|
As we approach mid-September, natural gas storage in the U.S. sits at 3,392 Bcf, 495 Bcf above last year and 503 Bcf above the 5-year average. While these storage volumes are at record levels for this time of year, over the next 2 months there may not be space to store excess gas; this is not a surprise to anyone. We noted in our April Natural Gas Overview that 4.0 Tcf (4,000 Bcf) was a possibility by November 1. The market has priced this in. Looking at NYMEX prices (U.S. per mmbtu), at the time of writing, October was trading at $2.82, November $3.86 and December $4.61. These are large price swings from month to month.
| |
Aeco (Cdn$/GJ)
|
Nymex(U.S.$/mmbtu)
|
| |
Sept 10
|
Aug 21
|
Change
|
Sept 10
|
Aug 21
|
Change
|
|
Oct09
|
$2.99
|
$2.38
|
25.6%
|
$3.26
|
$3.02
|
8.0%
|
| Nov09-Oct10 |
$4.81
|
$4.80
|
0.3%
|
$5.34
|
$5.38
|
-0.9%
|
| Nov10-Oct11 |
$5.95
|
$5.93
|
0.3%
|
$6.53
|
$6.56
|
-0.4%
|
| Nymex Prompt Prices |
Sept 10
|
Aug 21
|
Change
|
|
Natural Gas (U.S. $ per mmbtu)
|
$3.256
|
$2.804
|
16.1%
|
|
Crude Oil WTI (U.S. $ per barrel)
|
$71.94
|
$73.89
|
-2.6%
|
| Currency |
Sept 10
|
Aug 21
|
Change
|
| USD/CAD |
$0.927
|
$0.923
|
0.4%
|
One market driver we have not recently detailed as much as we used to, is the crude oil/natural gas price ratio. As you might recall, ....The full Market Watch is available to ECNG Customers to contact one of our specialists, call 1-888-989-1501 or email info@ecng.com
Please contact your Client Service Representative if you have any questions.
www.ecng.com
|
|
| Average ON PEAK Price for Aug: |
3.5 cents / kWh |
| ON PEAK Hours over 7.0 cents: |
3.4% in August |
| |
5.3% year to date |
| Highest price in the past 3 weeks: |
12.7cents / kWh on August 23 |
The Province of Ontario announced that Ontario Power Generation will be closing 4 coal plants by October 2010. Two plants at Lambton and two plants at Nanticoke will be shut down (a total of about 2,000 MW of generation will be lost) ....The full Market Watch is available to ECNG Customers to contact one of our specialists, call 1-888-989-1501 or email info@ecng.com
As always, please contact your Client Service Representative for more information.
|
