Next-day power markets in the U.S. opened the newworkweek in mixed fashion Monday, Oct. 3, as outlooks calling for mostlyelevated Tuesday demand and support from mixed to higher spot natural gasprices failed to boost values at some locations.
In gas futures, the front-month November contractopened the week on the positive side of the ledger and added 1.7 cents tosettle at $2.923/MMBtu. Likewise, spot gas markets leaned mixed to ultimatelyhigher, with trades in the East noting sizeable gains.
Midwestmarkets rise as fundamentals support
Robust demand forecasts and flat to predominantlyhigher spot natural gas pushed power prices in the Midwest higher Monday.
PJM AEP-Dayton power traded in the mid-$30s, up about$4 from Sept. 30, while MISO Indiana saw dailies exchanged in the high $30s tolow $40s for a day-on-day premium of almost $4.
Demand forecasts in the Midwest are aimed higher with thePJM AEP region called to see load reach 15,222 MW on Tuesday, up more than 500MW from Monday, while demand in the PJM ComEd region could touch a Tuesday highat 12,238 MW, gaining roughly 650 MW from the day prior.
Eastdailies mixed on deflated demand, recovering gas
Power values for next-day delivery in the East werejumbled Monday, pressured by conflicting signals from subdued Tuesday loadoutlooks and support from rebounding spot gas prices.
Next-day deals at NEPOOL-Mass were done roughly $2lower in the low to mid-$20s, while transactions at PJM West were done in themid- to high $20s for a daily gain of close to $4.
Day-ahead markets in the Northeast bounced back withDAMs at NEPOOL-Mass, New York Zone G and New York Zone J adding around $4 to $6from Sept. 30 and averaging at $24.88, $20.54 and $20.65, respectively, whileDAMs at New York Zone A jumped by about $10 and averaged at $23.00.
Load in the Northeast is set to fall as the newworkweek unfolds with peak Tuesday demand in New England possibly hitting14,960 MW, down 310 MW from Monday, while New York load could crest at 18,445MW on Tuesday, falling almost 500 MW from the previous day.
Mid-Atlantic load forecasts are pointed in different directionsas demand in the PJM mid-Atlantic region could top out at 32,276 MW on Tuesday,shedding roughly 300 MW from Monday, while load in the PJM Western regionshould peak at 49,722 MW on Tuesday, rising more than 2,000 MW from prior day.
Texasdailies notch losses despite strong load forecasts
Next-day power packages in Texas entered the newworkweek on lower ground Monday, as softer spot gas prices offset projectionsof strong Tuesday demand.
ERCOT is calling for Tuesday load to run up to 52,738MW, increasing more than 1,700 MW from Monday. Despite robust demand forecasts,next-day deals at ERCOT North slipped by $2 and spanned the mid-$20s.
On the other hand, Texas day-ahead markets were flatto predominantly higher. DAMs at ERCOT South rose by about $4 and averaged$30.13, while DAMs at ERCOT Houston added roughly a dollar and averaged $27.76.DAMs at ERCOT North and ERCOT West gained less than a dollar and averaged$23.95 and $23.96, respectively.
Westmarkets open workweek in search of direction
Price activity in the West was mixed but with littlechange overall, as higher demand forecasts and varied spot gas prices failed toinspire.
Dailies in the Northwest eased with mid-Columbia andCOB each losing less than a dollar from Sept. 30 with deals done in the low tomid-$20s and mid- to high $20s, respectively.
In California, North Path-15 shed less than a dollarwith power exchanged in the mid-$30s, while South Path-15 transactions wereposted in the low $30s, up by about a dollar on the session.
In the Southwest, Palo Verde and Mead trades movedhigher but with little changed from Sept. 30 in the low to mid-$20s andmid-$20s, respectively.
California ISO demand could peak at 30,554 MW onTuesday, up by roughly 700 MW from Monday.
Market prices and included industry data are currentas of the time of publication and are subject to change. For more detailedmarket data, including power,natural gas andcoal index prices, as well asforwards andfutures, visit our Commodities Pages.