Reflecting warmer weather and slight gains in the natural gas market, the price of forward power pulled higher in the first full week of June.
The July natural gas futures contract opened the week with losses, declining 1.7 cents on June 5 only to reclaim 6.0 cents on June 6 before slipping 2.2 cents on June 7.
Despite the report of a bigger-than-average and larger-than-expected gas storage injection of 106 Bcf for the week ended June 2, the July contract added 0.8 cent on June 8 and another 1.1 cents on June 9.
Between June 5 and June 9, the front-month contract climbed 5.7 cents, which offered support for the July electricity market at ERCOT North in Texas, which tacked on 10%, or almost $4, during the week to trade in the low $40s.
July deals in the West also posted small gains, rising into the upper $20s at Mid-Columbia in Washington and into the upper $30s at South Path-15 in California and at Palo Verde in the Southwest, up 3% to 5% throughout the region.
In the East, July deals at the Mass hub in New England were up 3% during the week, from near $41 on June 5 to $42 by June 9, while PJM West in the mid-Atlantic saw July deals drop 1%, with action holding in the low $40s all week.
In the Midwest, the AEP-Dayton hub in Ohio saw deals for July done near $42 all week, while the Northern Illinois hub saw July power value nudge 2% higher, from near $40 to above $42 by midweek. MISO Indiana was up 4% with July trades in the low $40s all week.
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, natural gas and coal index prices, as well as forwards and futures, visit our Commodities pages.