Natural Gas & Oil
March '26 Trading range: $2.95 to $3.23
NYMEX
NYMEX is starting to pull back from today's rally due to warmer weather pushing down demand, outweighing the fear of unrest in the middle east.
The good thing for domestic natgas prices is it has nowhere to go.
We can't export any more than we are right now, even if we want to, and we do want to export more.
That time will come in Q3 & Q4 of 2026 and beyond.
For now, we're producing more than we're consuming and prices will fall as long as this continues.
Crude oil prices increased as much as $16.62 today, closing the week above $91 for April '26.
LNG
The LNG market continues to be the largest structural demand driver for U.S. natgas.
That will only grow as more terminals come online in the second half of 2026.
Power
The week is closing out without any flex alerts (CAISO) or any generation loss (ERCOT).
Due to the severe weather in the middle of the US, power outages are probable over the weekend in these regions.
Today's Drivers
The Bears – The weather, record production, storage injections now expected earlier than usual and larger than normal to start the season.
The Bulls – LNG exports, AI/DC power demand will be increasing, power demand overall is increasing.
Today's Special
Enjoy the weekend. We've all earned it.
Our Nightcap Beats Their Recap