March 2023 Wrap Up

As March comes to a close, we’re looking forward to spring in the Northeast and the beginning of what we call a “shoulder season” in the Energy Industry. This occurs when temperatures reach a comfortable area of 40-70 degrees Fahrenheit. These temperatures provide most facilities a great opportunity to cut electric and natural gas costs significantly.   

In Natural Gas news, the EIA reported a lower than expected withdrawal of 47 Bcf yesterday. Natural gas levels are at a very healthy level with 1,853 Bcf of working gas in storage which is 321 Bcf above the five year average.

The 2022/2023 warmer than average winter weather has played a significant part in the NYMEX natural gas futures price holding around the $3 level.

Looking ahead we can expect the warmer than average trend to continue for a majority of the East Coast.

Source: NOAA
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