Here's a summary of what went on in the energy markets last week:
Electricity peak prices rose between $2-16/MWh at all hubs except for ERCOT. The eastern hubs, NEPOOL and PJM West, increased by $8/MWh and $16/MWh last week due to unseasonably hot weather at the beginning of the week (see pages 1 and 3).For the report click here. It is also located on NEI's Financial Center webpage.
Gas prices at the Henry Hub rose from $6.22/MMBtu to $6.26/MMBtu. By the end of 2008, U.S. liquefied natural gas import capacity is expected to double to more than 10 Bcf per day (EIA). Total U.S. gas consumption in 2006 averaged about 60 Bcf per day (see pages 1 and 3). Gas futures at the Henry Hub for September 2008 averaged nearly $8/MMBtu (see page 2).
Nuclear plant capacity availability averaged 91 percent last week. Six reactors began refueling outages last week while two were in maintenance. River Bend’s unexpected shut down is under investigation and Browns Ferry 3 was down briefly for drywell leak inspections (see pages 2 and 4).
Cushing OK WTI oil prices increased $3.31 to $82.26/barrel two weeks ago. Crude oil prices that week surpassed the $80/barrel threshold reaching as high as $83.85/barrel on September 20. As EIA speculated, the Federal Reserve’s decision to lower interest rates continues to have an effect on rising crude oil prices. Crude oil futures averaged $78.04/barrel for September 2008 (see pages 1, 2 and 3).