🌟 THE One Minute Energy Update for 7-22-24 🌟
Today’s highlights to kick off the work week:
🔹 1600 Penn Ave Update: More uncertainty on the direction of domestic energy.
🔹 NYMEX Update: Green all the way through Oct 2032. 📈 NYMEX up due to a warmer-than-expected shift in weather. 🌡️
🔹 RFP ES Expansion: Opens Mid-Atlantic office and adds more regions to service/supply map. 🌍
📊 Market Stats:
Open: $2.10
High: $2.24
Low: $2.09
Current: $2.20
📅 NYMEX Calendar Year Estimates:
2024 = $2.53
2025 = $3.34
2026 = $3.68
📉 Average Prices:
2024 Monthly Avg: $2.19
2023 Monthly Avg: $2.73
2022 Monthly Avg: $6.64
2021 Monthly Avg: $3.84
📈 Technical Levels:
Below the 50-day ($2.55), 20-day ($2.40), and 9-day ($2.21) averages.
Resistance: Starting @ $2.16/$2.19
Pivot: $2.13
Support: Starting @ $2.07/$2.00
📍 Basis Prices:
PG&E CG Basis: 2023 Avg: $9.83, 2024 Avg: $3.24
SoCal CG Basis: 2023 Avg: $10.95, 2024 Avg: $3.03
SoCal Border Basis: 2023 Avg: $8.14, 2024 Avg: $2.45
🚢 Exports/Imports:
LNG Exports: 11.0Bcf/D
Mexico Exports: 6.8Bcf
Canadian Imports: 6.4Bcf
📉 Supply & Demand:
Est. Supply: 108.5Bcf
7 Day Avg. Supply: 108.39Bcf
Est. Production: 101.7Bcf
Est. Demand: 102.6Bcf
7 Day Avg. Demand: 103.9Bcf
🔄 Rig Count:
Total active rigs: 586 (NatGas: 103, Oil: 477, Misc.: 6)
🏪 Storage:
Latest injection: 10Bcf (below 28Bcf estimate)
Current storage: 3,209Bcf (250Bcf higher than last year, 465Bcf above 5-year avg)
Oct ’24 forecast: 3.79Tcf – 4.06Tcf
March ’25 estimate: 1.55Tcf – 2.00Tcf
☀️ Weather:
U.S. temperatures falling this week
Hurricane Season: 25 tropical storms, 12 hurricanes, 6 major hurricanes
🛢️ Crude Oil:
Current price: $80.13
Forward estimates: 2024 = $77.74, 2025 = $73.16, 2026 = $69.12
⚡ CA Retail Power: Grid status: Normal, CAISO pricing: $40 - $44 per MWH
🌍 Carbon Offsets: Mandates starting as early as 2025. Is your company ready? 🌱
📉 Bottom Line:
EIA forecasts 2025 NYMEX avg at $3.30. Current avg: $3.37
Declining storage surplus, new demand from LNG pushing prices up.
🌎 RFP ES Expansion: Now providing energy in multiple regions including WA, OR, CA, NV, AR, NM, TX, PJM, Mid-Con, Gulf States, NC, VA.
📬 Get a Quote: Visit RFPES.com to submit a Request for Proposal. 📝
#NYMEXUp #PG&EBasisUp #SoCalBasisUp #WeatherBearishForThisWeek #CarbonOffsets
This is great to see!