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MARKET TREND ANALYSIS

Weekly Energy Market Updates by Region - Archive

 

 

 


Issue week: May 28th, 2020  (Wk 22)

 

POWER MARKETS

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WEST Above-average wind generation reinforced the strong hydro production in the Pacific Northwest last week, and the combination yielded very low index prices in Mid-C. From May 20 through May 22, Day Ahead prices averaged negative $0.26/MWh as the grid ac-tually had to start curtailing the excess generation from renewables.

ERCOT  For the past week, real-time prices at all hubs and Load Zones have averaged in the high $10s/MWh as moderating temper-atures and a decent bit of rainfall have kept a lid on spot prices. Term heat rates have risen modestly for the week and lifted term fixed prices in the process. Because of the new calculation methodol-ogy, the ORDC adder for the month is averaging nearly $1.00/MWh, almost twice what it was during May 2019.

EAST A drop in Phase II imports from Quebec gave the green light to RT prices yesterday afternoon. They reached $135/MWh in ISO-NE and a whopping $333/MWh in NYISO Zone A. PJM and MISO have also seen more RT price volatility this week because of warmer weather and a thinner generation stack.

NATURAL GAS 

The EIA reported Thursday morning that, for the week ending May 22, U.S. invento-ries increased by 109 Bcf, in the sweet spot of analysts’ expecta-tions of 97-130 Bcf. To-tal stockpiles now stand at 2,612 Bcf, up by 42.4% from a year ago and 19.3% above the five-year average for the same week.

Immediate reaction to the injection report was flat. However, as the trading day pro-gressed, the June 2020 NYMEX futures con-tract tumbled as low as $1.817/MMBtu, $0.069/MMBtu below yester-day’s close, as of 11:30 a.m. PDT.

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