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June 2024

Key Takeaways

WTI and Brent prices experienced moderate increases this week. WTI was up 2.11% to $76.84/barrel week-over-week, and Brent was up 2.19% week-over-week to $81.59/barrel. The New York Harbor Heating Oil price registered a 0.77% increase over the last week to $2.48/gallon. The natural gas prompt month, which shifted from June to July last week, fell 6.5% week-over-week to land at $2.59/MMBtu. Upward pressure from increased LNG exports was relieved by falling U.S. natural gas demand in the residential and commercial sectors towards the end of the week. The NEPOOL 12-month electricity strip was down by 4.3% week-over-week to $56.57/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 and Algonquin natural gas spot prices.


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Fuel Security Update: New England and Beyond

By Max Webb, Managing Director of Pricing Analytics

Back in February 2023, Larry Pignataro and I co-authored a blog titled, Fuel Security: New England’s Biggest Winter Concern, inspired by a topic that CES clients regularly ask about and one that is a constant in today’s changing energy landscape. Though winter is well behind us, the topic of fuel security is an ever-present conversation at Competitive Energy Services. With summer approaching, I wanted to provide an update on New England’s fuel security programs....



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Summer Weather What You Need to Know

By Max Webb, Managing Director of Pricing Analytics


Just like that, summer 2024 has arrived. While the summer solstice is still a couple of weeks away, meteorological summer runs from June 1 through August 31. Already nearly half-way through the year, where does the time go? We all know how busy summers can be – planning for school vacation, summer trips, and holiday barbeques – but don’t forget to check the weather!


With so little time and so much to do, let’s cut to the chase. Here is what you need to know weather-wise for this summer: it’s going to be hot and it’s going to be a busy hurricane season, both of which are influenced by the El Niño–Southern Oscillation (ENSO) and the transition from El Niño to La Niña.


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CES Spring Virtual Seminar Registration is Open

Registration is open for Competitive Energy Services’ free online energy market seminar, titled “Energy & Renewables in Focus: Continued Price Stability or a Return to Volatility?”, which will be held on Wednesday, June 12 from Noon – 1:00 p.m. (including Q&A).



After three years of extreme volatility in energy markets, commodities prices have broadly stabilized for the near term. Will energy markets remain stable between the historic lows seen during the pandemic and historic highs seen in 2022, or will we see more price volatility? Lower inflation, strong domestic energy production and the addition of low-cost renewables is helping to keep prices low. Adverse weather conditions, escalating geopolitical tensions, and soaring shipping costs are among risk factors to keep an eye on.  

 

CES Energy experts will be on hand that day to cover top-of-mind energy topics, including:


💡 Commodities Markets – a review of energy commodities markets including future outlooks.


💡 A Fresh Look at the Demand Picture – looking out to projected electric load through 2030 and beyond.


💡 Understanding the Current Renewables Landscape – the headwinds and tailwinds facing renewable energy development over the coming decade and impact on consumers.


Photo by: Savushkin 

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CES Road Trip MilliporeSigma's Biomass Central Utility Plant

Zack Hallock, Senior Energy Services Advisor recently took part in a facility tour of MilliporeSigma's Biomass Central Utility Plant located in Jaffrey, NH, an event hosted by the Association of Energy Engineers New England Chapter.


MilliporeSigma and NV5 collaborated with Lean Project Consulting, Inc. (LPC) on the $10.2 million facility, which replaces 14 existing oil-fired boilers that produce heat and steam for the plant and associated processes. The combined heating and cooling savings offset 600,000 gallons of #2 fuel oil each year and exceeds $1 million annually.


“As an energy professional, touring this facility and seeing firsthand and up close how the plant operates each day to reduce MilliporeSigma’s greenhouse gas emissions was both interesting and invaluable. The experience opened my eyes to what’s possible when planning and collaboration lead to efficient design and operations solutions. It’s an important capital improvement project and one that is in line with the company’s commitment to sustainability and reducing environmental impact. A win for everyone.” – Zack Hallock, Senior Energy Services Advisor 


Photo by Zack Hallock

Have an Energy Question?

If you have a pressing energy question, or would like to hear about a particular topic in a future edition of the CES Insider, please contact us on our website today. We look forward to hearing from you!
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