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Energy Markets Report - May 7 - May 11, 2011
Highlights
- Electricity peak prices declined at four of the six hubs across the United States last week. The Northeast, Southeast and Texas hubs fell $6-$10 to average $24-$33/MWh. The Southwest hubs moved in the opposite direction, rising about $4 to average $29/MWh. “Despite gains at regional cash gas markets, next-day power markets in the East notched losses Thursday amid expectations for a drop in demand ahead of the weekend. … In the Midwest, next-day power markets also slipped Thursday, with demand seen firm to lower as industrial and commercial demand slips ahead of the weekend. … Shrugging off gains at many regional spot gas hubs, next-day power markets in Texas shifted lower Thursday amid an easing demand outlook ahead of the weekend” (SNL Energy’s Power Daily – 5/11/12).
- Uranium spot prices remained at $52/lb U3O8. “The momentum and upward price pressure created from the strong increase in mid- and long-term demand in recent weeks dissipated slightly this week. The spot uranium price remains stable for the moment, with neither buyers nor sellers exerting strong pressure on the market. However, one buyer is contemplating entering the market, which could potentially exert additional upward pressure on prices” (TradeTech’s Nuclear Market Review, 5/11/12).
- Gas at the Henry Hub rose 13 cents to $2.32/MMBtu for the week. “Cash gas markets were higher at midweek as gas deals done for Thursday delivery borrowed support from rallying futures and weather outlooks helping to build demand for cooling in several regions across the United States” (SNL Energy’s Gas Daily – 5/10/12).
- Estimated U.S. nuclear fleet capacity remained at 78 percent during the week. Four units returned from refueling, three units returned from maintenance, two units shut down for refueling, and one unit shut down for maintenance.
- West Texas Intermediate crude oil prices fell $6 to average $96.98/barrel last week. “The U.S. average retail price of regular gasoline decreased 4 cents this week to $3.75 per gallon, 21 cents per gallon lower than last year at this time. This marks the sixth straight week of decline, and the first time since June 2011 that the price has decreased for six or more consecutive weeks” (EIA’s This Week in Petroleum, 5/16/12).
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