Energy Update - 02/07/2022  (Plain Text Version)

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In this issue:
•  Introducing our new program CleanSteps®
•  Winter Storm Drives up Prices
Weather
•  Washington, D.C. Area Cooling/Heating Degree Days

 

Winter Storm Drives up Prices

Week in review for January 30 – February 5, 2022

Thursday, the U.S. Energy Information Administration (EIA) reported that working gas in storage as of Friday January 28, 2022 was 2,323 Bcf. This was a decrease of 268 BCF from the previous week, a bit lower than with market expectations. Inventories are now 393 Bcf lower than they were at the same time last year, and 143 Bcf below the 5-year average.

Buoyed by expectations of cold and icy weather throughout the middle and northeast of the country, forward energy markets continued their upward climb that saw February NYMEX settle at 6.265, up $2 on the final day of trading to the highest monthly settle price since December 2008. Prices for the prompt 12-months were up as much as 19% as of Wednesday (2/2/2022) but gave back some of the gains on Thursday. For the week ending 2/3/2022, the 12-month NYMEX natural gas strip (Mar. 22-Feb. 23) was up 11.4% and the 12-month PJM STD 7x24 contract strip up 9.4%.