Here's a summary of what went on in the energy markets last week:
Electricity peak prices fell $20-33/MWh at the PJM West and NEPOOL hubs as temperatures returned to normal. The ERCOT and Entergy hubs both decreased around $12/MWh and the Palo Verde and SP 15 hubs increased about $1/MWh (Platts, 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 decreased $0.18 to $7.96/MMBtu due to moderating temperatures and easing pipeline constraints. Natural gas in storage was 2,062 billion cubic feet (Bcf) as of February 1, which is 3 percent above the 5-year average (2003-2007). At 200 Bcf, the net withdrawal from storage last week was the second-largest withdrawal reported during the current heating season (EIA, see pages 1 and 3).
Estimated nuclear plant availability fell to 92 percent last week. Fermi 2 was manually scrammed after the trip of both reactor recirculation pumps. Limerick 2 shut down automatically due to an indication of a fault on the electrical turbine distribution side of the plant. North Anna 2 was shut down for scheduled maintenance to replace a seal on one of the unit's three reactor coolant pumps. St. Lucie 2 shut down to repair a reactor coolant pump seal package. Comanche Peak 1 was temporarily down for two days (Platts and NRC, see pages 2 and 4).
Crude oil prices fell $2.10 from the previous week to $89.41/barrel. This is the first time oil prices have fallen below $90/barrel in six weeks (see pages 1 and 3).
The spot price of uranium fell to $75/lb U3O8 according to UxConsulting and TradeTech (see pages 1 and 3). According to UxC, on February 1, the U.S. signed a Russian Suspension Agreement Amendment, which is intended to give Russia limited access to U.S. commercial markets between now and 2020.