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.

 
 

FEBRUARY 12 - 16, 2024

Prices for both WTI and Brent were down slightly this past week. WTI dropped by 0.73% week-over-week to $74.60/barrel, and Brent was down by 0.75% week-over-week to $79.18 barrel. The prompt month fell 12.9% week-over-week, landing at $1.61/MMBtu. The Basis 12-month rolling strip saw a dramatic 21.9% decrease week-over-week as National Grid and Constellation have filed a six-year deal to extend service from the Everett LNG terminal in Massachusetts. New England electricity prices fell over the past week, with the NEPOOL 12-month strip decreasing by $4.59 or 9.10% week-over-week, to settle at $48.72/MWh. Forecasted spring weather and dips in natural gas prices are putting downward pressure on prices. 

 
 
 

FEBRUARY 5 - 9, 2024

Prices for crude oil rose last week. WTI increased by 5.5% week-over-week to $75.15/barrel, and Brent was up by 5.31% week-over-week to $79.78/barrel. The New York Harbor Heating oil price also registered a 2.68% increase week over week to $2.68/gallon. The prompt month fell 9.7% week-over-week, landing at $1.85/MMBtu as the Northeast experienced an unseasonably warm weekend. Analysts predict sharp price increases this week as the Northeast braces for a winter snowstorm and cold temperatures. New England electricity prices fell over the past week, with the NEPOOL 12-month strip decreasing by $1.44 or 2.6% week-over-week, settling at $53.41/MWh. This represents a recovery from the previous week’s price increases. Colder than average temperatures are forecast for the coming weeks, putting upward pressure on gas and electricity pricing.

 
 
 

JANUARY 22 - 26, 2024

Prices for crude oil increased this past week. WTI rose by 2.95% week-over-week to $73.78/barrel, and Brent was up by 2.59% week-over-week to $78.40 barrel. U.S. crude stockpiles fell more than expected last week and increasing conflict between U.S. forces and Iranian backed militia in the Middle East underscored the peril facing trade in a key global transit route. Natural gas prompt month futures rose just one cent week-over-week, settling at $2.71/MMBtu. A reported five LNG cargoes were cancelled two weeks ago during the cold snap to keep spot gas prices low as terminals in New England imported enough gas to supply 65% of demand in the region. New England electricity prices fell over the past week, with the NEPOOL 12-month strip decreasing by $2.12 or 3.7% week-over-week, settling at $54.78/MWh. Slight upward pressure from a dip in natural gas storage levels has been mitigated by built-up storage security, as well as anticipated milder weather.

 
 

JANUARY 15 - 19, 2024

Crude oil experienced slight drops in prices this week as concerns over geopolitical tensions grew. WTI decreased 0.09% week-over-week to $72.14/barrel, and Brent was down 0.13% week-over-week to $76.86/barrel. Investors are balancing the impact of war widening in the Middle East and global disruptions to supply with downtrodden economic outlook data. Natural gas prompt month futures experienced a significant 23.8% drop week-over-week, landing at $2.52/MMBtu. Total US consumption rose 20.8% to 123.4 Bcf/day. New England electricity prices remained fairly stable over the past week, with the NEPOOL 12-month strip falling slightly by 2% week-over-week, settling at $56.89/MWh. A mild weather forecast for the coming weeks and high natural gas storage levels are exerting downward pressure on electricity prices. 

 
 
 

JANUARY 8 - 12, 2024

Oil prices ended this week slightly down. WTI dropped 0.34% week-over-week to $71.50/barrel, and Brent declined 0.45% week-over-week to $76.14/barrel. The Iran backed Houthi group has continued to attack vessels on the Red Sea. Natural gas prompt month futures rose 14% week-over-week, landing at $3.31/MMBtu. A cold winter blast is putting upward pressure on near-term NYMEX and Basis pricing. New England electricity prices rose over the past week, with the NEPOOL 12-month strip increasing 5.96% week-over-week, settling at $58.06/MWh. Anticipated increased heating demand due to winter weather in the coming weeks is beginning to put upward pressure on prices.

 
 

JANUARY 1 - 5, 2024

Oil prices, despite mid-week volatility driven by increased tensions in the Middle East and concerns of oversupply, ended this week close to how they started. WTI rose by 0.02% week-over-week to $70.06/barrel, and Brent was down 0.17% week-over-week to $74.89/barrel. Natural gas prompt month futures rose 7.6% week-over-week, landing at $2.82/MMBtu. Concerns of an oversupplied market persist as record production and low demand have continued to exert downward pressure on pricing. New England electricity prices rose over the past week, with the NEPOOL 12-month strip increasing 5.9% week-over-week, settling at $54.80/MWh. Colder temperatures forecast for the coming weeks are likely to put upward pressure on prices.

 
 
 

DECEMBER 11 - 15, 2023

Oil prices rose this week after dropping to their lowest in six months in recent days. WTI rose by 1.15% week-over-week to $72.16/barrel, and Brent was up by 1.37% week-over-week to $76.69/barrel. Natural gas prompt month futures saw a 3.8% decrease week-over-week to land at $2.49/MMBtu. The Millstone Nuclear Power Station in Connecticut, which had been operating at 40% capacity since October 20th, was operating at nearly full capacity by the end of last week. Electricity prices fell over the past week, with the NEPOOL 12-month strip decreasing 7.9% week-over-week, settling at $54.63/MWh. Warmer temperature forecasts for the coming weeks will likely put downward pressure on prices.

 
 

DECEMBER 4 - 8, 2023

Oil prices dropped to their lowest point since early July this week after experiencing significant week-over-week losses. The rolling 12-month price strip for Brent closed at $74.13/barrel last week, 7.18% lower than a week ago. Natural gas prompt month futures saw a 4.8% decrease week-over-week to land at $2.59/MMBtu. Spot prices at Algonquin Citygate hub rose to a high of $13.13/MMBtu on Tuesday. Electricity prices fell over the past week, with all calendar strips seeing decreases, while higher December 2024 prices had the NEPOOL 12-month strip increasing 4.7% week-over-week, settling at $59.34/MWh. Milder temperatures forecast for the coming weeks are likely to put downward pressure on prices. 

 
 
 

NOVEMBER 27 - DECEMBER 1, 2023

The rolling 12-month price strip for WTI closed at $75.21/barrel last week, 1.50% lower than a week ago, and the rolling 12-month price strip for Brent closed at $79.86/barrel, registering a decrease of 1.27% week-over-week. OPEC+ continues to focus on reducing global supply to curb price drops. Natural gas prompt month futures saw a 5% decrease week-over-week to land at $2.71/MMBtu. The Millstone Nuclear Power Station in Connecticut has been operating at 40% capacity since October 20th, which has led to increased natural gas consumption for power generation in New England. Electricity prices have seen slight increases over the past week, with the NEPOOL 12-month strip up 0.3% week-over-week, settling at $56.69/MWh. Milder temperatures forecast for the coming weeks are likely to put downward pressure on prices. 

 
 

NOVEMBER 13 - 17, 2023

Electricity prices have seen gains over the past week, with the NEPOOL 12-month up 0.5% week-over-week, settling at $59.94/MWh. With colder temperatures forecast for the coming week, prices are likely to respond to an increase in upward pressure from heating demand. The December NYMEX prompt month futures saw a 0.7% increase week-over-week to land at $3.06/MMBtu. Storage inventories sit at 3,833 Bcf heading into withdrawal season. The rolling 12-month price strip for WTI closed at $72.76/barrel last week, 2.5% lower than a week ago, and the rolling 12-month price strip for Brent closed at $76.99/barrel, registering a decline of 2.3% week-over-week.

 
 
 

NOVEMBER 6 -10, 2023

The November NYMEX prompt month futures saw a 12.4% decrease week-over-week to land at $3.04/MMBtu. We saw natural gas production increase notably last week to 104.6 Bcf/day. Electricity prices fell over the past week, with the NEPOOL 12-month down 2.1% week-over-week, settling at $60.81/MWh. Despite cold temperatures this past week, prices stayed stable week-over-week, as the forecast looks to be unseasonably warm for the remainder of November. The rolling 12-month price strip for WTI closed at $74.66/barrel last week, 7.1% lower than a week ago, and the rolling 12-month price strip for Brent closed at $78.84/barrel, registering a decline of 6.9% week-over-week.

 
 

OCTOBER 30 - NOVEMBER 3, 2023

The rolling 12-month price strip for WTI closed at $80/barrel last week, 0.3% lower than a week ago, and the rolling 12-month price strip for Brent closed at $84.33/barrel, registering a decline of 0.6% week-over-week. With OPEC continuing production cuts until the end of the year and possibly extending cuts into 2024, oil prices could move upward this week. The November NYMEX prompt month futures saw a 1.2% increase week-over-week to land at $3.52/MMBtu. We saw natural gas production decrease slightly last week to 102.4 Bcf/day. Electricity prices fell over the past week, with the NEPOOL 12-month down just 0.4% week-over-week, settling at $60.81/MWh. Following an unseasonably warm weekend, prices are likely to respond to increased heating demand as winter temperatures fully materialize.

 
 
 

OCTOBER 23 - 27, 2023

The rolling 12-month price strip for WTI closed at $80.26/barrel last week, 4.4% lower than a week ago, and the rolling 12-month price strip for Brent closed at $84.85/Barrel, registering a decline of 3.3% week-over-week. The ongoing Israel-Palestine conflict in the Middle East keeps global crude oil prices volatile. The November NYMEX prompt month futures saw an 8.7% increase week-over-week to land at $3.21/MMBtu. We saw natural gas production increase slightly last week to the highest it’s been since May at 102.6 Bcf/day. Electricity prices fell over the past week, with the NEPOOL 12-month down 0.8% week-over-week, settling at $61.07/MWh. Warm temperatures have kept heating demand low.

 
 

OCTOBER 16 - 20, 2023

The rolling 12-month price strip for WTI closed at $83.92/barrel last week, 6.7% higher than a week ago, and the rolling 12-month price strip for Brent closed at $87.76/Barrel, 6.2% higher week-over-week. After a significant build-up two weeks ago, US crude oil stocks dipped last week, falling by 1% to 419.7 million barrels. The November NYMEX prompt month futures saw a 11.6% decrease week-over-week to land at $2.96/MMBtu. We saw natural gas production increase slightly last week to the highest it’s been since May at 102.6 Bcf/day. Electricity prices fell over the past week, with the NEPOOL 12-month down 4% week-over-week, settling at $61.57/MWh. Significant price increases in response to the Israel-Hamas conflict have stabilized this past week. 

 

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