• The 12-month natural gas price was relatively unchanged this week; however, the natural gas basis prices have increased (up $0.28/MMBtu) as well as a slight increase in wholesale power too.
  • Crude oil is now running over $80/bbl as the market adjusts to the OPEC cuts. Time will tell whether or not this is a trend but crude oil production is up 0.8% this week.
  • Looking further out, NGI analysts noted that the low $2.00/MMBtu month ahead natural gas prices we are currently seeing should rise to $3.00/MMBtu this summer and $4.00/MMBtu next year, as generation demand for cooling load grows this summer and LNG export capacity come online next year.