Natural Gas & Oil
June '26 Trading range today: $2.75 to $2.88.
NYMEX
NYMEX prices jumped to their highest prices in 4 weeks.
Forward months ran up while Cash stayed flat at $2.78 all day.
HDDs are all but gone by next week if weather charts stay accurate.
CDDs will be ramping up slowly over the next 30-45 days, making it harder for supply/storage to keep up with growing demand/growing exports.
Oil traders are injecting more war premiums into the current market as geopolitical tensions remain elevated.
Front-month crude contracts are outperforming back-end months with prices staying above $80 through the winter strip.
LNG
Europe and Asia continue to keep prices up, aggressively competing for limited contracts.
Locking down supply security is priority #1 for those regions.
LNG remains one of the most structurally bullish components in our domestic gas market.
Power
Markets were mixed today while several regions saw stronger pricing towards the close.
Today's Drivers
The Bears – ($2.60 to $1.90 range) – Strong solar, weak weather.
The Bulls – ($2.95 to $3.25 range) – LNG remains strong, smaller storage injections, lower production, growing grid concerns, and the inevitable summer demand.
Today's Special – Storage
The main focus this week will be the storage report on Thursday.
Last year saw +102Bcf with a 5-year average around 80Bcf.
Anything lower than +65Bcf brings in heavy bulls.
Anything over +90Bcf injected could reverse the current bull-run in the market.
The problem with these comparisons to past years is that past years is that the fundamental driving factors are changing again, so throw out the past.
Our Nightcap Beats Their Recap