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Wednesday Aug 17, 2016   
The first half of August has seen strikingly strong power burns with the daily demand averaging 38.4 BCF which is up nearly 5.4 BCF from Last year.  Looking at the regional break out, we see that the East is the main bullish driver accounting for over half of the YoY Delta.  Figure 1| North American Power Burns by region - BCF Diving into the numbers a little deeper we broke down the EIA East region into sub-regions, they are: New England, Northeast, and the Mid-Atlantic. Figure 2| Power Burns Pipeline Sample by Sub-region    The one ... » read more
Tuesday Aug 16, 2016   
Sunday afternoon, Spectra posted a Critical Notice on the Algonquin Gas Transmission bulletin board notifying market participants that there was a force majeure at the Southeast compressor station in New York. Capacity on the Algonquin Pipeline was already being constricted due to a summer long construction schedule to tie in Spectras Algonquin Incremental to Market (AIM) project before the November 1 start date. The further cut in capacity flowing into New England shot cash prices up from $3.60 to $6.00 per MMBTU for Tuesdays delivery. In Figure 1 below, here is the ... » read more
Monday Aug 15, 2016   
Since the beginning of August, Texas (ERCOT) has seen well above normal temperatures for this time of year across most of the state.  This widespread heat shifted ERCOT's peak load above the 71,000 MW mark (new record) last week. Figure 1 | ERCOT Load and Wind Generation Profiles - Hourly The wind generation was decent those days, which helped shift down the net load numbers during the middle of the day.  From a price perspective, we saw the middle of the day spike as the grid needed to resort to quick firing peaker units to balance the grid.  As you ... » read more
Friday Aug 12, 2016   
This has been a long hot summer in the Midwest. Since June, cumulative CDDs in the Midwest region are only exceeded by 2012 among recent years. Figure 1 shows the cumulative daily actual CDDs for the Midwest region with the orange line representing this year: Figure 1 | Cumulative Midwest CDDs   This prolonged heat has correspondingly led to above normal loads and power burns that easily exceed recent years in the region. Figure 2 shows the daily moving average in burns: Figure 2 | Daily Midwest Power Burns However, this story is beginning to change, with the ... » read more
Thursday Aug 11, 2016   
Throughout the month of July, California's hydro situation continued to look healthy as the monthly flat average came in almost 1,800 MWa higher than last year and only 160 MWa compared to the month of June. Figure 1 | California Hydro Generation - Monthly Flat Average From a storage standpoint, things look pretty healthy as well with the likes of Shasta still well above normal when it comes to its year on year elevation levels. Figure 2 | Shasta's Elevation Levels (ft) - Daily Once August started to roll around, the daytime high temperatures have come in well below ... » read more
Wednesday Aug 10, 2016   
In the previous newsletter we highlighted our new Northeastern Natural Gas Report which covers key metrics needed to understand the day to day changes in the Northeast gas cash market. As a part of our ongoing commitment to provide value added information we have also created daily New England and New York power market reports.  The daily reports break down the fundamental drivers of the individual markets with a special emphasis on the generation availability and the supply stack fuel mix.  Each day we strive to provide specific insight for the next ... » read more
Tuesday Aug 9, 2016   
At EnergyGPS we are always striving to bring a better product to the market that will fit the needs of the trading community.Recently we have developed a Northeast Natural Gas report that addresses some of the key metrics needed to understand the day to day changes in the Northeast cash market. Besides insightful commentary on market events, we provide daily outlooks on production, power burns, and transportation flows that effect the overall daily balancing of the Northeast gas and power markets. At the bottom of each morning report we summarize the maintenance and ... » read more
Monday Aug 8, 2016   
The first week of August has a seen a continuation of above normal temperatures across the state of Texas.  For example, Dallas has seen highs in the low triple digits the past week or so, which is roughly 4-5 degrees above normal for this time of year.  To give you a perspective of just how hot it is, the overnight lows only get down to 81 degrees putting the overall average around 90 degrees Figure 1 | Dallas Temperatures - Forecast vs. Actual If you factor in the humidity that is associated with the above normal temperatures, the heat index is a few ... » read more
Friday Aug 5, 2016   
The state of Washington will have a carbon emissions tax on the ballot in November of 2016. A “yes” vote will impose a carbon emission tax on the sale or use of certain fossil fuels and fossil-fuel generated electricity. The ballot summary is as follows: “This measure would impose a carbon emission tax on the sale or use of certain fossil fuels and fossil-fuel-generated electricity, at $15 per metric ton of carbon dioxide in 2017, and increasing gradually to $100 per metric ton (2016 dollars adjusted for inflation), with more gradual phase-in for ... » read more
Thursday Aug 4, 2016   
As the heat dissipated late last week, the first few days of August in the Pacific Northwest were beautiful as the skies were blue and the daytime highs reached 75-80 degrees.  The key was the overnight temperatures as they dropped down into the low 50's in some areas to make sleeping with the windows open feel more like camping.  From a price standpoint, this kept Midc in check with the heavy load indexing $27.89 for Monday or a 10.06 implied heat.  With SP15 settling in at $38.55, the flows from the Pacific Northwest made their way down into ... » read more
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