On Thursday, the U.S. Energy Information Administration (EIA) reported that working gas in storage as of Friday, October 23, 2020 was 3,955 Bcf. This is an increase of 29 Bcf from the previous week. Inventories are currently 285 Bcf higher than last year during this same period and 289 Bcf above the 5-year average.
Markets increased at the end of the week on the tails of a lower than expected gas storage injection and reports of higher LNG export demand. As we enter November and the traditional heating season, weather will have an increasing impact on pricing. Current forecasts call for mild temperatures through the middle of the month after a quick blast of colder temperatures early in the week.
After decreases at the beginning of the week and increases towards the end, both power and gas curves were close to flat for the week. Overall, the PJM West Hub 12 Month curve decreased 0.67% this week while the NYMEX natural gas 12-month curve increased 0.4%.
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.