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.

 

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.

 
CES-Market-Summary-06-27-2022
 

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. 

 
CES-Market-Summary-06-13-2022
 

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. 

 
CES Market Summary 05.31.2022
 

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.

 
CES Market Summary 9.27.21
 

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.

 
CES Market Summary 10.04.21
 

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.

 
CES Market Summary 9.27.21
 

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.

 
CES Market Summary 10.04.21
 

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.

 
CES Market Summary 9.27.21
 

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.

 
CES Market Summary 10.04.21
 

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.

 
CES Market Summary 9.27.21
 

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.

 
CES Market Summary 10.04.21
 

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.

 
CES Market Summary 9.27.21
 

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.

 
CES Market Summary 10.04.21
 

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.

 
CES Market Summary 9.27.21
 

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.

 
CES Market Summary 10.04.21
 

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.

 
CES Market Summary 9.27.21
 

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

 
CES Market Summary 10.04.21
 

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.

 
CES Market Summary 9.27.21
 

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.

 
CES Market Summary 10.04.21
 

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.

 
CES Market Summary 9.27.21
 

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.

 
CES Market Summary 10.04.21
 

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.

 
CES Market Summary 9.27.21
 

DECEMBER 13 - 17, 2021

Last week marked the end of a sustained period of falling electricity prices. The NEPOOL 12-mo. strip rose 10.3% week-over-week, ending at $71.73/MWh on Friday. January natural gas futures dropped 6.6% from the previous week, settling at $3.69/MMBtu on Friday. U.S. natural gas futures declined for a third week straight as mild winter weather continues to constrain demand. WTI prices closed at $70.86 per barrel on Friday, down 1.1% from the week prior. Oil extended declines on worries over the rapid spread of the Omicron virus variant and uncertainty for President Joe Biden's economic plans.

 
CES Market Summary 10.04.21
 

DECEMBER 6 - 10, 2021

January natural gas futures declined by 5.0% from the previous week, settling at $3.93/MMBtu on Friday. U.S. gas futures posted their second weekly loss with forecasts for a mild winter signaling reduced demand for heating fuels. Prices continued to fall last week because of sustained warmer than average weather forecasts. The NEPOOL 12-mo. strip fell 4% week-over-week, ending at $65.05/MWh on Friday. WTI prices closed at $71.23 per barrel on Friday, up 8.2% from the week prior. At the end of last week oil futures recorded their first weekly gain in 7 weeks, and the largest since August.

 
CES Market Summary 9.27.21
 

NOVEMBER 29 - DECEMBER 3, 2021

WTI prices closed at $66.26 per barrel on Friday, down 15.1% from the week prior. Oil prices posted their sixth weekly loss this week, marking the longest stretch of declines since 2018 due to growing concerns about the rise in COVID-19 cases. December natural gas futures were down by 24.1% from the previous week, settling at $4.13/MMBtu on Friday. U.S. gas futures posted their worst weekly performance since February 2014 with warmer-than-expected weather forecasts signaling below-average heating demand. Prices fell last week following a drastic decrease in natural gas prices due to warmer-than-expected forecasts. The NEPOOL 12 mo. strip fell 5.1% week-over-week, ending at $67.77/MWh on Friday.

 
CES Market Summary 10.04.21
 

NOVEMBER 15 - 19, 2021

December natural gas were up by 5.8% from the previous week, settling at $5.07/MMBtu on Friday. Cold weather forecasts, higher-than-expected storage injections, and strong liquefied natural gas exports caused U.S. gas prices to increase. WTI crude prices closed at $76.10 per barrel on Friday, down 5.8% from the week prior. Oil prices fell for the sixth week in a row, as the U.S., Japan, and China consider the release of oil from their strategic petroleum reserves. Prices rose last week following an increase in natural gas prices due to inventory concerns. The NEPOOL 12 mo. strip rose 9.2% week-over-week to $71.09/MWh on Friday.

 
CES Market Summary 9.27.21
 

NOVEMBER 8 - 12, 2021

December natural gas futures dropped 13.1% from the previous week, settling at $4.79/MMBtu On Friday. Warm forecasts, an improved winter supply outlook, and increased gas supply to Europe caused U.S. gas prices to decline. Prices fell last week as the winter fuel inventory outlook improved and nuclear generation resumed in full. The NEPOOL 12-mo. strip fell 8.2% week-over-week to $65.63/MWh on Friday. WTI crude prices closed at $80.79 per barrel on Friday, down 0.6% from the week prior. Prices fell throughout the week, down for the third week in a row as the U.S. weighs releasing oil from the Strategic Petroleum Reserve.

 
CES Market Summary 10.04.21
 

NOVEMBER 1 - 5, 2021

December natural gas futures increased 1.6% from the previous week, settling at $5.52/MMBtu on Friday. The arrival of colder weather and concerns over European gas supply sourced from Russia caused natural gas prices to increase. Prices fell last week as New England nuclear generation resumes. The NEPOOL 12 mo. strip fell 2.7% week-over-week to $71.46/MWh on Friday. WTI crude prices closed at $81.27 per barrel on Friday, down 2.8% from the week prior. Prices fell throughout the week, but spiked on Friday after OPEC+ rejected requests from the U.S. to further increase crude production, leaving markets undersupplied for at least another month.

 
CES Market Summary 9.27.21
 

OCTOBER 25 - 29, 2021

WTI crude prices closed at $83.57 per barrel on Friday, down 0.2% from the week prior. After hitting all-time highs mid-week, crude prices eased off in recent days as global demand remains uncertain due to ongoing outbreaks of the coronavirus. December natural gas futures dropped less than 1%, as November settled for the month above $6 following a steep run-up. An above-average storage injection continued to improve supplies heading into winter, however increased LNG exports may limit sustained builds. Prices rose last week as temperatures begin to drop. The NEPOOL 12-mo. strip rose just under 1.0% week-over-week to $73.46/MWh on Friday.

 
CES Market Summary 10.04.21
 

OCTOBER 18 - 22, 2021

WTI crude prices closed at $83.76 per barrel on Friday, up 1.8% from the week prior. This was the ninth week in a row that U.S. crude benchmark prices climbed as U.S opened travel to vaccinated travelers and as colder weather triggers more demand for heating oil. Prices rose last week as nuclear capacity remains limited. The NEPOOL 12-mo. strip rose 2.1% week-over-week to $73.06/MWh on Friday. November natural gas futures decreased 2.4% from the previous week, settling at $5.28/MMBtu on Friday. An above-average storage injection, increasing dry gas production, and warm weather patterns contributed to a week-over-week decline in gas prices.

 
CES Market Summary 9.27.21
 

OCTOBER 11 - 15, 2021

November natural gas futures decreased by 2.8% from the previous week, settling at $5.41/MMBtu on Friday. Forecasts for warmer fall temperatures, an above-average injection into national storage inventories, and increased dry gas production contributed to a week-over-week decline in gas prices. Prices fell last week following natural gas markets as nuclear outages continue. The NEPOOL 12-mo. strip fell 3.1% week-over-week to $71.55/MWh on Friday. WTI crude prices closed at $82.28 per barrel on Friday, up 3.7% from the week prior. Oil prices reached a new seven-year high as natural-gas supply shortages in Europe and optimism about demand in the U.S. keep the rally going.

 
CES Market Summary 10.04.21
 

OCTOBER 4 - 8, 2021

November natural gas futures decreased by 1.3% from the previous week, settling at $5.55/MMBtu on Friday. Rising domestic dry gas production, warm national weather forecasts, and expectations for added European gas supply contributed to ending a two-month surge in U.S. front-month prices. WTI crude prices closed at $79.35/barrel on Friday, up 4.6% from the week prior. Oil prices continued to climb throughout the week, rising above $80 a barrel intraday on Friday for the first time since November 2014. Prices rose last week as nuclear shutdowns increased reliance on natural gas. The NEPOOL 12-mo. strip rose 8.4% week-over-week to $73.87/MWh on Friday.

 
CES Market Summary 9.27.21
 

SEPTEMBER 27 - OCTOBER 1, 2021

Prices soared last week, following a similar rally in natural gas prices. The NEPOOL 12-mo. strip rose 11% week-over-week to $68.14/MWh on Friday. WTI crude prices closed at $75.88/barrel on Friday, up 2.6% from the week prior. Prices rose last week ahead of an OPEC+ meeting, contributing to a sixth straight quarterly climb for U.S. benchmark prices. November natural gas futures increased by 9.3% from the previous week, settling at $5.62/MMBtu on Friday. Strong overseas demand for U.S. LNG expected to limit the amount of gas injected into storage this fall led prices to increase week-over-week.

 
CES Market Summary 10.04.21
 

SEPTEMBER 20 - 24, 2021

WTI crude prices closed at $73.98/barrel on Friday, up 2.8% from the week prior. Prices climbed to their highest level since October of 2018, seeing a fifth consecutive weekly gain. Prices are set to continue rallying as supply struggles to catch up with fast-rising demand. October natural gas futures increased 0.4% from the previous week, settling at $5.13/MMBtu on Friday. Although a moderate weather outlook for the early fall may help reduce demand, persisting concerns over storage inventory levels for the coming winter led prices to a week-over-week increase. New England electricity prices rose despite a dip mid-week that was caused by mild weather. The NEPOOL 12-mo. strip rose 1.7% week-over-week to $61.34/MWh on Friday.

 
CES Market Summary 9.27.21
 

SEPTEMBER 13 - 17, 2021

October natural gas futures increased 3.3% from the previous week, settling at $5.11/MMBtu on Friday. Reduced Gulf Coast dry gas production and above-average temperatures across the U.S. have increased concerns over winter supply and led prices to rise. New England electricity prices rose following an increase in winter natural gas prices. The NEPOOL 12-mo. strip rose 6.6% week-over-week to $62.37/MWh on Friday. WTI crude prices closed at $71.97/barrel on Friday, up 3.2% from the week prior. Prices dropped on Friday but overall saw a fourth consecutive weekly gain. U.S. oil production is slowly returning to normal levels in the Gulf of Mexico after being hit by hurricanes.

 
CES Market Summary
 

SEPTEMBER 6 - 10, 2021

WTI crude prices closed at $69.72/barrel on Friday, up only 0.6% from the week prior. Oil prices were little changed as supply effected by Hurricane Ida slowly continues to recover and investors track the outlook for demand and low inventories over the fourth quarter. October natural gas futures increased 4.9% from the previous week, settling at $4.94/MMBtu on Friday. Tightening supply heading into the winter heating season amidst ongoing production disruptions and high demand internationally led gas prices to rise. New England electricity prices rose after a heatwave increased demand early last week. The NEPOOL 12-mo. strip rose 4.1% week-over-week to $58.49/MWh on Friday.

 
CES Market Summary
 

AUGUST 30 - SEPTEMBER 3, 2021

WTI crude prices closed at $69.29/barrel on Friday, up just 0.8% from the week prior. West Texas prices were little changed after OPEC+ agreed to boost oil production, predicting that the market can absorb the additional supply. October natural gas futures increased 7.8% from the previous week, settling at $4.71/MMBtu on Friday. Forecasts for above-average temperatures alongside a significant decline in dry gas production following Hurricane Ida led prices to rise. New England electricity prices rose after a heatwave increased demand early last week. The NEPOOL 12-mo. strip rose 4.8% week-over-week to $56.17/MWh on Friday.

 
CES Market Summary
 

AUGUST 23 - 27, 2021

September natural gas futures increased 13.5% from the previous week, settling at $4.37/MMBtu on Friday. Hot temperatures, strong LNG exports, and a reduction in dry gas production ahead of Hurricane Ida led prices to a week-over-week increase. New England electricity prices rose after a heatwave increased demand late last week. The NEPOOL 12-mo. strip rose 1.5% week-over-week to $53.58/MWh on Friday. WTI crude prices closed at $68.74/barrel on Friday, up 10.3% from the week prior. Oil prices saw their biggest weekly gain in 11 months as coronavirus fears waned and hurricane Ida made landfall on the Gulf Coast.

 
 

WEEK OF AUGUST 16 - 20, 2021

WTI crude prices closed at $62.32/barrel on Friday, dropping nearly 9% from the week prior. Prices plunged throughout the week causing the longest run of declines since 2018 as the Delta variant continues to spread rapidly across Asia and the U.S., suppressing short-run oil demand. Natural gas markets fell 0.2% from the previous week, settling at $3.85/MMBtu on Friday. An above-average injection into national storage inventories and anticipation that Tropical Storm Henri’s arrival would help ease cooling demand in the Northeast led to the price decline. New England electricity prices rose slightly despite a drop mid-week on forecasts of rain and reduced air conditioning demand. The NEPOOL 12-mo. strip rose 1.8% week-over-week to $52.81/MWh on Friday.

 
 

AUGUST 9 - 13, 2021

Natural gas markets fell 6.7% from the previous week, settling at $3.86/MMBtu on Friday. Reduced concerns over winter supply levels following an above-average injection into storage and a shift towards milder weather forecasts for the end of August led to the price decline. WTI crude prices closed at $68.44/barrel on Friday, up 0.2% from the week prior. Prices rose early in the week but fell slightly at the end of the week as the Delta variant continues to spread. New England electricity prices rose only slightly this week, ending a month-long streak of larger gains. The NEPOOL 12-mo. strip rose 0.4% week-over-week to $51.89/MWh on Friday.

 
 

AUGUST 2 - 6, 2021

WTI crude prices closed at $67.98/barrel on Friday, down 8.1% from the week prior. Prices dropped throughout the week as coronavirus variant spread continues and after the EIA reported a 3.63 million barrel increase in U.S. crude inventories. Natural gas markets increased 5.6% from the previous week, settling at $4.14/MMBtu on Friday. Forecasts for unseasonably warm temperatures and another below-average seasonal storage injection caused prices to move upward. New England electricity prices rose this week as forecasted temperatures in August are higher than initially expected. The NEPOOL 12-mo. strip rose 8.1% week-over-week to $51.70/MWh on Friday.

 
 

JULY 26 - 30, 2021

WTI crude prices closed at $73.95/barrel on Friday, up 2.6% from the week prior and 0.6% for the month. Prices hovered near $70 per barrel with oil demand growing faster than supply, even with the rapid spread of the Delta variant. Natural gas prices decreased 3.6% week-over-week, settling at $3.91/MMBtu last Friday. A milder long-term weather outlook for the coming weeks is expected to help reduce air conditioning demand and drove prices downward on Friday. New England electricity prices rose this week despite dropping Friday on news of mild temperatures. The NEPOOL 12-mo. strip rose 1.9% week-over-week to $47.84/MWh on Friday.

 
 

JULY 19 - 23, 2021

On Friday, WTI crude prices closed at $72.17/barrel, closing 0.3% up from the week prior, even with a 7% drop earlier in the week. The large drop was mainly attributed to worries about the spread of the delta variant of the coronavirus and its impact on oil demand as well as the OPEC+ agreement to boost oil supply. Natural gas prices increased 11% week-over-week, settling at $4.06/MMBtu last Friday. A hot weather outlook for much of the country drove prices upward daily, leading prices to reach a 31-month high on Friday. New England electricity prices rose this week following natural gas prices, which are rising with warmer temperatures across the country. The NEPOOL 12-mo. strip rose 3.2% week-over-week to $46.95/MWh on Friday.

 
 

JULY 12 - 16, 2021

WTI crude prices closed at $71.81/barrel on Friday, 4% lower than the week prior. Prices dropped for a third day in a row on Friday due to OPEC+’s agreement to boost supply and the rapid spread of the COVID-19 Delta variant. Natural gas prices remained flat week-over-week, settling at $3.67/MMBtu on Friday. After reaching a two-and-a-half year high on Monday, milder weather patterns predicted for the Northeast and the South led prices to hold flat week-over-week. New England electricity prices fell slightly as demand remained below the YTD peak and natural gas prices slipped. The NEPOOL 12-mo. strip fell less than 0.1% week-over-week to $45.50/MWh on Friday.

 
 

JULY 5 - 9, 2021

WTI crude prices closed at $74.56/barrel on Friday, about a 1% drop compared to the week prior. While prices continue to stay near October 2018 highs, the growing fuel demand in the U.S., the near-term spread of the Delta variant, and stalled OPEC+ talks are likely to cause oil prices to trade sideways in the upcoming weeks. Natural gas prices decreased 0.2% week-over-week, settling at $3.692/MMBtu on Friday. Despite continued hot weather in the West, natural gas prices fell week-over-week for the first time since mid-June due to increased dry gas production. New England electricity prices fell as weather remains mild across the region. The NEPOOL 12-mo. strip fell 1.8% week-over-week to $45.53/MWh on Friday.

 

JUNE 21 - 25, 2021

WTI crude prices settled at $74.05/barrel on Friday, a 3% increase week over week. The WTI price continues to climb due to tightening global supply, however, OPEC+ may agree to boost production which could provide some price relief. Natural gas prices increased 8.7% week-over-week, settling at $3.496/MMBtu on Friday. Hot forecasts that signaled increased air conditioning demand in the Northwest and Northeast drove prices to a two and a half year high on Friday. New England electricity prices rose to end above $43/MWh this week. The NEPOOL 12-mo. strip rose 2.5% week-over-week to $43.76/MWh on Friday.

 
 

JUNE 14 -18, 2021

Crude oil prices ended at $71.64/barrel on Friday, a 1.0% increase from the week prior. WTI posted gains for the fourth straight week amid soaring demand, nearly reaching pre-COVID-19 levels, and continued supply controls by OPEC+ and U.S. shale producers. Natural gas prices decreased 2.9% week-over-week, settling at $3.215/MMBtu on Friday. Forecasts for cooler weather in the eastern U.S. drove prices downward and helped offset the continued high air conditioning demand caused by the heatwave in the West. New England electricity prices surpassed $43/MWh early last week, later falling to settle at a slight gain. The NEPOOL 12-mo. strip rose 0.8% week-over-week to $42.69/MWh on Friday.

 

JUNE 7 - JUNE 11, 2021

Crude oil prices ended Friday at a multi-year high of $70.80/barrel, a 3.4% increase from the week prior. Oil posted gains for the third straight week passing $70 for the first time since October 2018 due to an improved outlook for worldwide demand as rising COVID-19 vaccination rates continue to increase. Gas prices rose 6.4% last week, settling at $3.296/MMBtu on Friday. Forecasts for hotter weather and a decline in hydropower capacity amidst drought conditions drove prices upward to the highest levels since October 2020. New England electricity prices spiked last week, surpassing $42/MWh. The NEPOOL 12-mo. strip rose 2.7% week-over-week to $42.34/MWh on Friday.

 
 

MAY 31 - JUNE 4, 2021

Crude oil prices ended Friday at $69.62/barrel, a 5.0% increase from the week prior. Oil posted gains for the fourth out of the last five sessions with prices approaching $70/barrel for the first time since October 2018 due to an uptick in gasoline demand, lifting of COVID-19 restrictions, and lagging supply. Gas prices rose 3.7% last week, settling at $3.097/MMBtu on Friday. Prices started the week strong with high LNG imports, dropped midweek due to news of a larger than expected storage injection, and ended the week higher due to a warmer than average forecast. New England electricity markets continued to rebound from last month’s dip. The NEPOOL 12-mo. strip rose 1.2% week-over-week to $41.21/MWh on Friday.

 
 

MAY 24 - 28, 2021

Crude oil prices ended Friday at $66.32/barrel, a 4.3% increase from the week prior. Oil prices had their largest weekly gain since mid-April ahead of Memorial Day weekend, marking the beginning of the driving season in the US. Gas prices rose 2% last week, settling at $2.986/MMBtu on Friday. Prices rebounded mid-week, with the July contract settling at $3.027/MMBtu on Wednesday before declining on Friday driven by a large storage injection and cooler temperature forecasts. New England electricity markets rebounded last week. The NEPOOL 12-mo. strip gained 2% week-over-week reaching $40.72/MWh on Friday.

 
 

MAY 17 - 21, 2021

Higher dry gas production, reduced LNG exports, and a shift towards milder weather led gas prices to drop 1% from the previous week, settling at $2.91/MMBtu last Friday. As of May 14, gas inventories increased 71 Bcf week-over-week to bring total stockpiles to 2,100 Bcf. New England electricity markets slumped last week. The NEPOOL 12-mo. strip lost 2% week-over-week falling to $39.97/MWh on Friday. Crude oil prices ended Friday at $63.58/barrel, a 2.7% decrease from the week prior. Oil prices had their largest daily gain since mid-April on Friday but ended down week-over-week due to projections for Iranian oil entering the market.

 
 

MAY 10 - 14, 2021

Natural gas markets held steady from the previous week, settling at $2.96/MMBtu on Friday. Upward market pressure from an increase in domestic demand was counterbalanced by higher US dry gas production. New England electricity markets continued to rise last week. The NEPOOL 12-mo. strip gained 1.2% week-over-week reaching $40.78 /MWh on Friday. Crude oil prices ended Friday at $65.37/barrel, a 0.7% increase from the week prior. Oil saw a third straight week of gains on the back of a weaker dollar and positive summer demand outlook.

 
 

MAY 3 - 7, 2021

Crude oil prices ended Friday at $64.90/barrel, a 2.1% increase from the week prior. Oil had its first back-to-back weekly increase since early March tracking with a continued positive demand outlook in the US and Europe. Natural gas markets increased just 1% from the previous week, settling at $2.96/MMBtu on Friday. Upward market pressure from a below-average increase in storage inventories and continued strong demand for LNG was counterbalanced by a shift towards milder temperatures. New England electricity markets continued to rise last week. The NEPOOL 12-mo. strip gained 3.1% week-over-week reaching $40.30/MWh on Friday.

 
 

APRIL 26 - 30, 2021

Crude oil prices ended Friday at $63.58/barrel, a 2.3% increase from the week prior. Oil ended both the week and month higher due to increasingly positive demand outlook in the US, China, and Europe. Tightening storage inventories and strong LNG exports amidst declining dry gas production led natural gas futures to increase 7% from the previous week, settling at $2.93/MMBtu. New England electricity futures leveled off last week. The NEPOOL 12-mo. strip gained 1.1% week-over-week settling at $39.09/MWh on Friday.

 
 

APRIL 19 - 23, 2021

Cold early spring temperatures, strong LNG exports, and declining dry gas production led natural gas futures to rise 2% from the previous week, settling at $2.73/MMBtu. Crude oil prices ended Friday at $62.14/barrel, a 1.6% decrease from the week prior. After a strong week last week and continued positive news out of the US and Europe, prices fell due to rapidly increasing COVID-19 cases in India. New England electricity futures continued to rise last week. The NEPOOL 12-mo. strip was up 2% week-over-week settling at $38.66/MWh on Thursday and long-term electricity futures gained between 2% and 3%.

 
 

APRIL 12 - 16, 2021

Crude oil prices ended Friday at $63.13/barrel, a 6.4% increase from the week prior. Oil had its best week since mid-March due to positive demand outlooks from the US and China. Cooler temperatures across the US and strong demand internationally for LNG led natural gas futures to rise 6% from the previous week, settling at $2.68/MMBtu. New England electricity futures jumped nearly $1/MWh last week. The NEPOOL 12-mo. strip was up 2% week-over-week settling at $37.82/MWh on Thursday and long-term electricity futures saw gains between 1% to 2%.

 
 

APRIL 5 - 9, 2021

Crude oil prices ended Friday at $59.32/barrel, a 3.5% decrease from the week prior. Oil had its worst week since mid-March due to concerns around COVID-19 outbreaks, especially in Europe. Forecasts for warmer temperatures and a seasonably large storage injection of 20 Bcf led gas prices to drop 4% from the previous week, settling at $2.53/MMBtu last Friday.

 
 

MARCH 29 - APRIL 2, 2021

Crude oil prices ended Friday at $61.45/barrel, a 0.8% increase from the week prior. Oil markets saw an increase last week due to positive news from the OPEC+ meeting and improving demand outlook. Cold temperatures this past weekend and continued strong demand for LNG exports led gas prices to rise 3% from the previous week, settling at $2.64/MMBtu last Friday. As of March 26, gas inventories increased 14 Bcf week-over-week to bring total stockpiles to 1,764 Bcf.

 
 

MARCH 22 - 26, 2021

Crude oil prices ended Friday at $60.97/barrel, a 0.7% decrease from the week prior. Oil prices fell slightly after seesawing throughout the week due to negative short-term demand outlook and the abrupt shutdown of trade through the Suez Canal. Colder national weather forecasts and record demand for LNG exports led gas prices to rise 2% from the previous week, settling at $2.58/MMBtu last Friday. As of March 19, gas inventories decreased 36 Bcf week-over-week to bring total stockpiles to 1,746 Bcf.

 
 

MARCH 15 - 19, 2021

Crude oil prices ended Friday at $61.42/barrel, a 6.4% decrease from the week prior. Oil had its worst week since October 2020 due to COVID-19 concerns and long-term demand pessimism. Warm early spring temperatures and lower-than-expected national storage withdrawals led gas prices to decline 2% from the previous week, settling at $2.54/MMBtu last Friday. As of March 12, gas inventories decreased 11 Bcf week-over-week to bring total stockpiles to 1,782 Bcf.

 
 

MARCH 8 - 12, 2021

Crude oil prices ended Friday at $65.61/barrel, a 0.7% decrease from the week prior. Prices posted a weekly loss for the first time in three weeks due to demand concerns and global inventories. Warm late-winter conditions and lower-than-expected national storage withdrawals led gas prices to decline 3% from the previous week, settling at $2.60/MMBtu last Friday. As of March 5, gas inventories decreased 52 Bcf week-over-week to bring total stockpiles to 1,793 Bcf.

 
 

MARCH 1 - 5, 2021

Crude oil prices ended Friday at $66.09/barrel, a 7.5% increase from the week prior. Prices surged to highs not seen since April 2019 on the back of news that OPEC+ would continue holding supply cuts steady. Meanwhile, warm national weather forecasts for March and lower-than-expected national storage withdrawals led gas prices to decline 2% from the previous week, settling at $2.70/MMBtu last Friday. As of February 26, gas inventories decreased 98 Bcf week-over-week to bring total stockpiles to 1,845 Bcf.

 
 

FEBRUARY 22 -26, 2021

Crude oil prices ended Friday at $61.50/barrel, a 3.8% increase from the week prior. Prices dropped 3.2% on Friday, but the market posted a monthly gain of about 18% with decreasing worldwide inventories and positive demand outlook. Meanwhile, heating demand caused by warmer national weather patterns and a fast rebound in Texas gas production led gas prices to decline 10% from the previous week, settling at $2.75/MMBtu last Friday.

 
 

FEBRUARY 15 - 19, 2021

Crude oil prices ended Friday at $59.24/barrel, an 0.4% decrease from the week prior. Oil prices surpassed $60 for the first time in over a year midweek, but later fell due to large production and refining shutdowns in Texas caused by the deep freeze. Frigid temperatures across the midcontinent and disruptions to Permian Basin gas production caused prices to rise 6% from the previous week, settling at $3.07/MMBtu last Friday. As of February 12, gas inventories decreased 237 Bcf week-over-week to bring total stockpiles to 2,281 Bcf.

 
 

FEBRUARY 8 - 12, 2021

Crude oil prices ended Friday at $59.47/barrel, an 4.6% increase from the week prior. Oil prices reached almost $60 a barrel for the first time in more than a year on the back of increasing demand and decreasing supply. Persistent cold temperatures and disruptions to Permian Basin gas and crude oil production caused US natural gas prices to rise 2% from the previous week, settling at $2.91/MMBtu last Friday. As of February 5, gas inventories decreased 171 Bcf week-over-week to bring total stockpiles to 2,518 Bcf

 
 

FEBRUARY 1 - 5, 2021

Crude oil prices ended Friday at $56.85/barrel, an 8.9% increase from the week prior. Oil prices set a one-year high bucking the negative trend with influence from OPEC+ and continued COVID-19 vaccine deployment. Forecasts shifted significantly colder for the remainder of February causing US natural gas prices to rise 15% from the previous week, settling at $3.00/MMBtu last Friday. As of January 29, gas inventories decreased 192 Bcf week-over-week to bring total stockpiles to 2,689 Bcf.

 
 

JANUARY 25 - 29, 2021

Crude oil prices ended Friday at $52.20/barrel, a 0.1% decrease from the week prior. Oil prices dipped for the third week in a row due to increase concerns for short term demand and COVID-19 vaccine rollouts. Strong national demand for heating fuels and a shift towards colder national weather forecasts for the start of February caused US natural gas prices to rise 6% from the previous week, settling at $2.60/MMBtu last Friday.

 
 

JANUARY 18 - 22, 2021

Crude oil prices ended Friday at $52.27/barrel, a 0.2% decrease from the week prior. Oil fell to its lowest in two weeks due to a negative short-term demand outlook and a stronger US dollar. A shift towards milder national weather forecasts for the end of January and a decline in LNG exports to Asia caused US natural gas prices to fall 11% from the previous week, settling at $2.45/MMBtu last Friday.

 
 

JANUARY 11 - 15, 2021

Crude oil prices ended Friday at $52.36/barrel, a 0.2% increase from the week prior. Oil markets managed to pull through with a slight increase despite a strengthening of the US dollar, which decreased the appeal of dollar-based commodities. The possibility of polar vortex conditions developing at the end of January and continued high exports caused US natural gas prices to rise 1.5% from the previous week, settling at $2.74/MMBtu last Friday.

 
 

JANUARY 4 - JANUARY 8, 2021

Crude oil prices ended Friday at $52.24/barrel, a 7.7% increase from the week prior. Oil markets posted their largest weekly gain since the end of September, buoyed by Saudi Arabia’s plan to cut output and optimism for the passing of an additional stimulus bill under the incoming Biden administration. Meanwhile, colder short-term forecasts and the potential for polar vortex conditions at the end of January caused natural gas prices to rise 6% from the previous week, settling at $2.70/MMBtu last Friday.

 
 

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