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Dailies rebound with load projections, gas gains

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Dailies rebound with load projections, gas gains

Power values across the U.S. held an upward biasMonday, July 11, as traders at most locations latched on to projections ofrobust Tuesday demand and rising spot natural gas prices.

After postinggains in early trade, the front-month August natural gas futurescontract reversed the upside and closed the opening session of the freshworkweek at $2.702/MMBtu, down 9.9 cents. On the other hand, most spot naturalgas markets moved higher with elevated demand.

In a forecast from AccuWeather.com, cool conditionswill continue into Tuesday morning in the Northeast but with "temperaturesmore typical of the middle of July" possibly returning by midweek.

Eastdailies bolstered by strong demand, recovering gas prices

Outlooks calling for increased cooling demand due toongoing heat alongside a recovery in spot natural gas markets helped drivegains in eastern power markets Monday.

At NEPOOL-Mass, next-day deals for Tuesday deliverywere pegged in the mid-$30s, up by more than $3 from July 8 while trades overat PJM West were done in the high $30s and low $40s, increasing from a July 8index of $34.50.

Day-ahead markets also rose with demand, with DAMs atNEPOOL-Mass posting gains of more than $10 to average $35.53 while DAMs at NewYork Zone A soared by more than $25 to average $53.31. Increases of $1 to $3were seen at New York Zone G and New York Zone J, which averaged $37.60 and$38.76, respectively.

Looking at load, grid operators in the Northeast and mid-Atlanticanticipate robust demand with New England projecting a Tuesday high at 20,000MW, up 2,850 MW from Monday, while peak load in New York could hit 26,173 MW onTuesday, up by around 2,300 MW from the previous day. Peak demand in the PJMMid-Atlantic region may reach 46,307 MW on Tuesday, increasing by more than2,500 MW from Monday while the PJM Western region foresees Tuesday load hitting72,662 MW, climbing by around 1,100 MW from the day prior.

Midwestdailies regain ground with gas

Power dailies traded in the Midwest saw a boost Mondayas pressures from varied load forecasts were offset by support from reboundingspot natural gas prices. PJM AEP-Dayton hub saw most of the session's action,with power changing hands in the high $30s, climbing from a July 8 index of$33.25.

PJM regions in the Midwest estimate choppy demand tokick off the new workweek. Load in the PJM AEP region is called to touch aTuesday high at 20,943 MW, up by around 200 MW from Monday while demand in thePJM ComEd region could crest at 19,655 MW on Tuesday, off by more than 200 MWfrom Monday.

MostWest markets firm, Mead dailies ease

Support from slightly higher Tuesday demand and anuptick in spot natural gas markets helped push up power prices in the West onMonday.

In California, South Path-15 traded about a dollarhigher in the low $30s while markets up in the Northwest added less than adollar from July 8 with deals done in the low $20s at Mid-Columbia and mid-$20sat COB. Muted but mostly mixed moves defined price activity in the Southwestwith Palo Verde dailies steady in the high $20s to low $30s while Meadtransactions eased in low $30s.

The California ISO expects Tuesday demand to top outat 36,172 MW, up by around 150 MW from Monday.

Texasmarkets sag with load at week's opener

Trading activity in Texas favored losses Monday asexpectations calling for subdued Tuesday demand counterbalanced support from anincrease in regional spot natural gas prices.

Load in Texas is set to fall as the ERCOT gridoperator forecasts peak Tuesday demand to run up to 65,447 MW, shedding around300 MW from Monday. Bogged down by load, next-day deals at ERCOT North wereseen in the high $20s, dropping about $2 on the session.

Texas DAMs also floundered with demand, with DAMs atERCOT North, ERCOT South and ERCOT West slipping by $1 to $2 and averaged$26.52, $27.59 and $25.87, respectively, while DAMs at ERCOT Houston tumbled byaround $5 and averaged $28.76.

Market prices and included industry data are currentas of the time of publication and are subject to change. For more detailedmarket data, including power, naturalgas and coal indexprices, as well as forwards and futures,visit our Commodities Pages.