Energy Update - 03/21/2022 (Plain Text Version)
Prices Up Again
Week in review for March 13-19, 2022
Thursday, the U.S. Energy Information Administration (EIA) reported that working gas in storage as of Friday March 11, 2022, was 1,440 Bcf. This was a decrease of 79 Bcf from the previous week, higher than market expectations. Inventories are now 344 BCF lower than the same time last year, and 304 Bcf below the 5-year average, close to the 5-year minimum.
Despite warm weather decreasing heating demand in the United States, prices were up for the week, riding the global commodity wave higher. The 12-month NYMEX natural gas strip (Apr22-Mar23) was up 6.6% and the 12-month PJM STD 7x24 up 3.6% for the week ending 3/17/2022.