December 15, 2022

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Gas Markets

Market Watch

January gas futures jumped 54¢ Thursday to $6.97/MMBtu, regaining all of Wednesday’s 50.5¢ loss. That counterintuitive midweek move had baffled market observers as fundamentals are clearly leaning bullish. Even storage, which is set to flip the long-running deficit to a surplus next week, has been neutralized by the current arctic chill, which could pull 400 Bcf from inventories during the weeks ended Dec. 23 and 30. The 12-month strip rose 20.3¢ to $5.693; the 2024 calendar strip was up 5.4¢ to $4.723 (Futures contracts).

WTI January crude fell $1.17 to $76.11/bbl.

* * *

The US Energy Information Administration reported a 50 Bcf storage draw for the week ended Dec. 9, decreasing net working gas inventories to 3,412 Bcf. The pull compares with a five-year average draw of 93 Bcf and a year-ago pull of 83 Bcf. The deficit to the five-year average fell to 15 Bcf, or 0.4%. The deficit to last year reached 18 Bcf, or 0.5%. Next week's data is expected to show an 89 Bcf withdrawal versus a five-year average withdrawal of 124 Bcf (Storage).

* * *

Northern California's PG&E Citygate saw the most significant price move of the day, rising $17.04 to $39.13. In Southern California, the SoCal Citygate advanced $8.56 to average $35.63. This compared to benchmark Henry Hub cash prices that were up 14¢ at $6.72. In the Northeast, Transco zone 6 New York went up 73¢ to average $9.02, while Boston-area Algonquin declined $1.82 to average $8.57. In West Texas, cash prices at the Permian's Waha Hub rose 53¢ to average $4.50. Meanwhile, Rockies leader Kern/Opal rose $6.56 to $33.18 and Northwest Sumas gained $8.10 to average $33.29. In Canada, Alberta benchmark Aeco rose 32¢ to $4.99 (Daily cash prices).

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Southwest Gas Holdings said Thursday it will sell its MountainWest gas pipeline unit to Williams for $1.5 billion, including $430 million in debt. The sale of MountainWest, formerly Questar Pipeline, follows an intense proxy fight with investor Carl Icahn over Southwest’s spending practices and management structure. Southwest, primarily a local distribution company based in Las Vegas, had purchased MountainWest just last year from Dominion Energy for about $2 billion, including debt. MountainWest operates more than 2,000 miles of interstate gas pipelines in Utah, Wyoming and Colorado with total capacity of roughly 8 billion cubic feet per day. It also holds 56 Bcf of gas storage capacity in the US West.

* * *

Price notice: Due to revisions by a data provider, Energy Intelligence is revising its daily pricing for trade day Dec. 12, 2022 as follows:

At Florida Zone 1, the revised pricing is: Low: $5.55; High: $6.15; Average: $5.87; Volume: 22,100 and Deals: 4.

At Florida Zone 3, the revised pricing is: Low: $6.75; High: $7.22; Average: $7.18; Volume: 66,500 and Deals: 14.

At Pine Prairie, the revised pricing is: Low: $6.55; High: $6.86; Average: $6.69; Volume: 89,600 and Deals: 16.

At Tenn 500 So LA Z1, the revised pricing is: Low: $6.70; High: $6.90; Average: $6.81; Volume: 78,700 and Deals: 16.

At Eastern Gas North, the revised pricing is: Low: $5.60; High: $5.60; Average: $5.60; Volume: 3,500 and Deals: 2.

At Millennium Pipeline Co. East Receipts, the revised pricing is: Low: $5.90; High: $6.00; Average: $5.95; Volume: 27,500 and Deals: 4.

At Tennessee Zone 4 313 pool, the revised pricing is: Low: $5.60; High: $5.70; Average: $5.66; Volume: 24,958 and Deals: 7.

At Iroquois, the revised pricing is: Low: $7.00; High: $8.25; Average: $7.65; Volume: 93,924 and Deals: 14.

At Dracut, the revised pricing is: Low: $19.00; High: $19.00; Average: $19.00; Volume: 2,000 and Deals: 1.

At Iroquois Zone 2, the revised pricing is: Low: $11.00; High: $15.75; Average: $12.37; Volume: 97,442 and Deals: 17.

At Tenn Gas Zone 6, the revised pricing is: Low: $19.50; High: $28.00; Average: $22.01; Volume: 30,800 and Deals: 14.

At Tetco M3, the revised pricing is: Low: $7.90; High: $9.60; Average: $8.77; Volume: 62,616 and Deals: 15.

At Tres Palacios Hub, the revised pricing is: Low: $5.04; High: $5.60; Average: $5.29; Volume: 26,400 and Deals: 8.

Everett Wheeler, Washington and Tom Haywood, Houston

Natural Gas Spot Prices

Top 5 Upward & Downward Price Movements
PG&E CitygatePG&E SouthMalinKern - Wheeler RidgeKingsgateEl Paso - South MainlineTenn Gas Zone 6AlgonquinDracutIroquois Zone 2-30%-20%-10%0%10%20%30%40%50%60%70%80%PG&E CitygatePG&E SouthMalinKern - Wheeler RidgeKingsgateEl Paso - South MainlineTenn Gas Zone 6AlgonquinDracutIroquois Zone 2
Note: Dec 15' 22 versus prior day price: points moving up (74), down (5).
Natural Gas Spot Prices
Trade Date: Dec. 15, 2022 / Flow Date: Dec. 16, 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 NaturalGasKern River GasTransmission Co.Natural GasPipeline Co.NorthwestPipelineNOVA GasTransmission LtdTennessee GasPipeline Co.Texas EasternTransmissionTranscoTranswesternPipeline Company,LLC0510152025303540455055Algonquin GasTransmissionColumbia GasTransmissionEl Paso NaturalGasKern River GasTransmission Co.Natural GasPipeline Co.NorthwestPipelineNOVA GasTransmission LtdTennessee GasPipeline Co.Texas EasternTransmissionTranscoTranswesternPipeline Company,LLC
Critical Notices

Natural Gas Futures

Nymex Henry Hub Future Price Curves
Dec 15, '22
Jan'23Feb'23Mar'23Apr'23May'23Jun'23Jul'23Aug'23Sep'23Oct'23Nov'23Dec'23($/MMBtu)4.64.855.25.45.65.866.26.46.66.87Jan'23Feb'23Mar'23Apr'23May'23Jun'23Jul'23Aug'23Sep'23Oct'23Nov'23Dec'23CurrentLast Month
Henry Hub
Change from prior day, Dec 14 '22

Storage Report

North American Natural Gas Storage
Dec 15, '22
72%87%74%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 Dec 15 '22

Spot Cash Electricity Prices

Spot Cash Electricity Prices
Today's prices as of Dec 14 '22

Gas Needed to Replace Offline Nuclear Capacity

Gas Needed to Replace Off Line Nuclear Capacity
130112931166122712261076954956922Dec 7Dec 8Dec 9Dec 10Dec 11Dec 12Dec 13Dec 14Dec 15(MMcf/d)0200400600800100012001400Dec 7Dec 8Dec 9Dec 10Dec 11Dec 12Dec 13Dec 14Dec 15NortheastSoutheastTexasUpper 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)
8 Dec 22 9 Dec 2210 Dec 2211 Dec 2212 Dec 2213 Dec 2214 Dec 2240005000600070008000900010000110001200013000140001500016000 8 Dec 22 9 Dec 2210 Dec 2211 Dec 2212 Dec 2213 Dec 2214 Dec 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
6 Dec 7 Dec 8 Dec 9 Dec10 Dec11 Dec12 Dec13 Dec14 Dec(MW)050010001500200025003000350040004500500055006000(MMcf/d)60070080090010001100120013001400 6 Dec 7 Dec 8 Dec 9 Dec10 Dec11 Dec12 Dec13 Dec14 DecCAISO 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
5 Dec 6 Dec 7 Dec 8 Dec 9 Dec10 Dec11 Dec12 Dec13 Dec14 Dec(MW)02000400060008000100001200014000160001800020000(MMcf/d)100015002000250030003500400045005000 5 Dec 6 Dec 7 Dec 8 Dec 9 Dec10 Dec11 Dec12 Dec13 Dec14 DecWind 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
5 Dec 6 Dec 7 Dec 8 Dec 9 Dec10 Dec11 Dec12 Dec13 Dec14 Dec(MW)0100020003000400050006000700080009000(MMcf/d)80010001200140016001800200022002400 5 Dec 6 Dec 7 Dec 8 Dec 9 Dec10 Dec11 Dec12 Dec13 Dec14 DecPJM 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
2712892652903263273063189 December10December11December12December13December14December15December16December0501001502002503003509 December10December11December12December13December14December15December16DecemberCDDHDDCDD 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 7°
Boston 3°
Washington 3°
Seattle -4°
Philadelphia 3°
Nashville 0°
Minneapolis 8°
Los Angeles -5°
Las Vegas -4°
Detroit 7°
Denver -11°
Austin -5°
Atlanta 6°
Southeast US
New York 1°
Orlando 7°
Boston 3°
Washington 3°
Seattle -4°
Philadelphia 3°
Nashville 0°
Minneapolis 8°
Los Angeles -5°
Las Vegas -4°
Detroit 7°
Denver -11°
Austin -5°
Atlanta 6°

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