ERCOT Cash – basically the same as yesterday, but with clouds and general gloominess… Surprise today was lack of North to Houston Congestion with a major tie line out, but maybe pricing in yesterday’s DAM incented enough Houston generation. DAM cleared cleared stronger with loads up and wind down… North was $54.44 and $31.28 on and off.
ERCOT Forwards – UP UP and UP with stronger cash and NG falling off a cliff…having said that it was quiet in the power market.
NG – EIA day – number came out 74 on expected 65 to 79 Bcf build. Market reaction – BEARISH!!! Traders sold natural down over $.15 – personally I think I was an overreaction, but I like NG still. We just broke 1 Tcf in storage and much more to build. Next week could be a triple digit build; that’s why the selling never stopped…. this a buying opportunity…
CL – down $.50 on the day, I guess the buyers yesterday were selling today….
Economy – Tesla down 11%, Solar City up 12% – on a generally neutral day in stocks…ECB looking to take on more extraordinary efforts to combat the deflation in EURZONE. “The Stoxx Europe 600 index rose 1.1% after European Central Bank President Mario Draghi said that its governing council may take measures to push inflation higher when it meets in June.” – WSJ
BITCOIN – $429.00
NG – $4.572
Crude – $100.27
SP500 – 1875.63
US 10-Yr – 2.618
Gold – 1289.60**
**near market close