Prices held steady last week, and this week may see a little price drop. Coming months look likely to bring price increases. The Beacon, 05/31/2021

The Headline:   Last week showed us flat energy prices, and cooler weather and strong storage numbers suggest a slight drop is possible this week.   The 12-month strip price stayed below the $3.00 resistance point.  Longer term trends – average storage, continued lower rig counts, recovering demand, and strong LNG exports -- point to higher prices being likely over the next few months.        

The Bottom Line:    With the EIA’s forecast of a 50% increase from 2020 natural gas prices to 2021 prices being supported by market data trends, we recommend that energy users lock in their energy rates for as long as possible.   Once rates go up, the opportunity will be gone, and higher rates will be in your future.        

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