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Natural Gas & Electricity Markets

Natural Gas

As of Mid-July —
  • Natural gas storage inventories stood at 2,678 Bcf. That figure is 6.2% below the 5 year average and 16.6 below last year's levels.
  • U.S. natural gas production is currently holding around 90.1 Bcf per day. 
  • Natural gas rig counts are are up 3 from last week and now number 104.
  • LNG (liquid natural gas) shipments are +0.7 Bcf / day (+7%) above the June 2021 average and +7.3 Bcf / day above the July 2020 average. The increased shipments are attributed to higher natural gas and LNG spot prices in Asia and Europe. They are also driven by higher LNG demand due to colder than normal winter weather in Asia and Europe, the easing of COVID-19 restrictions, and unplanned outages at LNG export facilities in other countries. Export shipments to Brazil have also increased due to drought.
  • Gas-fired generation demand has risen week over week in the West, resulting in a reduction to potential injections, but that was counterbalanced somewhat by cooler temperatures in the East that kept usage down with higher injections.
  • Across the country, July month-to-date cooling degree days are below normal and last year's count, as cooler temperatures in the eastern US more than offset warmer temperatures in the western US. 
  • In the coming weeks, expect above normal temperatures in much of the Great Plains and the Western US and and cooler than normal temperatures in New England and other parts of the east.
  • Most regional forward curves are showing a rise in electricity prices over the last several months. Electricity prices are up primarily as the result of the bullish natural gas market. 2022 forward curves are especially impacted.
  • July has been a hot and humid month for the Midwest. Humid conditions are expected to last into the month of August.
  • Extreme drought conditions are expected to continue in the West and Northern Plains.
  • Variable temperatures will continue in the East.
Significant People's Gas Rate Charge Increase

As some of you may have noticed, the natural gas budgets have increased compared to last year.  Much of that is attributed to a rising gas market, but almost as impactful is the "Volume Balancing Adjustment," a Peoples Gas charge. 

Peoples Gas delivery charges have routinely increased by more than 30%, as compared to last year’s budgets. The utility charges increase for the Volume Balancing Adjustment when the weather is warmer than normal. Since last winter was deemed considerably warmer than usual (based on Heating Degree Day data), that charge has skyrocketed. 

This charge is variable and is published every April.


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Prospect Resources (PRI) is saving many of our clients significant amounts of money on their electricity accounts through Demand Response.

Call us at 847-673-1959 for more information. This year's deadline for signing up for this is close.
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Prospect Resources Inc. (PRI) is a firm that specializes in managing energy procurement (gas and electricity) for medium and large commercial and industrial clients.

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