ARTICLE
Gas: NYMEX natural gas prices over the past month have begun to feel the effects of another historically warm winter. This January in Toledo was about 16% warmer compared to historical weather while Columbus was about 21% warmer than normal. Additionally, February was about 29% & 30% warmer in Toledo & Columbus, respectively. All in all this winter is on pace to potentially be the warmest on record, essentially a repeat of last year’s historic winter weather. After the January-17 NYMEX expired at $3.93, suppressed heating demand caused the February-17 NYMEX to settle at $3.39 and the March-17 NYMEX to settle at $2.63 (a $1.30 decrease over two months). The NOAA/National Weather Service released an El Niño advisory in mid-February for spring 2017 (March-May), predicting a 60% chance of occurring in the Northern Hemisphere of the U.S. Correspondingly, the odds of El Niño forming in the September-November 2017 time frame are currently predicted to be at a 50% chance. Recall this weather phenomenon favors warm and dry climates relative to historical norms. This tells us that periods of extreme weather may not be quite finished as we head into the spring and summer seasons. If you are interested in learning more about Chamber Energy Solutions, please contact the Chamber for more information or call Palmer Energy at 419-539-9180 ext. 106