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AM Power Report: US power dailies could chop around ahead of weekend

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AM Power Report: US power dailies could chop around ahead of weekend

Day-ahead power markets around the U.S. could see varied moves to conclude the week Friday, March 9, as traders look to mixed post-weekend demand forecasts and weaker natural gas prices.

Losing 2.1 cents in the prior session, NYMEX April natural gas futures were extending the loss early Friday ahead of the opening bell. The contract was pegged at $2.746/MMBtu, down 1.0 cent around 7:15 a.m. ET on preweekend profit taking.

With the inclusion of the lower-load weekend days in the trading package, next-day natural gas values are likely to slip at many of the major U.S. consuming hubs, offering little upside traction for power markets.

In terms of load, New England demand should crest at 15,710 MW on Friday and 16,180 MW on March 12. New York load is expected to top out at 18,850 MW on Friday and 19,100 MW on March 12.

In the Mid-Atlantic's PJM Western region, load could reach 56,600 MW on Friday and 55,100 MW on March 12. PJM Mid-Atlantic region demand could crest at 36,310 MW on Friday and 36,200 MW on March 12.

In the Midwest, PJM AEP region load is expected to hit 18,620 MW on Friday and 17,950 MW on March 12. Demand at PJM ComEd near Chicago is likely to peak at 12,180 MW on Friday and 11,950 MW on March 12.

Load in Texas is anticipated to reach 38,900 MW on Friday and 40,670 MW on March 12. California demand is likely to top out at 26,670 MW on Friday and 24,750 MW on March 10 before likely rebounding by March 12.

Along the forward curve, power values for April were mostly lower March 8 with the day's loss in futures implying softer fueling costs for U.S. power generators.

In the East, April deals in New England and at the mid-Atlantic's PJM West market were assessed in the mid-$30s. April power at the Zone G market in New York traded in the low $30s.

In the Midwest, April power parcels at the PJM markets were priced in the mid-$30s at the AD hub and the upper $20s at the Northern Illinois hub. Power for April was eyed in the mid-$30s at MISO Indiana.

In the South, April power was reported in the high $20s at the ERCOT North market. Second quarter parcels at the hub ran in the mid-$30s.

On the West Coast, at the South Path 15 market in California, April power parcels were pegged in the high $20s. April power at Mid-Columbia traded in the mid-teens, while similar packages at Palo Verde were transacted in the mid-$20s.

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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 index prices, as well as forwards and futures, visit our Commodities pages.