CES Market Summary/August Insider

August 2024

Key Takeaways

WTI closed at $73.52/barrel on Friday, down 4.72% from the week prior, while Brent closed at $76.81/barrel, down 5.32% week over week. Crude futures pricing saw week-over-week declines amid concerns over escalating conflict in the Middle East and missed growth forecasts in China. The NYMEX prompt month, which switched over to September last week, fell by 2% week-over-week to $1.97/MMBtu, while the 12-month rolling strip increased by 1.4% to $2.85/MMBtu. Increased production and a low storage injection have contributed to mixed movement in the market. The NEPOOL 12-month electricity strip was down by 2.08% week-over-week to $59.66/MWh, matching the trend in calendar year strips for electricity. The 2025, 2026, and 2027 calendar year strips also slid last week following a decrease in Henry Hub natural gas prices.

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