NYMEX nears $2.00

🔹THE One Minute Energy Update – 7/18/24 🔹

📉 NYMEX Aug '24 nears $2.00! Last dipped below $2.00 on 2/7/24 at $1.967, a rarity since Sep '20.

📈 NatGas Prices: EIA forecasts an average of $2.90 for H2 2024. Gradual rise expected, despite recent dip.

🌍 Market Volatility: Energy markets remain volatile due to weather, geopolitical events, and supply-demand shifts. Stay informed on storage injections and power demand for NatGas with our expert tracking.

📊 Current NYMEX Prices:

Open: $2.04

High: $2.08

Low: $2.02

Current: $2.07

Down $0.25 from last week

2024-2026 NYMEX Calendar Estimates:

2024: $2.44

2025: $3.24

2026: $3.63

Monthly Averages:

2024: $2.19

2023: $2.73

2022: $6.64

2021: $3.84

Resistance: $2.15/$2.27

Pivot: $2.08

Support: $1.94/$1.89

🔥 Basis Prices: PG&E CG Basis and SoCal CG Basis remain high but may correct as weather normalizes.

2024 Average Prices (through June):

PG&E CG: $3.24

SoCal CG: $3.03

SoCal Border: $2.45

🚢 Exports & Imports:

LNG: 11.8Bcf/D

Mexico Exports: 6.8Bcf

Canadian Imports: 7.0Bcf

🔄 Supply & Demand:

Est. Supply: 108.3Bcf

Est. Production: 101.9Bcf

Est. Demand: 104.3Bcf

National demand moderates over next 5 days

⚙️ Rig Count:

Oil: 478 (-1)

NatGas: 100 (-1)

Misc.: 6 (+1)

Total: 584

📦 Storage: Latest injection estimate: 28Bcf. Current storage: 3,199Bcf, above 5-year historical range.

🌤️ Weather Forecast: High pressure in West/South (90s-100s), cooler Midwest (70s-80s). Bearish outlook for 5-10 days.

🌪️ Hurricane Season: CSU predicts 25 tropical storms, 12 hurricanes, and 6 major hurricanes.

💡 Crude: Current price: $81.20. Estimates for 2024: $80.30, 2025: $74.82, 2026: $70.65.

⚡ CA Retail Power: CAISO pricing at $40/MWh.

🌱 Carbon Offsets: New mandates in 2025. Get ahead of the demand with our help!

🚀 LNG Expansion: More terminals, but no new pipelines out west. Seize the low prices now!

🔌 RFP ES Expansion: Now serving WA, OR, CA, NV, AR, NM, TX (parts), Gulf States, NC, and VA.

📬 Get a Quote: Submit an RFP at RFPES.com and receive quotes from all our supply partners within 48 hours. Quick and easy! ⏱️

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