🚀 NYMEX Running!
🌟 The One Minute Energy Update for 6-10-24 🌟
#NYMEXUp #PG&EBasisUp #SoCalBasisUp #WeatherBullish #CarbonOffsets
NYMEX Pricing So Far Today 📈
Open: $2.98
High: $3.09
Low: $2.95
Current: $3.06
Prices are up approximately $0.40 from a week ago!
NYMEX Calendar Year Estimates 🗓️
2024: $3.017
2025: $3.60
2026: $3.87
NYMEX Monthly Averages 📊
2024 (so far): $2.09
2023: $2.73
2022: $6.64
2021: $3.84
📊 Above Averages:
50-day: $2.18
20-day: $2.64
9-day: $2.72
Resistance Levels 💪
Starting at $2.97/$3.09
Pivot Point 🔄
At $2.96
Support Levels 🛡️
Starting at $2.85/$2.75
Basis 💹
PG&E CG Basis and SoCal CG Basis prices up ~ $0.20 today
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
Exports & Imports 🚢
LNG Exports: 13.2Bcf/D
Mexico Exports: 6.8Bcf
Canadian Imports: 5.4Bcf
Production/Supply & Demand 🔧
Today's Estimated Supply: 105.1Bcf
7-Day Avg. Supply: 104.98Bcf
Today's Estimated Production: 99.7Bcf
Today's Estimated Demand: 96.6Bcf
7-Day Avg. Demand: 95.87Bcf
High demand today and tomorrow, light demand next week
Rig Count 🛠️
Total active rigs down by 6 to 594
Oil rigs down by 4 to 492
Natgas rigs down by 2 to 98
Miscellaneous rigs: 4
Active rigs down by 101 compared to last year
Storage 📦
373Bcf above last year
581Bcf above the 5-year average of 2,312Bcf
Current storage: 2,893Bcf
Projections: 3.95Tcf by Oct '24, 1.75Tcf for March '25
Weather Forecasts ☀️
US heating up except for Pac NW and coastal West
5-10 day: bullish
10-15 day: bullish
3-month: bullish
Summer (July-Sep): bullish
Crude Oil 🛢️
Bull run continues!
Current Cash Price: $75.53
Forward Estimates: 2024 = $74.52, 2025 = $71.25, 2026 = $68.29
CA Retail Power ⚡
CAISO pricing moves up to just over $27 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 📉
NYMEX and Basis are up due to rising temps, increased LNG and Mexico exports, and a drop in production. Expect potential downward shift in 10-15 days.
Indicative Fixed Prices out of July '24 💰
PG&E CG: $3.20 (1 Month), $3.64 (3 Months), $4.54 (6 Months), $4.90 (12 Months)
SoCal CG: $3.50 (1 Month), $4.35 (3 Months), $5.13 (6 Months), $5.40 (12 Months)
SoCal Border (+ $0.51 BTS): $3.20 (1 Month), $3.93 (3 Months), $4.73 (6 Months), $4.87 (12 Months)
Summer Strip (July '24 – Oct '24) 🌞
PG&E CG: $3.78
SoCal CG: $4.43
SoCal Border: $3.88
Winter Strip (Nov '24 – Feb '25) ❄️
PG&E CG: $5.72
SoCal CG: $6.27
SoCal Border: $5.78