Federal Energy Regulatory Commission • Market Oversight • www.ferc.gov/oversight

OE ENERGY

MARKET SNAPSHOT

National – Data Through April 2019

Office of Enforcement

Federal Energy Regulatory Commission

May 2019
Federal Energy Regulatory Commission • Market Oversight • www.ferc.gov/oversight

2018 State of the Markets 

Report
Highlights

• Natural gas markets experienced record high demand and supply.

• Natural gas storage fell to a multi-year low.

• Pipeline additions helped to reduce Marcellus bottlenecks.

• Higher average prices were seen nationally for both gas and electric markets.

• Capacity additions were led by natural gas-fired and wind-powered generation.

3

3
Natural Gas Prices Increased in 2018

Source: S&P Global Platts

2018 Average 

Spot Natural Gas 

Prices

<=1.95 >=5.15

$/MMBtu 

(Percent 

change since ’17)

4

4
Natural Gas Storage Hit Multi-Year Low

Source: EIA

5

5
Natural Gas Production Reached Record Highs 

in 2018

Source: EIA Natural Gas Monthly and Drilling Productivity Report; denotes average daily dry production

6

6
13 Bcfd of Interstate Pipeline Capacity Added 

in 2018

Source: Office of Energy Projects

1.8 Bcfd

302 mi.

6.6 Bcfd

109 mi.

0 Bcfd

0 mi.

4.7 Bcfd

270 mi.

Total 2018 Gas Pipeline 

Infrastructure Additions

Capacity: 13.1 Bcfd

Miles: 689 mi.

7

7
Power Burn Drove Natural Gas Demand 

Increase

Source: EIA, Bentek Energy; bars denote average daily demand by sector

8

8
U.S. Position As Net Exporter of Natural Gas 

Grew in 2018

Source: U.S. Energy Information Administration; denotes average daily imports and exports 

9

9
Reported Index Volumes Nearly Doubled

Source: S&P Global Platts

10

10
Natural Gas Pipeline Outages Had 

Electric Market Impacts

Source: Ventyx Velocity Suite

Westcoast BC 

Outage

Sumas Border 

Hub

Northwest 

Pipeline

GTN

Ruby

PG&E

Westcoast BC

Paiute

PG&E TransWestern

El Paso

Kern River

SoCal System

SoCal 

Outages

Aliso Canyon Restriction

Los Angeles

San Diego

11

11
Day-Ahead Power Prices Generally Increased

Average Annual 

DA On-Peak 

Prices

Nodal Prices: $/MWh 

(2018) 

<=2

5

>=5

Hub Prices: 5

$: $/MWh (2018)

%: Percent 

change since ‘17

Source: Nodal prices from ABB Velocity Suite. ISO hub prices from SNL’s ISO Day-Ahead On Peak Prices data. Mid-Columbia, Palo Verde, and 

Into Southern prices from SNL’s S&P Global Market Intelligence Day-Ahead – Annual On Peak Prices data. 

12

12
Capacity Market Prices Held Steady

Source: ISO/RTO webpages

13

13
Most Generation Capacity Additions Were 

Natural Gas & Solar

Source: EIA- Form 860M. Data do not cover additions or retirements in Alaska or Hawaii.

14

14
Electricity Demand Remained Steady

Source: EIA Forms 826 & 861

0

1,000,000

2,000,000

3,000,000

4,000,000

2014 2015 2016 2017 2018

Gigawatthours

Electric Consumption by Sector

Residential Commercial Industrial

15

15
The Western Energy Imbalance Market 

Continued to Evolve

Source: Derived from ABB Velocity Suite.

16

16
Northwest Led Daily and Hourly Transactions 

in Bilateral Markets

Source: Derived from Electric Quarterly Reports (EQR)

17

17
Federal Energy Regulatory Commission • Market Oversight • www.ferc.gov/oversight

Summer 2019 Reliability and 

Energy Market Assessment
Highlights

• Higher than average temperatures are expected in the West, South and East.

• Reserve margins are expected to be adequate in all regions except ERCOT.

• Aliso Canyon natural gas storage inventories remain an item of interest for 

electric reliability within the Western Interconnection.

• Natural gas futures price movements are mixed when compared to 2018 

summer levels.

• Battery storage and wind and solar capacity will exceed previous summer 

levels.

• New LNG export capacity will drive natural gas demand growth.

• High natural gas injections are predicted to return storage to average levels.

• High hydroelectric power production is expected in California but belowaverage levels are expected in the Pacific Northwest.

19

19
Summer Temperatures Expected to be 

Above Normal

Source: National Oceanic and Atmospheric Administration

20

20
Modest Growth of Forecast 

Generation Capacity

Source: North American Electric Reliability Corporation

21

21
Reserve Margins Adequate in All 

Regions Except ERCOT

Source: North American Electric Reliability Corporation

22

22
Source: InterContinental Exchange

Note: Summer futures prices are the average July and August futures contract hub price added to the Henry Hub for 

April 1, 2019.

2019 Summer 

Natural Gas 

Futures Prices

<=1.11 >=5.88

$/MMBtu 

(Percent 

change from 

2018 settled 

futures)

Summer 2019 Natural Gas Futures 

Price Changes Mixed

23

23
LNG In-Services Drive Demand Growth

Source: S&P Global, Inc. forecasts as of March 20, 2019

24

24
Natural Gas Storage to Return to 

Average Levels

Source: U.S. Energy Information Administration

25

25
Natural Gas Has the Highest Share 

of Generation Capacity

0%

20%

40%

60%

80%

100%

Capacity Mix

Coal

Hydro

Natural

Gas

Nuclea

r

Oil

Other

61 101 35 171 41 200 81 386 Total GW

26

26
Power Burn Expected to Increase

Source: U.S. Energy Information Administration

27

27
Narrow Coal-Natural Gas Spread 

Promotes Diverse Generation

Source: U.S. Energy Information Administration, S&P Global Market Intelligence, CME Group

Sept

2019

28

28
Strong Hydro Expected in California but 

Moderate in Other Western States

Source: Natural Resources Conservation Service, US Department of Agriculture

Mid-C

Grand Coulee Dam

29

29
Import Restrictions to Affect Pacific 

Northwest

Source: ABB Velocity Suite

30

30
Battery Storage Capacity Continuing to Grow 

through the Summer

Source: US Energy Information Administration Form 860M

0

200

400

600

800

1000

2014 2015 2016 2017 2018 2019

(through

August)

MW

Current and Planned Battery 

Storage by Year

31

31
Wind & Solar Capacity Continue Increasing

Source: US Energy Information Administration Form 860M

0

50,000

100,000

150,000

2014 2015 2016 2017 2018 2019

(through

August)

MW

Cumulative Net Capacity of Wind 

and Solar Photovolatic

Solar Photovoltaic Wind

32

32
National Slides

33
Federal Energy Regulatory Commission • Market Oversight • www.ferc.gov/oversight

NOAA June 2019 Through August 2019 Outlook

34

34
Federal Energy Regulatory Commission • Market Oversight • www.ferc.gov/oversight

2181

Pitts

burgh

Boston

Calgary

City Location

Chicago

NYC

Oklahoma

City

Los Dallas

Angeles

Sacra

mento Denver

Portland

Houston New 

Orleans Miami

Vancouver

2019

2018

2012 - 2017

Cumulative HDDs by City

April 2019

Source: Bloomberg Weather (daily data summed)

Atlanta

Updated

423

589

513

0

0

0

278

472

362

325

571

400

86

202

122

22

34

19

440

711

509

133

339

179

69

131

64

38

43

17

383

523

406

441

516

500

238

267

249

870

343

348

570

196

146

84

106

90 Apr-2019

35
Federal Energy Regulatory Commission • Market Oversight • www.ferc.gov/oversight

2181

Pitts

burgh

Boston

Calgary

City Location

Chicago

NYC

Oklahoma

City

Los Dallas

Angeles

Sacra

mento Denver

Portland

Houston New 

Orleans Miami

Vancouver

2019

2018

2012 - 2017

Cumulative CDDs by City

April 2019

Source: Bloomberg Weather (daily data summed)

Atlanta

Updated

5

0

4

9

6

12

389

363

390

6

12

9

91

11

52

172

93

181

5

0

4

40

23

38

110

67

126

190

110

187

0

0

0

1

1

0

0

0

0

0

9

6

0

10

21

12

17

24 Apr-2019

36
Federal Energy Regulatory Commission • Market Oversight • www.ferc.gov/oversight

2181

Columbia

TCO

Algonquin

Citygate

AECO 

Pricing Point

BOLD – This Year

Green – % increase from 

previous year

Red – % decrease from 

previous year

Chicago

Citygate

Transco

Z6-NY

NGPL

Midcon

El Paso

Permian

SoCal 

Border

PG&E

Citygate

CIG

HSC

Henry 

Hub

FGT-Z3

Spot Natural Gas Prices Average ($/MMBtu)

April 2019

Source: Platts Updated

$2.59

-49%

$2.37

-15%

$2.56

-6%

$2.35

-5%

$2.59

-6%

$2.45

-11%

$1.88

-15%

$0.22

-87%

$2.55

-10%

$0.83

-37%

$1.78

-8%

$3.20

19%

$1.72

-18%

NW 

Stanfield

$1.97

1% Apr-2019

37
Federal Energy Regulatory Commission • Market Oversight • www.ferc.gov/oversight

$ = Average 2019 Spot Price*

% Decrease/Increase from 2018

*Average Monthly On-Peak Day-Ahead

from January to April

SPP Price is an average of the North and South Hubs 

Source: S&P Global Intelligence and ISO/RTO Data

NP 15

Palo Verde

MidColumbia Indiana 

Hub

SPP

ERCOT

North

PJM West

NYISO ZJ

Mass Hub

Into 

Southern

2019 Spot Power Prices ($/MWh)

$46.34

122%

$45.94

46%

$38.17

46%

$33.03

-9%

$28.32

8%

$28.23

-10%

$30.53

0%

$42.93

-31%

$42.24

-25%

$32.72

-28%

38
Federal Energy Regulatory Commission • Market Oversight • www.ferc.gov/oversight

U.S. NG Supply and Demand 

November 2017 – March 2018 vs November 2018 – March 2019

National Natural Gas Market Overview: U.S. Supply and Consumption

Note: Balance includes all amounts not attributable to other categories.

Source: Derived from Bentek Energy data

2163

39

Updated 0

10

20

30

40

50

60

70

80

90

100

2017/2018 2018/2019 Average Daily Supply (Bcfd)

US Natural Gas Supply

LNG Imports

Canadian 

Imports

Net Dry Gas

Production

-26.3%

-16.5%

10.8%

Total Change in Supply: 8.9%

0

10

20

30

40

50

60

70

80

90

100

2017/2018 2018/2019 Average Daily Volume (Bcfd)

US Natural Gas Demand

Power 

Generation

Total Change in Demand:

Industrial

4.3%

Residential/ 

Commercial

7.0%

1.1%

4.6%

Mexican Exports

LNG Exports 49.1%

11.7%

Apr-2019
Federal Energy Regulatory Commission • Market Oversight • www.ferc.gov/oversight

National Natural Gas Market Overview: Canadian Imports

Regional Imports from Canada

Source: Derived from Bentek Energy data

40

Updated -2

0

2

4

6

8

10

12 Jan-11 May-11 Sep-11 Jan-12 May-12 Sep-12 Jan-13 May-13 Sep-13 Jan-14 May-14 Sep-14 Jan-15 May-15 Sep-15 Jan-16 May-16 Sep-16 Jan-17 May-17 Sep-17 Jan-18 May-18 Sep-18 Jan-19 Bcfd

Northwest Net Imports

Midwest Net Imports

Northeast Net Imports

Apr-2019
Federal Energy Regulatory Commission • Market Oversight • www.ferc.gov/oversight

Total U.S. Natural Gas Demand All Sectors

National Natural Gas Market Overview: Total US Gas Demand

Source: Derived from Bentek Energy data, derived from interstate pipeline flow and modeled data.

20009

41

Updated -

 20

 40

 60

 80

 100

 120

 140

 160

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Bcfd

2014-18 Range 2019

Apr-2019
Federal Energy Regulatory Commission • Market Oversight • www.ferc.gov/oversight

U.S. Natural Gas Consumption for Power Generation

National Natural Gas Market Overview: NG Consumption for Power Generation

Source: Derived from Bentek Energy data

20024

42

Updated

0

5

1 0

1 5

20

2 5

3 0

35

4 0

4 5 Bcfd

 2014 - 2018 Range

2019 Apr-2019
Federal Energy Regulatory Commission • Market Oversight • www.ferc.gov/oversight

EIA National Storage Inventories

National Natural Gas Market Overview: Natural Gas Storage Inventory

Source: Derived from Bloomberg Data

Notes:

Updated

43

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Storage (Bcf)

5 Year Range 2019-2020 2018-2019

Apr-2019
Federal Energy Regulatory Commission • Market Oversight • www.ferc.gov/oversight

EIA Regional Storage Inventories

National Natural Gas Market Overview: Natural Gas Storage Inventory

Source: Derived from Bloomberg Data

Notes:

Updated

44

0

100

200

300

400

500

600

700

800

900

1,000

EAST 0

500

1,000

1,500

WEST

0

100

200

300

Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar

5 Year Range 2019-2020 2018-2019

PRODUCING

0

100

200

300

400

500

PACIFIC

0

500

1,000

1,500

SOUTH CENTRAL Apr-2019
Federal Energy Regulatory Commission • Market Oversight • www.ferc.gov/oversight

Monthly U.S. Dry Gas Production – Lower 48 States

National Natural Gas Market Overview: Monthly U.S. Dry Gas Production

Note: Prior to July 2010, chart was derived from a combination of EIA and Bentek Energy data

Source: Derived from Bentek Energy data

20021

45

Updated

10

20

30

40

50

60

70

80

90

100 Bcfd

Dry Production

Apr-2019
Federal Energy Regulatory Commission • Market Oversight • www.ferc.gov/oversight

Rigs by Type

National Natural Gas Market Overview: Rig Count by Type

Source: Derived from Bloomberg data

Notes:

Updated

46

0

100

200

300

400

500

600

700

800

900

1,000 May-17 Aug-17 Nov-17 Feb-18 May-18 Aug-18 Nov-18 Feb-19 May-19 Baker Hughes Rig Count (Rigs)

Oil Rigs Gas Rigs

Apr-2019
Federal Energy Regulatory Commission • Market Oversight • www.ferc.gov/oversight

Competing Fuels

National Natural Gas Market Overview: Competing Fuels

Source: Derived from Bloomberg data

Notes:

Updated

47

$0

$2

$4

$6

$8

$10

$12

$14 Fuel Price ($/MMBtu)

Nymex Henry Hub

Big Sandy Barge (Low Sulfur Coal)

WTI Crude Oil

Apr-2019
Federal Energy Regulatory Commission • Market Oversight • www.ferc.gov/oversight

Daily Gas Sendout from Existing U.S. LNG Facilities

National Natural Gas Market Overview: LNG Market-Daily Gas Sendout

Notes: Everett data includes flows onto the AGT and TGP interstate lines, plus estimates of flows to the Mystic 7 power plant, Keyspan Boston 

Gas, and LNG trucked out of the terminal. Excludes flows to the Freeport LNG which flows via intrastate pipelines and flows to the Mystic 8 and 

9 power plants.

Source: Derived from Bentek Energy data

3007

48

Updated

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

5,000 Daily LNG Sendout (MMcfd)

Sabine Pass

Lake Charles

Golden Pass

Freeport

Northeast Gateway

Excelerate

Cameron

Elba Island

Cove Point

Everett (Modeled)

Neptune

0

1,000

2,000

3,000 Monthly Average

Apr-2019
Federal Energy Regulatory Commission • Market Oversight • www.ferc.gov/oversight

U.S Exports of LNG

National Natural Gas Market Overview: LNG Market-Daily Exports

Source: Derived from Bentek Energy data

3007

49

Updated 0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

5.0 Jan-16 Mar-16 May-16 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17 May-17 Jul-17 Sep-17 Nov-17 Jan-18 Mar-18 May-18 Jul-18 Sep-18 Nov-18 Jan-19 Mar-19 Bcfd

Sabine Pass Cove Point Corpus Christi

Apr-2019
Federal Energy Regulatory Commission • Market Oversight • www.ferc.gov/oversight

Source: Waterborne Energy, Inc. Data in $US/MMBtu

Note: Includes information and Data supplied by IHS Global Inc. and its affiliates (“IHS”); Copyright (publication year) all rights reserved.

Landed prices are the monthly average of weekly trades from the prior month.

World LNG Estimated Landed Prices:

National Natural Gas Market Overview: World LNG Landed Prices

Cove Point

$4.50

India

$11.55

UK

$8.75

Spain

$9.05

Belgium

$8.84

Japan

$12.40

Korea

$12.40

Lake Charles

$3.96 Altamira

$4.60

Cove Point

$4.40

India

$11.55

UK

$8.75

Spain

$9.15

Belgium

$8.99

Japan

$13.10

Korea

$13.10

Lake Charles

$3.93 Altamira

$4.57

Cove Point

$4.50

India

$11.55

UK

$8.75

Spain

$9.05

Belgium

$8.84

Japan

$12.40

Korea

$12.40

Lake Charles

$3.96 Altamira

$4.60

Cove Point

India

UK

Spain

Belgium

Korea

Lake Charles

Altamira

Bahia Blanca

Canaport

China

50

Updated

$ 5.03 $ 4.99 $ 5.00 $ 4.99 $ 4.88 $4.61 $ 2.60 $2.70 $2.48 $ 4.75 $ 5.03 Apr-19 Apr-2019 50
Federal Energy Regulatory Commission • Market Oversight • www.ferc.gov/oversight

Historical and World Gas Futures Prices

National Natural Gas Market Overview: LNG Competitive Price Hubs

Source: Derived from Bloomberg data 

Notes:

Updated

51

$0

$2

$4

$6

$8

$10

$12

$14

$16

$18

$20 May-17 Jul-17 Sep-17 Nov-17 Jan-18 Mar-18 May-18 Jul-18 Sep-18 Nov-18 Jan-19 Mar-19 May-19 Jul-19 Sep-19 Nov-19 Jan-20 Mar-20 May-20 $/MMBtu

Henry Hub TZ6 NY

Algonquin Citygates UKNBP

Japanese LNG Spot Price Futures Prices

Apr-2019
Federal Energy Regulatory Commission • Market Oversight • www.ferc.gov/oversight

National Natural Gas Market Overview: WTI vs Brent Oil Price

Source: Derived from Bloomberg data Updated

WTI vs Brent Crude Oil Price

52

$0

$10

$20

$30

$40

$50

$60

$70

$80

$90

$100 Oil Prices ($/Barrel)

WTI Oil Price Brent Crude Oil Price Apr-2019
Federal Energy Regulatory Commission • Market Oversight • www.ferc.gov/oversight

National Natural Gas Market Overview: Nymex Futures Curve

Source: Derived from Bloomberg data Updated

Nymex Futures Curves

53

$2.45

$2.55

$2.65

$2.75

$2.85

$2.95

$3.05

$3.15

$3.25

$3.35

Jun-19 Dec-19 Jun-20 Dec-20 Nymex Futures Curves ($/MMBtu)

5/7/2018 4-9-2019 12-7-2018 5-7-2019

Apr-2019
Federal Energy Regulatory Commission • Market Oversight • www.ferc.gov/oversight

Infrastructure Report

Office of Energy Projects Energy 

Infrastructure Update

http://www.ferc.gov/legal/staff-reports.asp

(see “Energy Infrastructure” tab) 
Federal Energy Regulatory Commission • Market Oversight • www.ferc.gov/oversight

Natural Gas Highlights

55
Federal Energy Regulatory Commission • Market Oversight • www.ferc.gov/oversight

Electric Generation Highlights

56
Federal Energy Regulatory Commission • Market Oversight • www.ferc.gov/oversight

Electric Transmission Highlights

57
Federal Energy Regulatory Commission • Market Oversight • www.ferc.gov/oversight

Installed Generating Capacity and 

Proposed Additions

58