Extreme Weather increasing Cooling Demand

🌟 THE One Minute Energy Update for 7-10-24 🌟
Let’s dive into today’s highlights:
💡 Texas Power Outages: Nearly 3 million without power due to Hurricane Beryl and an overstressed grid. This underscores the urgent need for infrastructure upgrades nationwide to prevent record-setting blackouts.
🌍 COP28 Climate Deal: Promises of a fossil-free future sound great, but the reality is different. In 2023, coal usage hit a 50-year high. The IEA reported 5,000Mtce coal consumption in 2020, compared to 2,000Mtce in 1971. Be skeptical of green promises without substance.
⚛️ Florida’s Nuclear Consideration: After decades, Florida is revisiting nuclear power as a viable energy option.
"Science is the new religion. We accept it on faith, not on evidence."
🔹 NYMEX Prices: Despite the heat and disruptions from Beryl, prices remain below $2.40 for Aug and Sep ’24.
📉 Open/High/Low/Current: $2.34
📉 Calendar Year Estimates: 2024 = $2.69, 2025 = $3.41, 2026 = $3.78
📉 Monthly Averages: 2024 (so far) = $2.19, 2023 = $2.73, 2022 = $6.64, 2021 = $3.84
📉 Support/Resistance Levels: Support @ $2.30/$2.25, Resistance @ $2.41/$2.49
📈 Basis Prices:
PG&E CG Basis: $3.51 (2024 avg through May), 2023 avg = $9.83
SoCal CG Basis: $3.29 (2024 avg through May), 2023 avg = $10.95
SoCal Border First of the Month: $2.65 (2024 avg through May), 2023 avg = $8.14
🚢 LNG Exports: 12.3Bcf/D, Mexico Exports = 6.5Bcf, Canadian Imports = 6.0Bcf
🔧 Production/Demand:
Supply: Today = 109.90Bcf, 7 Day Avg. = 109.20Bcf
Production: 103.5Bcf
Demand: Today = 101.2Bcf, 7 Day Avg. = 102.88Bcf. High demand expected next week.
🔍 Rig Count (7-5-24): Total = 585 (+4), Natgas rigs = 101 (+4), Oil rigs = 479
📊 Storage: Current = 3,134Bcf, 275Bcf above last year, 496Bcf above 5-year avg. Projections: Oct ’24 = 3.95Tcf, Mar ’25 = 1.65Tcf
☀️ Weather: Steamy heat across most of the US, extreme heat in the West/SW with growing fire risks. Las Vegas is so hot, glass is shattering!
🌪️ Hurricane Update: CSU predicts 25 named storms for 2024.
🔺 Forecasts:
Today: Bullish
5-10 Days: Bullish
10-15 Days: Turning bearish
3 Months: Turning bearish
Winter: Bearish
🛢️ Crude Prices: Current = $81.16. Forward estimates: 2024 = $79.77, 2025 = $75.23, 2026 = $71.20. EIA forecasts an $89 average for 2024. Global supply deficit rising.
⚡ CA Retail Power: CAISO pricing hits just over $64 per MWH. Just weeks ago, it was below $20!
🌱 Carbon Offsets: Mandatory in CA and other states by 2025. Get ahead of the demand now.
🔻 Bottom Line: Record heat and a busy hurricane season could limit refinery and production activity, pushing prices up. Take advantage of market dips.
🌐 RFP ES Updates: Now serving WA, OR, CA, NV, AR, NM, parts of TX, Gulf States region, NC, and VA. For quotes, visit RFPES.com and submit an RFP. Quotes available within 48 hours.
hashtag#EnergyUpdate hashtag#TexasPowerOutage hashtag#COP28 hashtag#NYMEX hashtag#CarbonOffsets hashtag#HurricaneSeason hashtag#CrudePrices hashtag#CAISOPricing hashtag#RFPES 🌟