NYMEX Prompt Month Stays Below $2.20

🌟 THE One Minute Energy Update for 7-17-24 🌟

Let's dive into the latest energy updates:

🔹 CAISO Victory Lap: 🏅 CAISO is flexing its muscles as the CA power grid handled higher-than-usual demand during the recent heatwave. NatGas power was the hero, while W&S power didn’t contribute much. 💪🔌

🔹 Nuclear Boost: ⚛️ The ADVANCE Act, with bipartisan support, was signed into law to speed up nuclear energy deployment like never before since the 70s, meeting the growing US power grid demand. 🚀

🔹 NYMEX Update: 📉 Aug '24 & Sep '24 remain below $2.20. Prices are dropping due to cooler weather forecasts.

🔹 LNG Delays: 🛑 Freeport LNG’s comeback is slower than expected.

📊 Market Snapshot:

Open = $2.18, High = $2.20, Low = $2.12, Current = $2.12. NYMEX prices are down ~$0.20 from last week.

2024 NYMEX Avg (YTD) = $2.19

2023 NYMEX Avg = $2.73

2022 NYMEX Avg = $6.64

2021 NYMEX Avg = $3.84

Resistance: $2.22/$2.25

Pivot: $2.18

Support: $2.15/$2.11

🔹 Basis Prices: PG&E CG and SoCal CG Basis prices remain high but may correct as weather cools.

🔹 LNG & NG Trade:

LNG Exports: 11.8Bcf/D

Mexico Exports: 6.8Bcf

Canadian Imports: 7.0Bcf

🔹 Supply & Demand:

Today’s Supply: 108.3Bcf

Today’s Demand: 104.3Bcf (moderating soon)

🔹 Rig Count:

Oil: 478 rigs (-1)

NatGas: 100 rigs (-1)

Misc: 6 rigs (+1)

Total: 584 rigs

🔹 Storage: We’re 283Bcf higher than last year, 504Bcf above the 5-year average. Next week’s estimate: 20Bcf injection. Following week: 28Bcf injection.

🔹 Weather:

Hot spots: Western, Southern, and Eastern US (90s-100s)

Cooler: Midwest, S. Plains, Northeast (70s-80s)

Hurricane forecast: Increased to 25 named storms.

🔹 Crude Oil: 🛢️ Up. Current price = $81.20. Forward estimates: 2024 = $78.81, 2025 = $74.02, 2026 = $70.06.

🔹 CA Retail Power: CAISO pricing just below $42/MWH.

🔹 Carbon Offsets: 🌿 Mandates are coming by 2025. Get ahead now! We can help.

📌 Bottom Line: Bearish factors are pushing NYMEX down. Demand for power is up, and natgas will be crucial. Make the most of low prices now to avoid the peaks! 📉📈

💡 RFP ES Update: Now providing energy in WA, OR, CA, NV, AR, NM, (parts of) TX, Gulf States, NC, and VA. For quotes, visit RFPES.com and submit an RFP. It’s quick and easy! 🖥️🔌

#NYMEXFallingFurther #PG&EBasisUp #SoCalBasisUp #WeatherBearishByFriday #CarbonOffsets

Let's stay ahead of the energy curve! 🚀💼💡