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.
After falling for a couple of weeks, electricity prices have stabilized over the course of the past week. The NEPOOL 12-month strip increased 0.62% week-over-week, settling at $69.21/MWh. Following a modest advance last week, the natural gas prompt month futures saw an 18.4% advance week-over-week to land at $2.59. Wildfires continue to spread across Canada’s Alberta province and have maintained their influence over natural gas production shut-ins, with over 90 active fires burning throughout last week. Prices also saw a $0.20 increase in response to the EIA’s storage report, which showed a storage injection on the smaller side than what was originally projected. The WTI 12-month rolling strip settled at $70.29/barrel on Friday, up 2.5% from the week prior, driven by high Chinese demand even amidst lower-than-expected economic growth.
After falling for a couple weeks, electricity prices have changed course and come up slightly week-over-week. The NEPOOL 12-month strip increased 2.47% week-over-week, settling at $69.64/MWh. After two weeks of downward movement, the natural gas prompt month futures saw a 6% advance week over week to land at $2.27/Dth. Wildfire spread across Canada’s Alberta province leading to production shut-ins which drove NYMEX futures upward despite a larger than expected storage build for week ending May 5. The WTI 12-month rolling strip settled at $68.58/Barrel on Friday, down 1.6% from the week prior, driven by a stronger U.S. dollar and demand concerns.
The natural gas prompt month futures decreased by 11.21% week over week to land at $2.14 on Friday. Plentiful supplies and steady production are continuing to keep natural gas futures falling as we move through the shoulder season. Electricity prices are down, again, as we’ve seen last week’s downward trend continue into this week. The NEPOOL 12-month strip decreased 1.12% week-over-week, settling at $69.61/MWh. The WTI 12-month rolling strip settled at $69.66/Barrel on Friday, down 6.5% from the week prior, driven by further interest rate hikes coming out of the Federal Reserve meeting last week.
Natural gas contracts for May 2023 settled on Tuesday at $2.12/Dth, 4.5% lower than the closing price from the week before. Prompt Month futures for June closed at $2.4/Dth, 13% higher than the May settlement price. We’ve seen the recent disruption to New England prices reverse course over the past week, with a notable decrease in electricity prices. The NEPOOL 12-month strip decreased 6.84% week-over-week, settling at $70.53/MWh. The WTI 12-month rolling strip settled at $72.78/Barrel last week, down 3.9% from the week prior. Last week’s losses were largely driven by growing recession fears and anticipation of further interest rate hikes by the Federal Reserve.
The WTI 12-month rolling strip settled at $75.18/Barrel last week, down from $79.66/Barrel the week prior. stronger U.S. dollar and recession fears have put downward pressure on crude futures following the announcement of further OPEC+ production cuts. Natural gas prompt month futures saw upward movement for the second week in a row, advancing by 5.69% from the previous week to land at $2.23/Dth. The increase was influenced by a boost in spring heating demand from cooler than expected April weather. New England electricity prices reached their lowest price since 2021 on January 31st. We’ve seen the recent disruption to New England prices continue into the past week as prices continued to rise. The NEPOOL 12-month strip increased 3.86% week-over-week, settling at $75.70/MWh.
WTI closed at $79.60/Barrel last week, up 1.82% from the week prior. Last week, oil prices saw their highest rise in more than a month. The natural gas prompt month advanced by 4.74% week over week to settle at $2.11 on Friday. Despite the slight uptick, futures have remained firmly in the low $2.00 range, driven by mild weather forecasts, steady production, and the start of the injection season. New England electricity prices reached their lowest price since 2021 on January 31st. Since then, we’ve seen prices gradually rising, and this trend has continued this past week. The NEPOOL 12-month strip increased 1.09% week-over-week, settling at $68.69/MWh.
The WTI 12-month rolling strip settled at $77.88/Barrel last week, showing gains over $3/Barrel from the week prior. Crude futures saw substantial gains as OPEC+ announced further production cuts. The natural gas prompt month futures decreased by 9.49% week over week to land at $2.01 on Friday. Plentiful supplies and warm April weather forecasts are continuing to keep natural gas futures falling as we head into the shoulder season. New England electricity prices reached their lowest price since 2021 on January 31. Over the past week, however, electricity markets have been shaken up a bit and we see this reflected in prices. The NEPOOL 12-month strip increased 3.16% week-over-week, settling at $67.95/MWh.
The WTI 12-month rolling strip settled at $73.14/Barrel on Friday, showing gains of 6.7% from the week prior. Crude futures are supported by larger than expected withdrawals in U.S. oil stockpiles and tightened global supply. The natural gas prompt month futures stayed flat week over week to settle at $2.22. Futures remain stable as we move away from the heavy withdrawal season and with April weather reports turning warmer than originally forecasted. New England electricity prices remain relatively stable, moving down slowly but consistently over the past few weeks. The NEPOOL 12-month strip decreased 1.08% week-over-week, settling at $65.47/MWh.
WTI closed at $69.26/Barrel on Friday, up 3.78% from Friday last week. The US Treasury stepping in to assure banking customers and the subsequent check on fears of a banking collapse contagion have contributed to the surge in oil prices this week. New England forward electricity prices reached their lowest price since 2021 on January 31st and have since come up slightly to remain relatively stable. The NEPOOL 12-month strip decreased 3.88% week-over-week, settling at $66.19/MWh. The natural gas prompt month futures saw relief for the third consecutive week landing at $2.22, decreasing 5.13% from the previous week. Futures fell over the week despite a larger than normal storage withdrawal and an increase in heating demand with colder than average March temperatures.
WTI closed at $66.74/barrell on Friday, seeing losses of over $10/barrel from the week prior. Both WTI and Brent plummeted on Wednesday after Credit Suisse announced their largest backer, Saudi National Bank, would not provide further financial support. The natural gas prompt month futures price settled at $2.34 on Friday, declining 10.3% from the previous week. Prices remained volatile throughout the week, supported by a warmer than expected spring outlook, strong supply surplus and the return of the Freeport LNG facility. New England electricity prices reached their lowest price since 2021 on January 31st and have since come up slightly and remain relatively stable. The NEPOOL 12-month strip increased 1.13% week-over-week, settling at $68.85/MWh.
WTI closed at $76.68/Barrel on Friday, down 3.8% from the week prior. Both WTI and Brent saw week-over-week losses on Friday driven by ongoing interest rate concerns. The collapse of Silicon Valley Bank on Friday led to further losses over the weekend, with WTI falling to its lowest price since early December. The natural gas prompt month futures price settled at $2.43 on Friday, declining 23.87% from the previous week. The drop in prices was supported throughout the week by a supply surplus and a drop in expected heating demand with March weather forecasts trending warmer than originally predicted. New England electricity prices reached their lowest price since 2021 on January 31st and have since come up slightly and remain relatively stable. The NEPOOL 12-month strip decreased 2.29% week-over-week, settling at $68.09/MWh.
WTI closed at $79.68/Barrel on Friday, up 4.4% from the week prior. Both WTI and Brent settled at three-week highs on Friday driven by anticipated demand recovery in China and the record U.S. crude exports reported this past week. The natural gas prompt month futures price settled at $3.01 on Friday, advancing 22.86% from the previous week. Cold weather forecasts and a drop in production for the start of March drove up NYMEX prices over the week. New England electricity prices have recovered slightly since reaching their lowest price since 2021 on January 31st. The NEPOOL 12-month strip increased 7.78% week-over-week, settling at $69.68/MWh.
WTI closed at $76.32/Barrel on Friday, down just $0.02/Barrel from the week prior. Oil markets continue to weigh mixed signals from anticipated interest rate hikes by central banks, growing domestic stockpiles, and the planned production cut of Russian oil. The natural gas prompt month futures price settled at $2.45 on Friday, down 2.45% from the previous week. The drop was supported by steady production at 100 bcf/day and warm weather conditions for the start of 2023 that continue to provide downward price pressure. New England electricity prices reached their lowest price since 2021 on January 31st and have since come up slightly but remain stable. The NEPOOL 12-month strip decreased 4.42% week-over-week, settling at $64.65/MWh.
WTI closed at $76.34/Barrel on Friday, down 4.2% from the week prior. Oil markets are receiving mixed signals between continued builds in domestic crude inventories, prospects of demand recovery in China this year, and the expected production cut of Russian oil in March. Natural Gas front-month futures settled at $2.28 on Friday, resulting in a 9.16% decrease from the previous week. Falling prices were supported by 100 bcf/day production and persistent above average temperatures, keeping heating demand low. New England electricity prices reached their lowest price since 2021 on January 31 and have since come up slightly, with the NEPOOL 12-month strip increasing 3.03% week-over-week, settling at $67.64/MWh.
WTI closed at $79.72/Barrel on Friday, gaining 8.6% from the week prior. This week-over-week increase is driven by news of Russia reducing its crude oil production by 500,000 barrels per day in March and long-term supply concerns. The natural gas prompt month advanced this week to settle at $2.51 on Friday, a 4.15% increase from the previous week. Winter weather forecasts trending colder than originally predicted for the last week in February provided upward price pressure. New England electricity prices reached their lowest price since 2021 on January 31st and have since come up slightly, with the NEPOOL 12-month strip increasing 0.39% week-over-week, settling at $65.65/MWh.
WTI closed at $73.39/Barrel on Friday, posting losses of over $6/Barrel from the week prior driven by continued builds in domestic crude, gasoline, and distillate product inventories. Natural gas front month futures saw a sharp decline this week settling at $2.41 on Friday, a 22.51% decrease from the previous week. Adequate storage and production through most of January and warm weather forecasts for the start of February have kept futures sliding through the short-lived cold spout. New England electricity prices reached their lowest price since 2021 on January 31st and have since come up slightly, with the NEPOOL 12-month strip increasing 3.49% week-over-week, settling at $65.40/MWh.
WTI closed at $79.68/Barrel on Friday, down 2% from the week prior. The WTI benchmark remains supported as demand is projected to grow as Beijing reopened borders for the first time in 3 years and the U.S. Commerce Department’s GDP Report posted faster than expected economic growth in the fourth quarter of 2022. Natural gas front-month futures settled at $3.11 on Friday, resulting in a 1.89% decrease from the previous week. Sliding prices throughout the week were influenced by mild weather curbing demand and steady production at around 100 Bcf/day. New England electricity prices peaked on December 1 and have trended downward since then, with the NEPOOL 12-month strip decreasing 10.96% week-over-week, settling at $61.91/MWh.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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