🚀 NYMEX Changes Direction…Again!

🌟 The One Minute Energy Update for 6-11-24 🌟
NYMEX Pricing So Far Today 📈
We hit a 21-week high yesterday, pulled back, and this morning the rally is back on.
Open: $2.98
High: $3.06
Low: $2.95
Current: $3.06
Prices are up approximately $0.40 from a week ago!
NYMEX Calendar Year Estimates 🗓️
2024: $3.16
2025: $3.62
2026: $3.88
NYMEX Monthly Averages 📊
2024 (so far): $2.09
2023: $2.73
2022: $6.64
2021: $3.84
📊 Above Averages:
50-day: $2.21
20-day: $2.66
9-day: $2.77
Resistance Levels 💪
Starting at $3.04/$3.18
Pivot Point 🔄
At $2.95
Support Levels 🛡️
Starting at $2.82/$2.72
Basis 💹
PG&E CG Basis and SoCal CG Basis prices are down today after a second long rally yesterday. Both Citygate delivery point July '24 prices are on the low end of the historical range.
PG&E CG First of the Month Index 🏷️
2023 Average: $9.83
2024 Average (through May): $3.51
SoCal CG First of the Month Index 🏷️
2023 Average: $10.95
2024 Average (through May): $3.29
SoCal Border First of the Month Index 🏷️
2023 Average: $8.14
2024 Average (through May): $2.65

Production/Supply & Demand 🔧
Today's Estimated Supply: 105.7Bcf
7-Day Avg. Supply: 105.2Bcf
Today's Estimated Production: 100.8Bcf
Today's Estimated Demand: 98.8Bcf
7-Day Avg. Demand: 96.27Bcf
Low-Moderate demand through Thursday, then High

Weather Forecasts ☀️
NatGasWeather's 6-day forecast: "A hot ridge will rule California to Texas with highs of 90s-100s. The Midwest to Northeast will be comfortable with highs of upper 60s to lower 80s.
5-10 day: bullish
10-15 day: bullish
3-month: bullish
Summer (July-Sep): bullish
Crude Oil 🛢️
Bull run continues!
Current Cash Price: $77.75
Forward Estimates: 2024 = $76.50, 2025 = $72.69, 2026 = $69.38
CA Retail Power ⚡
CAISO pricing moves up to just over $23 per MWH
Carbon Offsets 🌍
California and other states mandating carbon offsets by 2025
Is your company ready? Get ahead of the demand for more options and better prices. We can help!
Bottom Line 📉
Higher than average storage inventories at the start of winter, warmer than normal winter, reduced HDDs, and continued strong production growth are driving the current price outlook. Many traders expect NYMEX winter strip prices to be between $3.25 - $3.50. Despite bearish factors, weather remains king, and natgas prices should be bullish for the next week or two.
Indicative Fixed Prices out of July '24 💰
PG&E CG: $3.10 (1 Month), $3.60 (3 Months), $4.50 (6 Months), $4.80 (12 Months), $5.15 (24 Months)
SoCal CG: $3.45 (1 Month), $4.25 (3 Months), $5.05 (6 Months), $5.30 (12 Months), $5.80 (24 Months)
SoCal Border (+ $0.51 BTS): $3.10 (1 Month), $3.83 (3 Months), $4.53 (6 Months), $4.97 (12 Months), $5.40 (24 Months)
Summer Strip (July '24 – Oct '24) 🌞
PG&E CG: $3.60
SoCal CG: $4.20
SoCal Border: $3.90
Winter Strip (Nov '24 – Feb '25) ❄️
PG&E CG: $5.65
SoCal CG: $6.20
SoCal Border: $5.80