Did NYMEX hit the current floor overnight??
🚀 The One Minute Energy Update for 7-16-24 🚀
Here's your quick rundown:
🔻 NYMEX Update: Falls below $2.20, cooling weather forecasts are to blame. 📉
🔧 Freeport LNG: Back on track after Beryl damage. 🛠️
🤑 Market Insights:
- Open: $2.17
- High: $2.20
- Low: $2.14
- Current: $2.18
- Prices down $0.13 from last week.
📅 NYMEX Calendar Year Estimates:
- 2024: $2.66
- 2025: $3.37
- 2026: $3.73
📉 Monthly Averages:
- 2024: $2.19
- 2023: $2.73
- 2022: $6.64
- 2021: $3.84
📉 Averages:
- 50-day: $2.56
- 20-day: $2.55
- 9-day: $2.35
🔗 Resistance: Starting @ $2.30/$2.35
🔗 Pivot: @ $2.24
🔗 Support: Starting @ $2.20/$2.14
📈 Basis:
- PG&E CG: $9.83 (2023), $3.24 (2024 through June)
- SoCal CG: $10.95 (2023), $3.03 (2024 through June)
- SoCal Border: $8.14 (2023), $2.45 (2024 through June)
🌐 Exports & Imports:
- LNG Exports: 11.8Bcf/D
- Mexico Exports: 6.8Bcf
- Canadian Imports: 7.0Bcf
🏗️ Production/Supply & Demand This Week:
- Supply: 108.3Bcf (Today), 108.29Bcf (7 Day Avg)
- Production: 101.9Bcf (Today)
- Demand: 104.3Bcf (Today), 104.9Bcf (7 Day Avg)
⚒️ Rig Count: Total = 584
- Oil: 478
- NatGas: 100
- Misc: 6
📦 Storage: 3,199Bcf (283Bcf higher YoY, 504Bcf above 5-year avg)
- Next Week Estimate: 20Bcf injection
- Following Week Estimate: 28Bcf injection
🌦️ Weather: Cooler temps coming. 🌡️
- Today: Bullish
- 5-10 day forecast: Bearish
- 10-15 day forecast: Bearish
- 3-month forecast: Bearish
- Summer: Bearish
- Winter: Bearish
🌪️ Hurricane Season: Increased to 25 named storms.
🛢️ Crude Oil: Up, Current Cash = $81.09
- 2024 Estimate: $80.05
- 2025 Estimate: $75.10
- 2026 Estimate: $71.00
⚡ CA Retail Power: Falls below $70/MWH
🌳 Carbon Offsets: Mandates starting 2025. Get ahead! 🌍
📊 Bottom Line: Great short-term buying opportunities. Long-term demand is rising.
💼 RFP ES Expansion: Now in WA, OR, CA, NV, AR, NM, parts of TX, Gulf States, NC, and VA. Visit RFPES.com for quotes and proposals.
🔗 #NYMEXUp #PG&EBasisUp #SoCalBasisUp #WeatherBearishByFriday #CarbonOffsets