July 7, 2022

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Gas Markets

Market Watch

The most bullish gas storage report since the full impact of the Freeport LNG outage became evident sent August gas futures soaring more than 14% Thursday to settle at $6.297 per million Btu, up 78.7¢ on the day. The broad rally also sent contracts through February 2023 above $6/MMBtu as concerns over winter inventories reignite amid stout summer cooling loads.

The Energy Information Administration's report of a 60 billion cubic feet per day storage injection was a hefty 14 Bcf shy of expectations that were fueled by the loss of feed gas demand at Freeport LNG, which has reduced recent gas demand from all US terminals by as much as 1.7 Bcf/d since the accident.

Perhaps more ominous, the SouthCentral region, which includes a blisteringly hot Texas, reported a tiny 4 Bcf net injection due to a 9 Bcf drawdown on its flexible salt storage caverns last week. Such a pull indicates a much stronger call on gas for power generation above what can be produced in the region.

Nonetheless, momentum for further gains could be hard to sustain, Gelber & Associates analysts said, as long-term storage forecasts indicate end-October levels will be closer to normal.

The 12-month strip rose 55.9¢ to $5.682; the 2023 calendar strip was up 26.1¢ to $5.023 (Futures contracts).

WTI August crude rebounded $4.20 to $102.73.

* * *

EIA's reported 60 Bcf build for the week ended Jul. 1 increased net working gas inventories to 2,311 Bcf. That compares to a year-ago build of 25 Bcf and a five-year average build of 60 Bcf. Storage remains at 322 Bcf, or 12.2%, below the five-year average. The deficit to last year fell to 261 Bcf, or 10.1%. Next week's data is expected to show a 66 Bcf injection versus a five-year average of 55 Bcf (Storage).

* * *

Florida Zone 2 saw the most significant cash price move of the day, rising $1.83 to $7.50. This compared to benchmark Henry Hub cash prices that were up 18¢ at $5.83. In the Northeast, Transco zone 6 New York went up 40¢ to average $5.58, while Boston-area Algonquin advanced 71¢ to average $5.98. In West Texas, cash prices at the Permian's Waha Hub rose 8¢ to average $5.41. Meanwhile, Rockies leader Kern/Opal rose 61¢ to $5.77, SoCal Citygate advanced 44¢ to average $5.89 and Northwest Sumas gained 3¢ to average $3.97. In Canada, Alberta benchmark Aeco rose 15¢ to $3.78 (Daily cash prices).

* * *

Price notice: Due to revisions by a data provider, Energy Intelligence is revising its daily pricing as follows:

For Pine Prairie Hub for trade day Jul. 5, 2022:

The revised pricing is: Low: $5.45; High: $5.74; Average: $5.58; Volume: 88,800 and Deals: 10.

For Questar for trade day Jul. 6, 2022:

The revised pricing is: Low: $5.25; High: $5.25; Average: $5.25; Volume: 5,000 and Deals: 1.

Everett Wheeler, Houston and Mark Davidson, Washington

Natural Gas Spot Prices

Top 5 Upward & Downward Price Movements
Florida Zone 2Transco Station 65AlgonquinStanfieldNNG DemarcTransco Zone 5Tenn 500 So LA Z1Transco Zone 4Tennessee Zone 4 300 leg, receiptsFlorida Zone 3-30%-20%-10%0%10%20%30%Florida Zone 2Transco Station 65AlgonquinStanfieldNNG DemarcTransco Zone 5Tenn 500 So LA Z1Transco Zone 4Tennessee Zone 4 300 leg, receiptsFlorida Zone 3
Note: Jul 7' 22 versus prior day price: points moving up (71), down (8).
Natural Gas Spot Prices
Trade Date: Jul. 7, 2022 / Flow Date: Jul. 8, 2022
The above figures refer to volume-weighted averages for gas deals done today for tomorrow's flow, or weekend delivery on Friday trading, at each particular spot. Change reflects the difference from the previous published price. Composites reflect volume-weighted average for all deals done in the regional grouping. Daily Composite Spot Wellhead is a volume-weighted average for all producing area pipelines less gathering and processing costs. All prices are in $/MMBtu.

Critical Notices

Sort:
Count of Critical Notices in Last 7 Days
Algonquin GasTransmissionColumbia GasTransmissionEl Paso Natural GasKern River GasTransmission Co.Natural GasPipeline Co.NOVA GasTransmission LtdTennessee GasPipeline Co.Texas EasternTransmissionTranscoTranswesternPipeline Company,LLC0510152025303540455055Algonquin GasTransmissionColumbia GasTransmissionEl Paso Natural GasKern River GasTransmission Co.Natural GasPipeline Co.NOVA GasTransmission LtdTennessee GasPipeline Co.Texas EasternTransmissionTranscoTranswesternPipeline Company,LLC
Critical Notices

Natural Gas Futures

Nymex Henry Hub Future Price Curves
Jul 7, '22
Aug '22Sep '22Oct '22Nov '22Dec '22Jan '23Feb '23Mar '23Apr '23May '23Jun '23Jul '23($/MMBtu)44.555.566.577.588.599.5Aug '22Sep '22Oct '22Nov '22Dec '22Jan '23Feb '23Mar '23Apr '23May '23Jun '23Jul '23CurrentLast Month
Henry Hub
Change from prior day, Jul 6 '22

Storage Report

North American Natural Gas Storage
Jul 7, '22
49%53%49%Lower 48CanadaLower 48 & Canada(BCF)050010001500200025003000350040004500500055006000Lower 48CanadaLower 48 & Canada
Note: The value shown in the bars represents the percentage full.
North American Weekly Gas Storage
Sources: US-EIA. Canada-RBN Energy. Values in Bcf unless otherwise noted.


Related Markets

Comparative Fuels

Comparative Fuels
Prices for Jul 7 '22

Spot Cash Electricity Prices

Spot Cash Electricity Prices
Today's prices as of Jul 6 '22

Gas Needed to Replace Offline Nuclear Capacity

Gas Needed to Replace Off Line Nuclear Capacity
517443626507362338301259215Jun 29Jun 30Jul 1Jul 2Jul 3Jul 4Jul 5Jul 6Jul 7(MMcf/d)0200400600800100012001400Jun 29Jun 30Jul 1Jul 2Jul 3Jul 4Jul 5Jul 6Jul 7NortheastSoutheastTexasUpper MidwestWestTotalYear-Ago
Note: Source: US Nuclear Regulatory Commission's Daily Power Reactor Status Report and Energy Intelligence,Historical data available via EI New Energy Data

Gas Prices, Power Prices and Spark Spreads for Major Hubs

Marginal Heat Rates (Btu/kWh)
30 Jun 22 1 Jul 22 2 Jul 22 3 Jul 22 4 Jul 22 5 Jul 22 6 Jul 2260008000100001200014000160001800020000220002400030 Jun 22 1 Jul 22 2 Jul 22 3 Jul 22 4 Jul 22 5 Jul 22 6 Jul 22Malin/COBSocal/Palo VerdeAlgonquin/NE PoolHouston SC - Katy/ErcotStanfield/Mid-Col.TZ6 NNY/PJM W
Note: Indicates the threshold heat rate for each gas/power pair. Below the MHR, gas-fired generation may be more cost effective vs. purchased power above. For holidays and weekends, the previous business day's values are displayed.
Gas, Power Prices & Spark Spreads for Generators Major Hubs

Renewable Energy

Gas Equivalent of Caiso Wind and Solar Output
28 Jun29 Jun30 Jun 1 Jul 2 Jul 3 Jul 4 Jul 5 Jul 6 Jul(MW)01000200030004000500060007000800090001000011000(MMcf/d)14001500160017001800190020002100220023002400250028 Jun29 Jun30 Jun 1 Jul 2 Jul 3 Jul 4 Jul 5 Jul 6 JulCAISO Solar PVCAISO Solar ThermalCAISO WindTOTAL gas equivalent (MMcf/d)TOTAL gas equivalent (MMcf/d) - Last Year
Note: Historical data available via EI New Energy Data
Note: Historical data available via EI New Energy Data



Gas Equivalent of Ercot Wind Output
27 Jun28 Jun29 Jun30 Jun 1 Jul 2 Jul 3 Jul 4 Jul 5 Jul 6 Jul(MW)020004000600080001000012000140001600018000(MMcf/d)500100015002000250030003500400027 Jun28 Jun29 Jun30 Jun 1 Jul 2 Jul 3 Jul 4 Jul 5 Jul 6 JulWind Generation (MW)Gas equivalent (MMcf/d)Gas equivalent (MMcf/d) - Last Year
Note: Historical data available via EI New Energy Data
Note: Historical data available via EI New Energy Data



Gas Equivalent of PJM Renewable Output
27 Jun28 Jun29 Jun30 Jun 1 Jul 2 Jul 3 Jul 4 Jul 5 Jul 6 Jul(MW)010002000300040005000600070008000(MMcf/d)9001000110012001300140015001600170027 Jun28 Jun29 Jun30 Jun 1 Jul 2 Jul 3 Jul 4 Jul 5 Jul 6 JulPJM SolarPJM HydroPJM WindPJM Other RenewablesTOTAL gas equivalent (MMcf/d)TOTAL gas equivalent (MMcf/d) - Last Year
Note: Historical data available via EI New Energy Data
Note: Historical data available via EI New Energy Data




Weather

Today's Short-Term Weather Forecast

Atlanta
Austin
Denver
Detroit
Las Vegas
Los Angeles
Minneapolis
Nashville
Philadelphia
Seattle
Washington
Boston
Orlando
New York
Leaflet | Weather from OpenWeatherMap
To change the layers on the map, click the icon to the left and choose the layer you want to display.
Layers available on weather map:
  • Temperature:
    Current ground temperature(in Fahrenheit).
  • Clouds:
    Displays the positions of the current cloud cover.
  • Precipitation:
    Displays current amount of falling water in liquid, sleet or snow form (in inches).
  • Wind speed:
    Displays the current wind speed(in knots).
  • Sea Level Pressure:
    Displays the current pressure at sea level(in millibars).
  • Snow:
    Displays the daily snow fall(in inches).
  • Rain:
    Displays today’s amount of rain fall(in inches).

Degree Days

Degree Days
1982011981912032041902031 July2 July3 July4 July5 July6 July7 July8 July0204060801001201401601802002201 July2 July3 July4 July5 July6 July7 July8 JulyCDDHDDCDD AvgHDD Avg
Note: Cooling Degree Days is the sum of temperature variances above 65 degrees for 14 cities: Atlanta, Georgia, Austin, Texas, Denver, Colorado, Detroit, Michigan, Las Vegas, Nevada, Los Angeles, California, Minneapolis, Minnesota, Nashville, Tenn, Philadelphia, Pennsylvania, Seattle, Washington, Washington, DC, Boston, Massachusetts, Orlando, Florida, New York, New York. Heating Degree Days is the sum of temperature variances below 65 degrees for those same 14 cities.
Degree Days


Regional °F Degree Day Differentials
Values listed are the previous days' difference from the 5-year degree day average.

Ex: A value of -4° indicates previous days' degree days were 4 degrees below the 5-year average.

Northeast US
New York 1°
Orlando 3°
Boston 1°
Washington -3°
Seattle 3°
Philadelphia 0°
Nashville 7°
Minneapolis 6°
Los Angeles -4°
Las Vegas -6°
Detroit -2°
Denver -5°
Austin 5°
Atlanta 5°
Southeast US
New York 1°
Orlando 3°
Boston 1°
Washington -3°
Seattle 3°
Philadelphia 0°
Nashville 7°
Minneapolis 6°
Los Angeles -4°
Las Vegas -6°
Detroit -2°
Denver -5°
Austin 5°
Atlanta 5°

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