On Thursday, the U.S. Energy Information Administration (EIA) reported that working gas in storage as of Friday, October 16, 2020 was 3,926 BCF. This was an increase of 49 BCF from the previous week and was in line with what the market was expecting. Storage levels are 345 BCF (9.6%) higher than a year ago, and 327 BCF (9.1%) higher than the 5 year average for this date.
As the injection season ends, the market is turning its focus to the upcoming winter and the weather it will bring. Temperatures for the next two weeks look to be close to normal, based on the National Weather Service 6-10 and 8-14 day outlooks.
Prices were higher this week for both gas and power. At the end of the week, the NYMEX natural gas 12-month strip was up 1.2%, while the PJM West Hub 12-month forward curve was up 1.3%.
This past week's market information is provided as a courtesy to our customers and is not indicative of, nor should be relied upon, as representative of future transactions.