Monthly

Energy Scorecard

March – it doesn’t count, just a few days left, though we suspect the legacy of 2017 will “spill” over to 2018 and render some nice buys in the roll, we’re already seeing some 2018 discounting to Q2 and Q3 – big mistake, fade it.
April – Up 1400 aMW – just when you thought it couldn’t get any uglier, it got uglier. Ugggh ly
May – Up 1200; fascinating that May and April’s energy are about the same; the big difference is May is a refill month while April drafts.
June – UP 200 aMW and understated, in our opinion.
July – HUH? Down 400, we don’t get it; there has been builds, not draws.

Daily

We added the forecast from four weeks back to show how deep the back end of June, and July, cuts have been. Just don’t see it, not given the levels of swe we currently have. Perhaps the one from four weeks ago was so bad, and all they did was correct that horrid forecast, but we don’t think so. We think they were right four weeks ago and wrong today.

Year on Year

That chart puts 2017 into perspective; March and April are ones for the record books; stories to tell the Great Grandchildren how you had to snowshoe to the trading floor, uphill both ways.