ERCOT Cash – more of the same –pricing in the $40s, and temps seem to be holding in the upper 80s for most of the Load Zones in Texas and West Texas reaching low to high 90s for the next two weeks. Doesn’t seem scary right now…however, if the maps turn red in Dallas/Austin/Houston – game on with ORDC a comin’… PJM Cash – Transmission constraints in Penelec and Delmarva, no load in NY somewhat constraining PECO, PPL and West Hub pricing during the day…pricing today is strong and not as volatile as yesterday… ERCOT Forwards – UP today on the NG drop and maybe because load/weather creep…Summer 14: 20.43, Cal 15: 12.28 and Cal 16: 12.25. PJM Forwards – Down some more in the prompt year – Cal 15 forward off but not as much – maybe $.25. Heat comes to the region next week – wonder what happens… NG – DOWN - EIA came out 106 – NG cratered to the recent lows of 4.36 -.37. Some believe this was an overreaction to a neutral injection expectation, others feel S/D balance beginning to loosen…I guess the range is $4.30 to $4.60. CL – slightly down – market resting yesterday’s run on unexpected inventory draw. Economy and Stocks – Stock up and near “new highs” (yawn) because…no bad economic news, existing home existing home sales underwhelmed. Best Buy earning beat expectations – the whole retail number last week and tapping out the consumer – well BestBuy avoided it….Bitcoin regains the $500 mark. BITCOIN - $511 NG – $4.37** Crude - $103.75** SP500 – 1892.49 US 10-Yr – 2.559 Gold – 1294.00 **near market close
Posted on: Fri, 23 May 2014 13:10:29 +0000
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