Energy prices jumped last week, and look likely to keep going up. The Beacon, 06/07/2021

The Headline:   Last week finally gave us the higher energy prices we’ve been expecting for some time now, and fundamentals suggest higher prices may be here to stay for a bit.   The 12-month strip price crossed above 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:    If you don’t have a rate locked in for 2021 and 2022, higher bills are likely.   We will want be ready to sign an agreement and watch for a market dip.  Locking in 2023-2025 is also recommended to make sure you don’t end up riding a long-term price increase.        

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