NYMEX on the Up

🌍 THE One Minute Energy Update for 8-1-24 🔋

Today's Highlights: 📉 Coal Prices: Expected to drop by 28% in 2024 and another 12% in 2025. Despite record consumption, mainly by China and India, adding 220Mmt. Interestingly, China plans to import an additional 150Mmt for manufacturing windmills and solar panels. Oh, the irony! 🏭🔄

🔻 Europe's NatGas Demand: Hitting a 2-decade low thanks to renewable energy and nuclear power. 🌱⚡

💼 AI Data Centers: Rapid expansion in the U.S. They're increasingly relying on natural gas for power due to cost and reliability, despite the push for green energy. 🤖🔋

💷 Bank of England: Cuts interest rates from 5.25% to 5% for the first time in four years. Will the US follow? 🇬🇧➡️🇺🇸

📊 #NYMEXMovingUp #PG&EBasisUp #SoCalBasisUp #WeatherBullish #CarbonOffsets:

Open = $2.04

High = $2.11

Low = $2.03

Current = $2.11 (Down $0.06 from 1 week ago)

📅 NYMEX Calendar Year Estimates:

2024 = $2.50

2025 = $3.22

2026 = $3.57

📈 2024 NYMEX Monthly Avg: $2.19 📉 2023 NYMEX Monthly Avg: $2.73 📉 2022 NYMEX Monthly Avg: $6.64 📉 2021 NYMEX Monthly Avg: $3.84

📏 Technical Indicators:

Below 50-day ($2.51)

20-day ($2.18)

Above 9-day ($2.09)

📉 Resistance: $2.11/$2.19 🔄 Pivot: $2.06 📉 Support: $1.99/$1.94

📍 Basis:

PG&E CG & SoCal CG Basis prices elevated.

Cooler weather and potential blackouts could lower Basis prices. 🌡️🔥

📊 Index Averages:

PG&E CG (2023): $9.83

PG&E CG (2024 to July): $3.24

SoCal CG (2023): $10.95

SoCal CG (2024 to July): $3.03

📦 Exports/Imports:

LNG Exports: 11.4Bcf

Mexico Exports: 6.9Bcf

Canadian Imports: 6.0Bcf

📉 Supply & Demand:

Est. Supply: 108.8Bcf

7-Day Avg Supply: 108.9Bcf

Est. Production: 102.5Bcf

Est. Demand: 101.5Bcf

7-Day Avg Demand: 102.78Bcf

📦 Storage:

Next report: Today

Est. Injection: 33Bcf

Currently 249Bcf higher than last year

456Bcf above 5-year avg of 2,775Bcf

Current: 3,231Bcf

🌦️ Weather:

1-6 days: Hot, strong demand

5-10 days: Bullish

10-15 days: Bearish

Aug-Oct: Bullish

Oct-Dec: Bearish

Winter (Dec '24-Feb '25): Bearish

🌪️ Hurricane Season: 25 tropical storms, 12 hurricanes, 6 major hurricanes predicted.

🛢️ Crude:

Current: $78.35

2024: $76.55

2025: $72.85

2026: $69.31

⚡ CA Retail Power:

Grid Status: Normal

CAISO: $39 - $45

🔋 CA Power Generation:

NatGas: 52.7%

Renewables: 12.7% (54% from Wind)

Hydro: 11.1%

Imports: 15.3%

Nuclear: 8.5%

Batteries: 0.0%

🌍 Carbon Offsets: Mandates starting in 2025. Get ahead of the demand – more options, greater price range. We can help. 🌱

📈 Bottom Line: Current NYMEX prices beating 2024 and 2025 forecasts. 🚀

🔗 For energy procurement across various regions, visit RFPES.com and submit a Request for Proposal. Quotes within 48 hours. 🕒📥

#EnergyUpdate #NaturalGas #CoalPrices #RenewableEnergy #AI #InterestRates #EnergyProcurement #CarbonOffsets