Power dailies could chop around Tuesday, March 13, as traders consider diverging demand forecasts for midweek.
Looking to natural gas markets for power pricing direction, rising 4.6 cents in the March 12 session, NYMEX April natural gas futures were extending higher overnight, tacking on another 2.7 cents at 7:05 a.m. ET to $2.805/MMBtu on short covering.
Natural gas spot prices at the major U.S. consuming hubs are likely to shift higher Tuesday alongside the recent uptick in the futures market.
On the demand side, load outlooks for midweek are mixed.
In the Northeast, demand in New England should near 16,620 MW on Tuesday and 16,350 MW on Wednesday, while New York load is poised to expand as it is forecast to peak 19,184 MW on Tuesday and 19,329 MW on Wednesday. To the south, PJM Western region demand could rise to crest at 55,744 MW on Tuesday and 56,040 MW on Wednesday, while load in PJM Mid-Atlantic could unwind as it is projected to top out at 36,697 MW on Tuesday and 36,521 MW in the middle of the workweek.
In the Midwest, PJM AEP region load shows a modest upside bias as it is called to reach 18,036 MW on Tuesday and 18,069 MW on Wednesday, while demand in PJM ComEd is set to decline as it is seen reaching highs at 12,306 MW on Tuesday and 12,204 MW at midweek.
In the South, load in Texas is expected to touch a high near 39,352 MW on Tuesday and 39,595 MW on Wednesday, joining the uptrend. In the West, California load could see highs at 27,770 MW on Tuesday and 27,400 MW on Wednesday.
In forward trade, April power prices added value in much of the country in the week's opening session March 12, in tandem with front-month natural gas futures that notched gains on the day to ultimately imply an uptick in fueling costs.
In the East, a near $2 advance took pricing for April power delivery to the high $30s at both the New England hub and PJM West. Further along the forward curve, power values for May were spotted in the low $30s in New England and in the mid- to high $30s at PJM West.
In the Midwest, PJM Northern Illinois April was up 40 cents in the high $20s to the low $30s, while month-ahead power assessed in the mid-$30s was almost 60 cents higher on the day at PJM AD and more than $1 stronger at MISO Indiana. May power was quoted in the low to high $30s overall.
In the South, prompt-month power was valued in the high $20s to the low $30s in deals off 5 cents at ERCOT Houston but up about 30 cents to 50 cents at the rest of the ERCOT hubs. Regional trading action for May power spanned the high $20s to the mid-$30s.
In the West, California saw April power prices lifted by nearly $2 to the low $30s at North Path-15 and bolstered by $1 to the high $20s at South Path-15. Front-month power values climbed by almost $2 to the high $10s at Mid-Columbia but fell by around 20 cents to the high $20s at Palo Verde. Pricing for May power was pegged in the low $10s at Mid-Columbia and in the high $20s to the low $30s elsewhere in the region.

Market prices and included industry data are current as of the time of publication and are subject to change. For more detailed market data, including power and natural gas index prices, as well as forwards and futures, visit our Commodities pages.
