California power prices soar to highest since 2020 in heat wave
(Reuters) - U.S. power prices in California and other western states for Tuesday soared to their highest...
(Reuters) - U.S. power prices in California and other western states for Tuesday soared to their highest since California's electric grid operator imposed rotating outages in August 2020 as a brutal heat wave lingers over the drought-stricken region.
The California Independent System Operator (ISO) forecasted demand would peak at 51,044 megawatts (MW) on Tuesday, topping the current record of 50,270 MW in 2006, before sliding to 50,002 MW on Wednesday.
Power prices at the Palo Verde hub in Arizona and SP-15 in Southern California rose to $850 and $505 per megawatt hour, respectively. That was their highest levels since hitting record highs of $1,311 in Palo Verde and $698 in SP-15 in August 2020 when the ISO last imposed a rotating outage.
Natural Gas Price Primed to Break Record, Even if Winter is Mild
Low natural gas inventories will persist into the fall and, even combined...
Low natural gas inventories will persist into the fall and, even combined with the forecast of a relatively mild winter, could propel the Henry Hub price well above its record high of $15.39/MMBtu set on Dec. 13, 2005, analysts say.
“When New England has to buy some $50-$100/MMBtu cargoes this winter and Henry Hub sets new price records, the Biden administration may decide to take action,” Keith Barnett, president of Energy Strategies International LLC (EnSI) told Hart Energy. “Is $25/MMBtu Henry Hub possible this winter? Yes!”
Barnett was referring to the possibility of President Joe Biden’s administration limiting LNG exports to non-free trade agreement (FTA) countries in the event of a drastic gas price spike. U.S. LNG exports through June totaled 1.8 Tcf to non-FTA countries, which include Europe and Japan. LNG shipments to FTA countries only accounted for 300 Bcf.
Goldman Sachs said home-price increases will "stall completely" as the bank turns bearish on...
Goldman Sachs said home-price increases will "stall completely" as the bank turns bearish on the housing market. Economists from the firm expect property prices to stagnate nationwide, with declines likely in certain areas. Find out what parts of the country could see the biggest drops.
U.S. is on track for a ‘soft landing,’ says Goldman Sachs’s chief economist
It’s too soon to declare victory, but Federal Reserve Chair Jerome Powell is on track to navigate the...
It’s too soon to declare victory, but Federal Reserve Chair Jerome Powell is on track to navigate the U.S. economy to a soft landing.
That’s the view of Jan Hatzius, the chief economist of Goldman Sachs, in a new note to clients.
“Since the FOMC started hiking the funds rate early this year, we have argued that the U.S. economy can achieve a soft landing, even though the path is narrow. It requires sustained below-trend output growth, a rebalancing of the labor market via sharply lower job openings coupled with a moderate rise in unemployment, and a large decline in inflation. While much can still go wrong and our probability that a (mild) recession will start in the next year remains about one in three, we see some encouraging signs that the economy is moving toward all three of these goals,” he said in a note to clients.
The euro just dropped below $0.99 for the first time in 20 years after Russia halted gas flows
The ...
The euro has dropped below $0.99 for the first time in two decades after Russia halted the flow of natural gas through a key pipeline, intensifying the risk of a deep recession.
The currency of the 19-member eurozone was down 0.44% to $0.991 on Monday morning. It had earlier fallen to $0.988, its lowest level since the fall of 2002.
Fears about the global economy sent investors flocking towards the dollar, which is seen as a safe-haven asset. The dollar index was up 0.46% to a 20-year high of 110.04.
