran backed Houthi group has continued to attack vessels on the Red Sea. Natural gas prompt month futures rose 14% week-over-week, landing at $3.31/MMBtu. A cold winter blast is putting upward pressure on near-term NYMEX and Basis pricing. New England electricity prices rose over the past week, with the NEPOOL 12-month strip increasing 5.96% week-over-week, settling at $58.06/MWh. Anticipated increased heating demand due to winter weather in the coming weeks is beginning to put upward pressure on prices.
Oil prices, despite mid-week volatility driven by increased tensions in the Middle East and concerns of oversupply, ended this week close to how they started. WTI rose by 0.02% week-over-week to $70.06/barrel, and Brent was down 0.17% week-over-week to $74.89/barrel. Natural gas prompt month futures rose 7.6% week-over-week, landing at $2.82/MMBtu. Concerns of an oversupplied market persist as record production and low demand have continued to exert downward pressure on pricing. New England electricity prices rose over the past week, with the NEPOOL 12-month strip increasing 5.9% week-over-week, settling at $54.80/MWh. Colder temperatures forecast for the coming weeks are likely to put upward pressure on prices.
Oil prices rose this week after dropping to their lowest in six months in recent days. WTI rose by 1.15% week-over-week to $72.16/barrel, and Brent was up by 1.37% week-over-week to $76.69/barrel. Natural gas prompt month futures saw a 3.8% decrease week-over-week to land at $2.49/MMBtu. The Millstone Nuclear Power Station in Connecticut, which had been operating at 40% capacity since October 20th, was operating at nearly full capacity by the end of last week. Electricity prices fell over the past week, with the NEPOOL 12-month strip decreasing 7.9% week-over-week, settling at $54.63/MWh. Warmer temperature forecasts for the coming weeks will likely put downward pressure on prices.
Oil prices dropped to their lowest point since early July this week after experiencing significant week-over-week losses. The rolling 12-month price strip for Brent closed at $74.13/barrel last week, 7.18% lower than a week ago. Natural gas prompt month futures saw a 4.8% decrease week-over-week to land at $2.59/MMBtu. Spot prices at Algonquin Citygate hub rose to a high of $13.13/MMBtu on Tuesday. Electricity prices fell over the past week, with all calendar strips seeing decreases, while higher December 2024 prices had the NEPOOL 12-month strip increasing 4.7% week-over-week, settling at $59.34/MWh. Milder temperatures forecast for the coming weeks are likely to put downward pressure on prices.
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