Next-day power values could climb Wednesday, Feb. 7, as traders look to generally supportive demand projections for the latter part of the workweek.
Natural gas markets will also be watched for price direction. Despite fundamental weakness, after a small 1.2-cent gain in the prior trading day, NYMEX March natural gas futures were edging higher early Wednesday in front of the opening bell. At 6:40 a.m. ET, the front-month contract was up 1.1 cents to $2.770/MMBtu.
In step with the recent gains in the futures arena, next-day natural gas prices at the major U.S. consuming hubs could shift higher Wednesday.
Looking at demand, load forecasts for the latter part of the workweek are mostly aimed higher.
In the Northeast, demand in New England could reach highs at 17,610 MW on Wednesday and 17,750 MW on Thursday, while New York load could peak at 20,907 MW on Wednesday and 21,112 MW on Thursday. To the south, demand in PJM Western region could reach highs at 60,647 MW on Wednesday and 62,047 MW on Thursday, while PJM Mid-Atlantic load could top out at 38,906 MW on Wednesday and 39,880 MW in the latter part of the business week.
In the Midwest, demand in PJM AEP region could crest at 19,003 MW on Wednesday and 20,360 MW on Thursday, while PJM ComEd load could hold near steady at highs at 13,902 MW on Wednesday and 13,905 MW on Thursday.
In the South, load in Texas will likely touch a high near 48,218 MW on Wednesday and 50,495 MW in the latter part of the workweek.
In the West, California demand is called to reach 28,250 MW on Wednesday and 28,700 MW on Thursday.
At term markets, price activity for March power was choppy Feb. 6, as rising fueling costs implied by gains at the natural gas futures arena ran counter to lackluster weather-related demand prospects.
In the East, prompt-month power transactions were off more than $2 day on the day in the high $40s in New England and down 50 cents in the mid- to high $30s at PJM West. Power deals for April were assessed in the low to mid-$30s at both hubs.
In the Midwest, March power was 20 cents higher in the high $20s at PJM Northern Illinois. A similar offering was valued in the low $30s in trades unchanged at PJM AD and roughly 90 cents stronger at MISO Indiana. Power for April delivery was likewise marked in the high $20s to the low $30s overall.
In the South, roughly 30-cent gains at the ERCOT hubs took pricing for front-month power to the low $20s into the low $30s. Regional price action for April power spanned the high $20s to the low $30s.
In the West, California saw March power change hands in the low $20s in deals almost 40 cents softer on the day at North Path-15 but near unchanged at South Path-15. A similar package logged a 25-cent decline in transactions done in the low $10s at Mid-Columbia but notched an approximately 30-cent uptick in trades carried out in the low $20s at Palo Verde. April power was quoted in the low $10s at Mid-Columbia and the low to high $20s 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.
