NYMEX up on Weather Shift

🌟 THE One Minute Energy Update for 7-22-24 🌟

Today’s highlights to kick off the work week:

🔹 1600 Penn Ave Update: More uncertainty on the direction of domestic energy.

🔹 NYMEX Update: Green all the way through Oct 2032. 📈 NYMEX up due to a warmer-than-expected shift in weather. 🌡️

🔹 RFP ES Expansion: Opens Mid-Atlantic office and adds more regions to service/supply map. 🌍

📊 Market Stats:

Open: $2.10

High: $2.24

Low: $2.09

Current: $2.20

📅 NYMEX Calendar Year Estimates:

2024 = $2.53

2025 = $3.34

2026 = $3.68

📉 Average Prices:

2024 Monthly Avg: $2.19

2023 Monthly Avg: $2.73

2022 Monthly Avg: $6.64

2021 Monthly Avg: $3.84

📈 Technical Levels:

Below the 50-day ($2.55), 20-day ($2.40), and 9-day ($2.21) averages.

Resistance: Starting @ $2.16/$2.19

Pivot: $2.13

Support: Starting @ $2.07/$2.00

📍 Basis Prices:

PG&E CG Basis: 2023 Avg: $9.83, 2024 Avg: $3.24

SoCal CG Basis: 2023 Avg: $10.95, 2024 Avg: $3.03

SoCal Border Basis: 2023 Avg: $8.14, 2024 Avg: $2.45

🚢 Exports/Imports:

LNG Exports: 11.0Bcf/D

Mexico Exports: 6.8Bcf

Canadian Imports: 6.4Bcf

📉 Supply & Demand:

Est. Supply: 108.5Bcf

7 Day Avg. Supply: 108.39Bcf

Est. Production: 101.7Bcf

Est. Demand: 102.6Bcf

7 Day Avg. Demand: 103.9Bcf

🔄 Rig Count:

Total active rigs: 586 (NatGas: 103, Oil: 477, Misc.: 6)

🏪 Storage:

Latest injection: 10Bcf (below 28Bcf estimate)

Current storage: 3,209Bcf (250Bcf higher than last year, 465Bcf above 5-year avg)

Oct ’24 forecast: 3.79Tcf – 4.06Tcf

March ’25 estimate: 1.55Tcf – 2.00Tcf

☀️ Weather:

U.S. temperatures falling this week

Hurricane Season: 25 tropical storms, 12 hurricanes, 6 major hurricanes

🛢️ Crude Oil:

Current price: $80.13

Forward estimates: 2024 = $77.74, 2025 = $73.16, 2026 = $69.12

⚡ CA Retail Power: Grid status: Normal, CAISO pricing: $40 - $44 per MWH

🌍 Carbon Offsets: Mandates starting as early as 2025. Is your company ready? 🌱

📉 Bottom Line:

EIA forecasts 2025 NYMEX avg at $3.30. Current avg: $3.37

Declining storage surplus, new demand from LNG pushing prices up.

🌎 RFP ES Expansion: Now providing energy in multiple regions including WA, OR, CA, NV, AR, NM, TX, PJM, Mid-Con, Gulf States, NC, VA.

📬 Get a Quote: Visit RFPES.com to submit a Request for Proposal. 📝

#NYMEXUp #PG&EBasisUp #SoCalBasisUp #WeatherBearishForThisWeek #CarbonOffsets