Market Summary

To help keep our clients ahead of the curve when it comes to their energy initiatives, CES publishes a weekly market newsletter which discusses key energy events, provides market analysis, and delivers a practical summary of current market conditions.

 
 
 

JANUARY 16 - 20, 2023

WTI closed at $81.31/Barrel on Friday, up 1.8% from the week prior. Both WTI and Brent benchmarks have seen week-over-week increases amidst supply concerns, despite large gains in domestic crude oil stocks and gasoline inventories over the past month. Natural gas front-month futures settled at $3.17 on Friday, down 7.31% from the week prior. Low temperatures, modest demand, and an increase in production contributed to the further decline in prices seen this past week. New England electricity prices peaked on December 1 and have trended downward since then, with the NEPOOL 12-month strip decreasing 7.40% week-over-week, settling at $69.53/MWh. 

 
 
 

JANUARY 9 - 13, 2023

WTI closed at $79.86/Barrel on Friday, up $6/Barrel from the week prior. Cude futures pricing saw substantial week-over-week gains as the U.S. dollar fell to a seven-month low and recent crude purchases in China signal demand recovery. Natural gas front-month futures settled at $3.42 on Friday, down 7.82% from the week prior. Futures declined as predictions for warmer than normal weather conditions came to fruition. New England electricity prices peaked on December 1 and have trended downward since then, with the NEPOOL 12-month strip decreasing 7.10% week-over-week, settling at $75.09/MWh.   

 
 
 

JANUARY 2 - 6, 2023

WTI closed at $73.77/Barrel on Friday, down nearly $7/Barrel from the week prior. Crude futures pricing saw steep losses this week, fueled by concerns around weakened global demand and oversupply, as well as central bank rate hikes. Natural gas front-month futures settled at $3.71 on Friday, down 17.9% from the week prior. Price relief throughout the week was caused by warmer than normal winter weather conditions expected to last through the end of January. New England electricity prices peaked on December 1 and have trended downward since then, with the NEPOOL 12-month strip decreasing 12.43% week-over-week, settling at $80.82/MWh.  

 
 
 

DECEMBER 12 - 16, 2022

WTI closed at $74.29/Barrel on Friday, up 4.6% from the week prior. Both WTI and Brent contracts have returned to a backward dated market structure after switching to contango last Friday. Natural gas front-month futures settled at $6.60 on Friday, up 5.6% from the week prior. Price fluctuation throughout the week was caused by milder than originally predicted weather forecasts. New England electricity prices peaked on December 1st but have started to decline and stabilize, with the NEPOOL 12-month strip increasing 2.12% week-over-week, settling at $112.86.  


 
 
 

DECEMBER 5 - 9, 2022

WTI closed at $71.02/Barrel on Friday, down 11.2% from the week prior. Friday’s prices established a new low for 2022. Both WTI and Brent posted the largest week-over-week declines seen in months, driven by growing recession concerns. Natural gas front-month futures settled at $6.25 on Friday, up 12% from the week prior. Colder weather forecasts across the U.S. and Europe contributed to the late week surge. New England electricity prices peaked on December 1 and have started to come down, with the NEPOOL 12-month strip falling 7.15% week-over-week, settling at $110.18.  

 
 
 

NOVEMBER 21 - 25, 2022

WTI closed at $76.28 on Friday, down 7% from the week prior. Crude prices fell for the third consecutive week as protests in Shanghai, China over COVID-19 restrictions prompted concerns about weakened fuel demand. Natural gas front-month futures settled at $7.02 on Friday, representing a 11.4% increase week over week. Prices fluctuated throughout the week with reports of a colder December temperature outlook. New England electricity prices have risen rapidly over the past 2 weeks. The NEPOOL 12-month strip rose 13.89% week-over-week, settling at $122.53/MWh. 

 
 
 

NOVEMBER 7 - 11, 2022

WTI closed at $88.96 on Friday, down 4.1% from the week prior. Crude prices dropped as the outlook on demand declined amid news of larger than expected stockpile increases in the U.S. and further surges in COVID-19 cases in China. Natural gas front-month futures settled at $5.88 on Friday, representing a 8.1% decrease week over week. Delays at the Freeport LNG terminal, and cold temperatures in the near term are causing prices to be pulled in opposite directions. Electricity prices continued recent declines on a milder winter outlook. The NEPOOL 12-month strip fell 1.6% week-over-week, settling at $94.00/MWh.

 
 
 

OCTOBER 31 - November 4, 2022

WTI closed at $92.61 on Friday, up 3.8% from the week prior. Primary factors in this shift include the potential of COVID-19 restrictions in China relaxing and a continued tight global supply led to crude prices increasing week over week. Natural gas front-month futures settled at $6.40 on Friday, representing a 12.5% increase week over week. High storage injections and conflicting temperatures across the U.S. have kept prices volatile as we officially enter the winter season. New England electricity prices ­­­­­­­­­­­­­­­­remain substantially lower than decade highs seen this year, however the 12-month strip and near-term calendar strip have recovered slightly. The NEPOOL 12-month strip rose by 3.1% to settle at $96.55/MWh.

 
 
 

OCTOBER 24 - 28, 2022

WTI closed at $87.90 on Friday, up 3.4% from the week prior. Crude prices finished up for the week as the outlook on global demand rose while supply remains limited. Natural gas front-month futures rebounded from their sharp decline the previous week, as November futures climbed 5% for their final settlement to land at $5.19. The end of a two month stretch of strong storage injections, as well as colder weather on the horizon, contributed to the increase. Near-term New England electricity prices ­­­­­­­­­­­­­­­­fell slightly over the last week, falling 0.93% week over week to settle at $93.65/MWh on Friday. Despite a weak storage injection on the natural gas side, mild temperatures and European market volatility have been able to keep electricity prices stable.

 
 
 

OCTOBER 17 - 21, 2022

WTI closed at $85.05 on Friday, down 0.7% from the week prior. Crude prices finished the week marginally lower as tight global supply persists while worries of an economic slowdown held prices in check. Natural gas front-month futures plummeted last week, falling 23.2% to settle at $4.96/MMBtu on Friday. Warm weather has been widespread late into the season, limiting gas demand and driving NYMEX prices down. Near-term New England electricity prices ­­­­­­­­­­­­­­­­fell substantially over the last week, with the NEPOOL 12-month declining by nearly $20/MWh week-over-week. The NEPOOL 12-month strip fell for the fourth consecutive week, tumbling 16.8% to settle at $94.53/MWh on Friday.

 
 
 

OCTOBER 10 - 14, 2022

WTI closed at $85.61 on Friday, down 7.6% from the week prior. Just a week after prices spiked, crude was back down following news pointing towards persistent inflation, declining demand, and a weak economic outlook. Natural gas front-month futures continued a steady decline last week, falling 4.4% to settle at $6.45/MMBtu on Friday. A warmer-than-average weekend forecast brought demand down, with this trend expected to hold through the end of the month. Near term New England electricity prices ­­­­­­­­­­­­­­­­fell by a few percentage points over the past week, while outer year futures market strips elevated just slightly. The NEPOOL 12-month strip fell for the third consecutive week, settling at $113.55/MWh on Friday, representing a 2.3% week-over-week decrease.

 
 
 

OCTOBER 3 - 7, 2022

WTI closed at $92.64 on Friday, up 16.5% from the week prior. Significant supply cuts announced by OPEC+ this past week pushed crude prices to their highest since the end of August. Natural gas front-month futures saw little change week-over-week, falling just 0.3% to settle at $6.75/MMBtu on Friday. Strong storage and weak weather-driven demand brought prices down from a mid-week rise. New England electricity prices declined for the second consecutive week, driven by a slight decrease in natural gas futures prices. The NEPOOL 12-month strip fell 5.7% week-over-week, settling at $116.24/MWh on Friday.

 
 
 

SEPTEMBER 23 - 30, 2022

WTI closed at $79.49 on Friday, up 1.0% from the week prior. Crude prices rose modestly over the past week, their first weekly gain in over a month. Natural gas front-month futures declined for a third consecutive week, falling 1.0% week-over-week to settle at $6.77/MMBtu on Friday. Consistently strong storage injections and moderate temperatures across most of the country helped sustain the current downward trajectory in natural gas markets. New England futures calendar strips declined for the second consecutive week, while the 12-month rolling strip recovered from a mid-week dip for a week-over-week increase. The NEPOOL 12-month strip rose 3.8% week-over-week, settling at $123.72/MWh.

 
 
 

SEPTEMBER 19 - 23, 2022

WTI closed at $78.74 on Friday, down 8.1% from the week prior. Crude prices declined week-over-week for the fourth straight week, a streak not seen since last December. Natural gas front-month futures declined for a second consecutive week, falling 12.1% week-over-week to settle at $6.83/MMBtu on Friday. Decreasing cooling demand, increasing production, and mounting storage inventories were the main factors contributing to this drop. New England electricity prices declined across the board last week, reaching the lowest prices seen in over a month. The NEPOOL 12-month strip fell 5.0% week-over-week, settling at $126.39/MWh.

 
 
 

SEPTEMBER 12 - 16, 2022

New England electricity prices increased slightly week-over-week, recovering substantially from a mid-week spike driven by elevated Natural Gas commodity pricing. The NEPOOL 12-month strip rose 0.8% week-over-week, settling at $133.63/MWh on Friday. WTI closed at $85.11 on Friday, down 1.9% from the week prior. Crude prices have now dropped by over 20% for the third quarter, owing to a weak demand and economic outlook. After a significant mid-week spike, natural gas front-month futures fell 2.9% week-over-week to settle at $7.76/MMBtu on Friday. Milder temperatures nationwide and a promising injection into storage helped stabilize NYMEX prices.

 
 
 

SEPTEMBER 5 - 9, 2022

WTI closed at $86.79 on Friday, down 0.1% from the week prior. Crude prices remained flat over the past week despite competing international news impacting both global supply and demand. Natural gas front-month futures fell this week, with the prompt month strip falling 8.8% to $8.00/MMBtu. Cooling demand is lowering as we head into the shoulder season, though a lingering storage deficit leaves cause for concern. New England electricity prices have declined steadily from the late August spike, largely driven by declining cooling demand. The NEPOOL 12-month strip fell by 3.0% week-over-week, settling at $131.94/MWh on Friday.

 
 
 

AUGUST 22 - 26, 2022

WTI closed at $93.06 on Friday, up 2.5% from the week prior. Crude prices rose this past week amid reports that Saudi Arabia and OPEC+ aim to cut production in the months ahead. Natural gas front-month futures saw little change this week, with the September NYMEX strip falling by 0.4% to $9.30/MMBtu. With the worst of the summer heat behind us, falling cooling demand has helped balance out the elevated demand for U.S. LNG abroad. New England electricity prices saw an early week spike driven by elevated natural gas prices following the Nord Stream pipeline shutdown announcement. The NEPOOL 12-month strip rose by 4.4% week-over-week, settling at $148.27/MWh on Friday.

 
 
 

August 15 - 19, 2022

WTI closed at $90.77 on Friday, down 1.4% from the week prior. Despite ongoing volatility, prices for crude oil settled lower as expectations of an economic slowdown and drop in demand persist. Natural gas front-month futures increased 6.5% week-over-week, settling at $9.34/MMBtu on Friday. A week of high cooling demand amidst weak production caused prices to soar to the highest peak seen in an over a decade. Driven by an increase in natural gas prices, New England electricity prices continued to climb over the past week. The 12-month NEPOOL strip rose 5.1% week-over-week, settling at $138.86/MWh.

 
 
 

AUGUST 8 - 12, 2022

WTI closed at $92.09 on Friday, up 3.5% from the week prior. After crude prices recently fell to their lowest since Russia’s invasion of Ukraine, prices rebounded this week with the IEA raising its demand growth forecast for the year. Natural gas front-month futures increased 8% week-over-week, settling at $8.77/MMBtu on Friday. The additional demand for U.S. LNG with the Freeport facility’s end to its force majeure caused prices to increase despite high dry gas production and reduced cooling demand. New England electricity prices increased across the board last week following a steep decline during the first week of August. The 12-month NEPOOL strip rose 5.4% week-over-week, settling at $133.04/MWh.

 
 
 

August 1 - 5, 2022

WTI closed at $89.01 on Friday, down 9.7% from the week prior. Crude prices have fallen to their lowest levels since Russia’s invasion of Ukraine in February amid expectations of declining demand stemming from a slowing economy. Natural gas futures decreased by 1.9%, settling at $8.06/MMBtu as the country experiences intense heat and cooling demand. Despite these sweltering temperatures, new data on storage injections provided a bit of long-term market optimism. New England electricity prices fell sharply last week. The 12-month NEPOOL strip closed at $126.22 /MWh on Friday, down more than 13% from the same time last week. 

 
 
 

JULY 25 - 29, 2022

WTI closed at $98.62 on Friday, up 4.1% from the week prior. For the month of July, front-month crude oil prices fell by 7%, primarily driven by expectations of declining economic activity and demand for petroleum-based products. After a tumultuous week of trading, August front-month natural gas futures settled at $8.23/MMBtu on Friday, a 1.0% decrease week-over-week. A week of intense heat and another disappointing storage injection contributed to the increase in prices. The ongoing heat wave in the Northeast and elevated natural gas basis prices continue to heavily influence electricity prices. The NEPOOL 12-month strip rose by 4.3% week-over-week, settling at $155.01/MWh. 

 
 
 

JULY 18 - 22, 2022

WTI closed at $94.70 on Friday, down 2.9% from the week prior. Although they are trending downward, oil prices have remained volatile in recent weeks as the market has grappled with a tight supply amid worries of an economic downturn and declining demand. August front-month natural gas futures rose 18.4% from the previous week to settle at $8.30/MMBtu on Friday. Persistent storage concerns and intense heat were the main factors behind this most recent spike. Amid high temperatures in the Northeast and consequently high electric grid demand, electricity prices soared week-over-week. The NEPOOL 12-month strip rose by 11.36% week-over-week, settling at $144.48/MWh.  

 
 
 

JULY 11 - 15, 2022

WTI closed at $97.59 on Friday, down 6.9% from the week prior. The weekly decline from WTI was its largest in nearly a month as fears of a recession persist and the outlook on global demand trends downward. August front-month natural gas futures rose 16.4% from th previous week to settle at $7.01/MMBtu on Friday. Continued low dry gas production and nationwide high temperatures contributed to the significant jump in prices. Following a spike in Algonquin Citygate natural gas basis, NEPOOL electricity prices increased substantially week-over-week. The NEPOOL 12-month strip rose 4.9%, settling at $132.50/MWh. 

 
 
 

JULY 4 - 8, 2022

WTI closed at $104.79 on Friday, down 3.4% from the week prior. Global prices continue to be driven by fears of an impending recession as rising interest rates aimed at curbing inflation are also expected to drive down demand for oil. Electricity prices soared past previous record-high prices this past week. The NEPOOL 12-month strip rose 10.7% week-over-week, settling at $126.26/MWh. August front-month natural gas futures rose 5.3% from the previous week to settle at $6.03/MMBtu on Friday. An end-of-week surge concluded the three weeks of consistent decline in prices brought on by the Freeport LNG explosion.

 
 
 

JUNE 20 - 24, 2022

WTI closed at $107.62 on Friday, down 1.8% from the week prior. Friday marked WTI’s first back-to-back weekly drop since April. However, a meeting of G-7 leaders could lead to an uptick in futures, discussing a price cap on Russian oil. July front-month natural gas futures declined 10.4% from the previous week to settle at $6.22/MMBtu on Friday. Slightly cooler temperatures, as well as continued fallout from the Freeport LNG outage, helped keep prices low. With temperatures in the Northeast slightly below average, Electricity prices saw a minor dip. The NEPOOL 12-month strip fell by 1.4%, settling at $123.53/MWh.

 
 
 

JUNE 13 - 17, 2022

WTI closed at $109.56 on Friday, down 9.2% from the week prior. As major central banks continue to raise interest rates, prices slid amid growing expectations of a slowing global economy and decline in energy demand. July front-month natural gas futures declined 21.6% from the previous week to settle at $6.94/MMBtu on Friday. An announcement early in the week that the Freeport LNG facility would be out of operation through the fall sent the natural gas market spiraling. Despite an end of week dip, electricity prices continued to climb week-over-week. The NEPOOL 12-month strip rose 3.4%, settling at $125.25/MWh on Friday. 


 
 
 

JUNE 6 - 10, 2022

WTI closed at $120.67 on Friday, up 1.5% from the week prior. Average U.S. gas prices surpassed $5 for the first time ever as global petroleum demand remains high while supply has been slow to increase. July front-month natural gas futures increased 3.8% from the previous week, settling at $8.85/MMBtu on Friday. A heat wave across the southern United States elevated cooling demand and pushed prices upward, while an explosion at the Freeport LNG facility contributed to uncertainty among traders. Electricity prices saw substantial increases week-over-week. The NEPOOL 12-month strip rose 3.0%, settling at $121.19/MWh on Friday. 

 
 
 

MAY 30 - JUNE 3, 2022

WTI closed at $118.87 on Friday, up 3.3% from the week prior. On Thursday, OPEC+ announced that the organization had agreed to increase its production output by nearly 50% this July and August, despite struggling to meet existing production targets. After a tumultuous week of prices, July front-month natural gas futures decreased 2.3% from the previous week, settling at $8.52/MMBtu on Friday. A cooler forecast for the upcoming week resulted in reduced demand, which helped prices end the week down $0.20/MMBtu from the previous week. Electricity prices saw a brief dip week over week with mild regional temperatures over the past weekend. The NEPOOL 12-month strip fell by about $8/MWh, or 6.5%, week over week, landing at $116.69/MWh. 


 
 
 

MAY 23 - 27, 2022

WTI closed at $115.07 on Friday, up 1.63% from the week prior. On Monday, the EU was able to reach agreement on a partial ban of Russian oil, further isolating the Russian economy following three months of war in Ukraine. June front-month natural gas futures increased 7.9% from the previous week, settling at $8.72/MMBtu on Friday. High cooling demand across the U.S. coupled with continued tight storage inventories drove prices upward for the second consecutive week. Electricity prices continued to increase slightly this past week as hotter summer temperatures approach. The NEPOOL 12-mo. strip rose 1.6% week-over-week, ending at $121.83/MWh. 

 
 
 

MAY 16 - 20, 2022

WTI closed at $113.23 on Friday, up 2.48% from the week prior. Oil trading remained volatile and reflective of broader market concerns over a potential recession. June front-month natural gas futures increased 5.5% from the previous week, settling at $8.08/MMBtu on Friday. High cooling demand across the U.S. coupled with continued tight storage inventories drove prices upward following last week’s dip. Electricity prices increased across the board following last week’s dip. The NEPOOL 12-mo. strip rose 5.6% week-over-week to end at $122.72/MWh. 


 
 
 

MAY 9 - 13, 2022

Electricity prices saw a slight dip from last week’s record-breaking peak. The NEPOOL 12-month strip fell 5.3% week-over-week, ending at $115.56/MWh. WTI closed at $110.49 on Friday, up 0.66% from the week prior. Domestic petroleum stocks remain low while exports remain high to offset European supply losses as Russia continues to wage war in Ukraine. June front-month natural gas futures decreased 4.7% from the previous week, settling at $7.66/MMBtu on Friday. Despite higher cooling demand in Texas and the Southwest, a week-over-week increase in dry gas production helped reduce prices.

 
 
 

MAY 2 - 6, 2022

June front-month natural gas futures increased 11.1% from the previous week, settling at $8.04/MMBtu on Friday. Underperforming dry gas production, tight U.S. storage inventories, and hot temperatures in the Southwest drove prices upward. WTI closed at $109.77 on Friday, up 4.85% from the week prior. As the European Union announced its intent to ban imports of Russian crude over the next six months, other Western powers continue to rally allies to ban Russian oil from other markets. Despite a slight drop in price at the end of the week, electricity prices continue to increase week-over-week. The NEPOOL 12-mo. strip rose 1.9% week-over-week, ending at $121.97/MWh.

 
 
 

APRIL 24 - 29, 2022

WTI closed at $104.69 on Friday, up 2.5% from the week prior. Germany seems to be taking the first step in moving the European Union towards banning Russian oil. If they were to take this step, prices would likely reach unprecedented highs. June front-month natural gas futures increased 10.9% from the previous week, settling at $7.24/MMBtu on Friday. Reduced dry gas production, Russia's restriction of gas flows into Eastern Europe, and a worsening national storage inventory outlook drove prices upward. Despite a recent, brief, drop in prices, electricity prices rose rapidly towards the end of the week. The NEPOOL 12-mo. strip rose 8.3% week-over-week, ending at $119.73/MWh.

 
 
 

APRIL 18 - 22, 2022

Electricity prices fell from a significant midweek spike to result in more modest week-over-week changes. The NEPOOL 12-mo. strip rose 0.9% week-over-week, ending at $110.52/MWh. WTI closed at $102.07 per barrel on Friday, down 4.5% from the previous week. Geopolitical factors continue to impact prices, most notably the Russia-Ukraine conflict, oil fields closing in Libya, and COVID-19 lockdowns being lifted in Shanghai, China. May front-month natural gas futures decreased 10.6% from the previous week, settling at $6.53/MMBtu on Friday. A higher than anticipated storage injection and an increasing rig count revealing the potential for increased production helped prices to decline.

 
 
 

APRIL 11 - 15, 2022

Front-month natural gas futures increased 16.2% from the previous week, settling at $7.30/MMBtu on Friday. Prices increased week-over-week as high export demand, lingering cold weather, and reduced dry gas production all continue to tighten U.S. storage inventories. Electricity prices are continuing to soar, once again reaching a new annual peak. The NEPOOL 12-mo. strip rose 7.9% week-over-week, ending at $109.58/MWh. WTI prices closed at $106.95 on Thursday, up 11.37% from the week prior. Limited OPEC+ production increases in March are squeezing supply as Russian exports fall.

 
 
 

APRIL 4 - 8, 2022

WTI prices closed at $98.26, down 1.02% from the week prior, as futures slipped to the lowest levels since late February. Prices remained stable this week as members of the International Energy Agency (IEA) coordinated supply releases to ease strained demand in the face of the conflict between Russia and Ukraine. Front-month natural gas futures increased 9.8% from the previous week, settling at $6.28/MMBtu on Friday. Prices increased week-over-week as continued high export demand and insufficient dry gas production tightened U.S. storage inventories. Electricity prices reached their highest point in over a year this past week, rising up to $103.05/MWh on Tuesday. After a slight mid-week decline, overall, the NEPOOL 12-mo. strip rose 4.8% week-over-week, ending at $101.03/MWh.

 
 
 

MARCH 28 - APRIL 1, 2022

After a record-breaking midweek spike, electricity prices dropped over $5/MWh between Thursday and Friday. The NEPOOL 12-mo. strip fell 0.7% week-over-week, ending at $96.43/MWh. Front-month natural gas futures increased 2.3% from the previous week, settling at $5.72/MMBtu on Friday. Even though warmer spring temperatures have helped moderate heating demand across the U.S., a tight domestic supply outlook spurred by high export demand led prices to continue trending upward. WTI prices closed at $99.27 per barrel on Friday, down 12.8% from the week prior. President Biden announced a historic release from the Strategic Petroleum Reserve, resulting in the largest weekly price decline in two years.

 
 
 

MARCH 21 - 25, 2022

April natural gas futures increased 14.5% from the previous week, settling at $5.57/MMBtu on Friday. Colder forecasts and high demand for U.S. LNG exports contributed to a significant week-over-week gain in prices. WTI prices closed at $113.90 per barrel on Friday, up 8.7% from the week prior. Prices steadied slightly as discussions surrounding the European Union banning Russian imports fizzled, yet prices still hit the highest numbers since March 8 last week. Electricity prices soared this week, nearly surpassing the early March peak brought on by the war in Ukraine. The NEPOOL 12-mo. strip rose 7.6% week-over-week, ending at $97.08/MWh.

 
 
 

MARCH 14 - 18, 2022

WTI prices closed at $104.70 per barrel on Friday, jumping around the $100 mark as the Russian-Ukraine conflict increases volatility in the market. U.S. government data revealed the first rise in domestic crude supplies (4.3 million barrels) in three weeks. U.S. natural gas futures increased 2.9% from the previous week, settling at $4.86/MMBtu on Friday. A high storage withdrawal revealing how continued strong exports have worsened the overall domestic supply outlook led prices to increase. Although electricity prices have remained high through March, they are slowly beginning to come down from the significant peak brought on by the war in Ukraine. The NEPOOL 12-mo. strip fell 2.3% week-over-week, ending at $90.22/MWh.

 
 
 

MARCH 7 - 11, 2022

After a significant spike in early March, electricity prices remained high through this past week. The NEPOOL 12-mo. strip rose 0.3% week-over-week ending at $92.33/MWh. Natural gas futures declined 2% from the previous week, settling at $4.93/MMBtu on Friday. Prices fell as warmer forecasts for the end of March are expected to reduce domestic demand for heating fuels. WTI prices closed at $106.02 per barrel on Friday, after hitting the highest recorded prices since 2014 on Tuesday. The EIA released their updated short-term energy outlook and forecasted crude oil prices are expected to average more than $100 a barrel over the remainder of 2022.

 
 
 

FEBRUARY 28 - MARCH 4, 2022

Natural gas futures increased 12% from the previous week, settling at $5.02/MMBtu on Friday. Unexpected cold temperatures across the U.S. and increased demand for U.S. LNG following Russia's invasion of Ukraine pushed gas prices to the highest weekly gain in over a month. WTI prices closed at $115.68 per barrel on Friday, as the conflict between Russia and Ukraine continues to escalate. Lawmakers on both sides of the aisle are pressuring President Biden to ban Russian oil. Amidst Russia's ongoing war in Ukraine and global response over the past week, commodity prices have begun to soar. The NEPOOL 12-mo. strip rose 13.5% week-over-week, ending at $92.09/MWh.

 
 
 

FEBRUARY 21 - 25, 2022

WTI Prices closed at $91.59 per barrel on Friday, representing a 0.57% increase from last week. Brent prices topped $100 per barrel for the first time since 2014 as Russia invaded Ukraine early in the week. Natural gas futures increased 1% from the previous week, settling at $4.47/MMBtu on Friday. U.S. gas futures advanced week-over-week with continued cold temperatures elevating heating demand and sanctions on Russia boosting demand for U.S. LNG exports. Electricity prices are up for the second week in a row in reaction to last week's storm and colder temperatures. The NEPOOL 12-mo. strip rose 5.7% week-over-week, ending at $81.16/MWh on Friday.

 
 
 

FEBRUARY 14 - 18, 2022

After a brief period of decline, electricity prices are slightly up this week. The NEPOOL 12-mo. strip rose 3.3% week-over-week, ending at $76.81/MWh on Friday. Natural gas futures increased 12% from the previous week, settling at $4.43/MMBtu on Friday. Prices increased week-over-week with European heating fuel supply concerns and forecasts for colder weather anticipated to elevate heating demand. WTI prices closed at $91.07 per barrel on Friday, representing a 2.2% decrease from last week. While WTI prices dropped last week, global market volatility has still experienced historic highs due to increasing tensions between Russia and Ukraine.

 
 
 

FEBRUARY 7 - 11, 2022

WTI Prices closed at $93.10 per barrel on Friday, representing a 0.9% increase from last week. This 8-week streak is the longest run of weekly oil gains since October, before the emergence of the Omicron variant. Natural gas futures fell 14% from the previous week, settling at $3.94/MMBtu on Friday. Prices fell week-over-week with forecasts for warmer weather anticipated to reduce overall demand for heating fuels. Electricity prices are down for the second week in a row. The NEPOOL 12-mo. strip fell 5.9% week-over-week, ending at $74.38/MWh on Friday

 
 
 

JANUARY 31 - FEBRUARY 4, 2022

Despite a mid-week spike, electricity prices saw little change this week. The NEPOOL 12-mo. strip fell 0.8% week-over-week, ending at $79.00/MWh on Friday. Natural ghas futures fell 1.5% from the previous week, settling at $4.57/MMBtu on Friday. Prices fell week-over-week with warmer weather forecasts anticipated to reduce near-term heating demand. WTI prices closed at $92.31 per barrel on Friday, representing a 6.32% increase from last week. This past week-over-week increase represents a new 7-year high for crude prices, and many factors indicate the rally will continue.

 
 
 

JANUARY 24 - 28, 2022

Natural gas futures rose 16% from the previous week, settling at $4.64/MMBtu on Friday. Prices increased week-over-week with anticipated high heating demand due to significant snowfall and cold temperatures in New England. Electricity prices saw a significant week-over-week increase ahead of a snowstorm that struck the Northeast this weekend. The NEPOOL 12-mo. strip rose 15% week-over-week, ending at $79.62/MWh on Friday. WTI prices closed at $86.82 per barrel on Friday, up 2.0% from the week prior. Oil hit a seven-year high above $90 per barrel at one point on Wednesday, likely due to the increasing tensions between the U.S. and Russia.

 
 
 

JANUARY 17 - 21, 2022

Electricity prices decreased week-over-week following a stretch of relatively mild winter weather. The NEPOOL 12-mo. strip fell 5.3% week-over-week, ending at $69.22/MWh on Friday. WTI prices closed at $85.14 per barrel on Friday, up 1.6% from the week prior. Oil is dipping after an 8-week spike, with high demand and consumption on track to hit pre-pandemic levels, forecasting a return to $100/barrel in Q3 2022. Natural gas futures dropped 6.2% from the previous week, settling at just under $4.00/MMBtu on Friday. Despite colder weather boosting heating fuel demand, prices fell last week with an improved storage inventory outlook.

 
 
 

JANUARY 10 - 14, 2022

Natural gas futures increased 8.8% from the previous week, settling at $4.26/MMBtu on Friday. Prices rose with a shift towards colder temperatures likely to elevate heating demand. Electricity prices increased week over week following a stretch of cold temperatures and winter storms. The NEPOOL 12-mo. strip rose 4.2% week-over-week, ending at $73.08/MWh on Friday. WTI prices closed at $83.82 per barrel on Friday, up 6.2% from the week prior. Oil prices reached a 7-year high this past week, mostly due to supply restrictions and demand largely unaffected by the omicron variant.

 
 
 

JANUARY 3 - 7, 2022

WTI prices closed at $78.90 per barrel on Friday, up 4.9% from the week prior. Oil is at a seven-week high due to sustained demand despite the Omicron variant, as well as supply disruptions and spare capacity concerns from OPEC+. Natural gas futures increased from 5.1% from the previous week, settling at $3.92/MMBtu on Friday. Prices rose as colder winter weather increased U.S. commercial and residential heating demand. Coming off a late December 5-year high, prices last week began to fall and stabilize. The NEPOOL 12-mo. strip fell 17.3% week-over-week, ending at $62.43/MWh on Friday.

 

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