THE One Minute Energy Report for...

10/17/23

#NYMEX #NYMEXfallingfurther #NaturalGas #Energy #PG&ECGBasisUp #SoCalCGBasisUpStrong #Weather #LNGExportsIncreasing

NYMEX* – Yesterday’s close = $3.10. Today’s open = $3.12, high = $3.13, low = $3.02, currently sitting @ $3.03. Nov ’23 is down as much as $0018 so far today. NYMEX prices are down approximately $0.35 from 1 week ago and down approximately $3.45 from 1 year ago. *

NYMEX CALENDAR ESTIMATES* - $3.29 for balance of 2023, $3.54 for 2024, $4.06 for 2025. *

RESISTANCE* - Starting @ $3.20. SUPPORT - Starting @ $3.02, followed by $2.95. The driving factors continue to be bearish. *

PRODUCTION & DEMAND* – Production = 101.3BCF/D, down 1.2Bcf from the previous year. Demand = 95.8BCF/D, down 6.2Bcf from the previous year. *

**RIG COUNT – ***Last week’s rig count = + 4 for oil with a total of 501 active oil rigs. Compare that to 610 oil rigs 1 year ago. Last week’s natural gas rig count = - 1 for a total of 117 active natural gas rigs. Compare that to 157 natural gas rigs 1 year ago. *

BASIS* – PG&E CG is up again today but not nearly as much as SoCal Basis is today. Not a good day to lock in Basis. *

WEATHER* – Hot temperatures remain in the SW. Pleasant temperatures throughout the rest of the US. *

STORAGE* – From 10-12-23 = 84Bcf. We’re now 316Bcf above last year at this time and only 163Bcf above the 5-year average of 3,366Bcf.*

**Indicative Fixed Prices out of Nov ‘23 **

PG&E CG SOCAL CG SoCal Border (+ $0.53 BTS)

1 MONTH $7.57 $10.38 $8.87

3 MONTHS $9.50 $12.05 $10.64

6 MONTHS $7.61 $8.58 $7.46

12 MONTHS $6.70 $7.40 $5.79

24 MONTHS $6.36 $7.18 $5.89

Winter Strips (Nov ’23 – March ‘24)

$9.15 $11.62 $9.69

Summer Strip (April ’24 – Aug ‘24)

$5.39 $6.05 $4.24