Energy Update - 04/05/2021 (Plain Text Version)
Prices Up as Injection Season Begins
Week in Review for March 27 - April 2, 2021
On Thursday, the U.S. Energy Information Administration (EIA) reported that working gas in storage as of Friday, March 26, 2021 was 1,764 BCF. This was an increase of 14 BCF from the previous week and was a smaller injection than the market was expecting. Storage levels are 225 BCF (11.3%) lower than a year ago, and 36 BCF (2%) lower than the 5 year average for this date.
March was a warmer than normal month in our region. For the month, Heating Degree Days as measured at Reagan Washington National Airport were approximately 19.6% lower than the 10 year average. After some colder than normal temperatures to begin April, the 6-10 day outlook from the National Weather Service predicts a return to warmer than normal temperatures for the East Coast.
Prices were up this week for gas and power. At the end of the week, the NYMEX natural gas 12-month strip was up 1%, while the PJM West Hub 12-month forward curve was up 0.1%.
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.