Dailypower prices arelikely to swing higher at markets across the U.S. on Friday, April 1, astraders look to rebounding demand forecasts after the weekend break for support.
Eyeswill also remain on the natural gas markets. After in the prior session, thefront-month May contract was moving near unchanged early Friday ahead of theopening bell at $1.956/MMBtu, down 0.3 cent.
Thenatural gas market eased March 31 after it was reported by the U.S. EnergyInformation Administration that a net 25 Bcf was pulled from storage for the week ended March25. Total U.S. working gas supply now sits at 2,468 Bcf, or 1,002 Bcf above theyear-ago level and 843 Bcf above the five-year average storage level of 1,625Bcf.
Despitethe week-on-week tightening of the supply, total working gas inventory remainsexceedingly healthy and on track to end the withdrawal season near the March31, 2012, end-of-season record high of 2,473 Bcf.
Amidthe prior day's losses in futures and with the inclusion of the lower-loadweekend days in the spot trading product on Friday offering additionalpressure, day-ahead gas prices should be poised to the downside.
Lookingat demand, load in New England is expected to crest at 14,450 MW on Friday and16,120 MW on April 4. Demand in New York is likely to top out at 18,300 MW onFriday and 18,450 MW on April 4.
Inthe Mid-Atlantic, PJM Western region load is likely to crest at 45,050 MW onFriday and 47,950 MW on April 4. Demand in the PJM Mid-Atlantic region is seenpeaking at 30,147 MW on Friday and 31,846 MW on April 4.
Inthe Midwest, PJM AEP region load should reach 14,050 MW on Friday and 15,250 MWon April 4, with PJM ComEd demand likely to hit 11,025 MW on Friday and 11,365MW on April 4.
Accordingto the ERCOT grid operator, load in Texas is expected to peak at 36,325 MW onFriday and 41,265 MW on April 4. Demand in California is seen cresting at26,900 MW on Friday and 25,830 MW on Saturday before likely bumping higher comeApril 4.
Forwardpower prices were mostly lower March 31, as the day's retreat in the futuresarena suggested softer fueling costs for U.S. power generators.
Inthe East, April delivery power at NEPOOL-Mass in New England was priced in thelow to mid-$30s, with deals for the same month at the PJM West market in theMid-Atlantic marked in the low $30s. Deals for April at the Zone G market inNew York were eyed in the high $20s.
Inthe Midwest, April power packages traded in the low $30s at the PJM AD hub andin the upper $20s at both PJM Northern Illinois and MISO Indiana.
Aprilbusiness at the ERCOT North market in Texas ran in the low to mid-$20s.Second-quarter power parcels were transacted in the mid-$20s.
Onthe West Coast in California, April and second-quarter power deals at SouthPath-15 were transacted in the low $20s.
Powerat Mid-Columbia for April and second-quarter delivery was inked in the low teens.Palo Verde April and second-quarter power was pegged in the upper teens.
Market prices and includedindustry data are current as of the time of publication and are subject tochange. For more detailed market data, including power,naturalgas and coalindex prices, as well as forwardsand futures,visit our Commodities Pages.