RFP Energy Solutions
Did NYMEX hit the current floor overnight??

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