Market Commentary

August 7th, 2014

TODAY – traders lifted prices to $125 on tight capacity concerns out of the
gates. Only to crater to the mid $40s by the midafternoon. Load trajectory
flatten and fears dismissed and prices weren’t materializing – yours!!!

PJM Cash – stronger AD pricing across the ISO today – as flows moved south
central within the ISO…largely tame today.

ERCOT Forwards – Summers soared earlier in the day as cash hopes were high –
but as the cash failed offers came in…heat rates higher but mostly on summer

PJM – ho hmm

NG – 82 Bcf injection – BULLISH number BEARISH price action – taking NG over
$4.00 requirements a larger fundamental commitment which is not supported by
existing S/D balance and weather outlook. Down on the day.

CL – up on Iraq fears – the militant group Islamic State has advanced toward
the Kurdish region of Iraq- which is oil producing…

Economy and Stocks – lower on fears of everything – Ukraine and Iraq primarily.

BITCOIN – $583

NG – $3.876

Crude – $97.63

SP500 – 1909.57

US 10-Yr – 2.414

Gold – 1314.50

**near market close

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