Forecasts for subdued Thursday demand helped drive losses at U.S. next-day markets Wednesday, March 14.
Following a scant gain the day prior, trading activity across the natural gas futures arena was biased lower Wednesday with the front-month April contract closing the day down 5.5 cents at $2.731/MMBtu.
Looking at other supply, total U.S. nuclear plant availability slipped to 87.93% early March 14 due to curtailments at two reactors.
PJM West dailies flounder; Mass hub values firm
Next-day power prices were mixed Wednesday as persistent cold weather enveloping parts of the Northeast clashed with forecasts for slack Thursday demand.
At next-day markets, power prices at the New England Mass hub rose about a dollar and ranged in the mid-$40s while PJM West packages changed hands in the mid- to high $30s, down more than $8 from Tuesday.
Day-ahead markets moved mixed to ultimately lower. DAMs at New York Zone J slipped by about $2 from Tuesday and averaged $39.40, while losses amounting to less than a dollar were seen at New York Zone A and Zone G, where power prices averaged $26.04 and $29.26, respectively. Day-ahead trades at the Mass hub rose by about $9 and averaged $53.07.
Demand in the Northeast and mid-Atlantic is set to fall toward the latter part of the workweek. New England load should top out at 16,140 MW on Wednesday and 15,750 MW on Thursday, while demand in New York could crest at 19,277 MW on Wednesday and 19,094 MW on Thursday. Load in the PJM Mid-Atlantic region may reach peaks of 37,548 MW on Wednesday and 37,095 MW on Thursday, while demand in the PJM Western region might touch highs of 57,448 MW on Wednesday and 54,772 MW on Thursday.
Most Western power markets sag; Mid-Columbia dailies rise
Dailies in the West leaned mixed to predominantly lower Wednesday as markets saw little support from easing Thursday demand.
In California, power packages at North Path-15 and South Path-15 fell more than $10 and ranged in the low to mid-$30s at the former and the high $20s to mid-$30s at the latter. In the Southwest, Palo Verde and Mead values slipped by $2 to $3 from Tuesday and changed hands in the mid-$20s and low $30s, respectively.
In the Northwest, the California-Oregon Border saw power trade in the mid-$20s, easing slightly from Tuesday, while Mid-Columbia on-peak trades were heard in the low $20s, up roughly $4 on the session.
The California ISO is forecasting highs of 27,659 MW on Wednesday and 27,665 MW on Thursday.
Midwest DAMs mixed despite slack demand
Despite downward pressures offered by sagging Thursday load forecasts, day-ahead markets in the Midwest moved mixed Wednesday.
Day-ahead deals at PJM Northern Illinois added close to $4 and averaged $33.70, while PJM AEP-Dayton saw power exchanged roughly $4 lower than Tuesday with packages averaging $36.13.
In terms of demand, load in the PJM AEP region may near peaks of 18,908 MW on Wednesday and 17,945 MW on Thursday while demand in the PJM ComEd region should post highs of 12,478 MW on Wednesday and 11,938 MW on Thursday.
Texas prices continue to retreat with load forecasts
Day-ahead markets in Texas took a few steps back Wednesday as values mirrored pressures from declining demand forecasts.
The Electric Reliability Council of Texas expects load to run up to 39,613 MW on Wednesday and 38,841 MW on Thursday.
At day-ahead markets, power at ERCOT Houston, ERCOT North and ERCOT South slipped by $2 to $3 from Tuesday and averaged $23.13, $21.39 and $22.13, respectively, while ERCOT West deals tumbled by roughly $10 from Tuesday and averaged $13.24.
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.
