The Energy Information Administration released their weekly report yesterday.
And as customary... the Pacific Region.
In California, prices declined week over week but remained elevated compared with other U.S. pricing hubs. The price at SoCal Citygate in Southern California decreased 98 cents from $4.83/MMBtu last Wednesday to $3.85/MMBtu yesterday. Consumption of natural gas in the electric power sector in California increased by 92% (1.0 Bcf/d) week over week, as temperatures increased.
Select inventories of EU and UK...
While up in many area, the EU wide number slipped to 78.63%, from last week's 78.86%. Still remarkably high for the season.
A brief look at the 12 month highs for futures... TTF (EU) and UKG (UK).
Showing an upward drift.
However, current week ending prices...
Snapshot of the past, the current and the future outlook for prices.
Just for comparison, the UK current pricing would suggest £1,578.22 per annum, while the 12 month high (Jan-24) would suggest £2,318.11. OFGEM has a cap around £2,047, which is line with the October futures.
It should be noted the OFGEM cap reduction was more of a reduced consumption number, not so much as lower price per unit. Make of that, as you wish.
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