NYMEX Continues To Fall

🌟 THE One Minute Energy Update for 7-15-24 🌟

🚀 Hot Deals Alert! Our West/SW region supply partners are dropping prices aggressively. 💸 There's a great chance we can beat your current energy suppliers' prices. Don't miss out!

📉 NYMEX on the Decline

NYMEX continues to fall. 📉
Texas is regaining power, lowering cooling demand and pushing prices down further.
200 Day Moving Avg = $2.47. We're currently smashing that price! 💪

#NYMEXDownFurther #PG&EBasisUp #SoCalBasisUp #WeatherBearishByFriday #CarbonOffsets

📊 Market Prices Today

Open: $2.27
High: $2.28
Low: $2.21
Current: $2.22
Down approx. $0.13 from last week.

📅 NYMEX Calendar Year Estimates

2024: $2.58
2025: $3.34
2026: $3.71

2024 Monthly Avg: $2.19 | 2023 Monthly Avg: $2.73 | 2022 Monthly Avg: $6.64 | 2021 Monthly Avg: $3.84

📉 Below averages:

50-day ($2.54)
20-day ($2.55)
9-day ($2.37)

📈 Resistance & Support Levels

Resistance: $2.31/$2.36
Pivot: $2.28
Support: $2.22/$2.15

📍 Basis Prices on the Rise Both PG&E CG Basis and SoCal CG Basis are up due to high cooling demand but may drop by the weekend. Stay tuned!

🔎 LNG Exports & Imports

LNG Exports: 12.0Bcf/D
Mexico Exports: 6.9Bcf
Canadian Imports: 7.1Bcf

📈 Production, Supply & Demand

Today's Est. Supply: 108.1Bcf
7-Day Avg. Supply: 108.18Bcf
Today's Est. Production: 101.9Bcf
Today's Est. Demand: 104.7Bcf
7-Day Avg. Demand: 105.2Bcf

⚙️ Rig Count

Oil rigs down by 1 to 478.
NatGas rigs down by 1 to 100.
Miscellaneous rigs up by 1 to 6.
Total: 584 active rigs.

📦 Storage

283Bcf higher than last year.
504Bcf above the 5-year average of 2,695Bcf.
Current: 3,199Bcf.
Next week: 20Bcf injection.
Following week: 28Bcf injection.
Oct '24 estimate: 3.79Tcf – 4.06Tcf.
March '25 estimate: 1.55Tcf – 2.00Tcf.

🌦️ Weather Forecast

Above-normal temps and elevated heat indexes early week, cooling by Friday. 🌡️
Hurricane Season Update: CSU increased 2024 season to 25 named storms. 🌪️

🔮 Market Outlook

Today: Bullish
5-10 Day: Bearish
10-15 Day: Bearish
3-Month: Turning Bearish
Summer (July-Sep): Turning Bearish
Winter (Dec '24-Feb '25): Bearish

🛢️ Crude Oil

Current Cash Price: $82.14
Forward Estimates: 2024 = $80.13, 2025 = $75.17, 2026 = $71.03

⚡ CA Retail Power

CAISO pricing falls just below $70 per MWH.

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📌 Bottom Line NYMEX continues to fall. Great buying/hedging opportunities are coming up. Be ready to act! 🚀

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#EnergyUpdate #MarketTrends #EnergyProcurement #NaturalGas #Sustainability #CarbonOffsets #EnergyManagement