Natural Gas & Oil
June '26 NYMEX NatGas Trading range today: $3.28 to $3.38.
Natgas ends this week with the highest prices since Feb '26.
Shoulder Season is over and Summer Season demand is in full focus.
Cash prices are still below forward curves but are tightening up.
Production is expected to dip this weekend as Maintenance Season begins in Texas and NE.
Oil breached key technical support by breaking below $88 this week.
Next week's direction will no doubt be formed by whatever takes place over the weekend.
Traders are selling off longer positions today in an effort to avoid being on the wrong side of any diplomatic breakthroughs this weekend.
LNG
Freeport exports are stabilizing, Corpus Christi's expansion is on track, Golden Pass remains near full capacity being exported, and Europe remains highly dependent.
Power
All eyes are on ERCOT this weekend with temps remaining elevated in the evenings/overnight, pushing prices as peak levels are expected to stay elevated well after solar fades with the sunsets.
Reall-time power prices are projected to spike from $35/MWh to over $200/MWh.
Expect prices most everywhere to start climbing as June heat shows up next week.
Today's Drivers
The Bears – ($3.05 to $2.80 range) – Strong solar during the day, no nationwide "heat domes" on the radar to give further support, and not much else.
The Bulls – ($3.35 to $3.85 range) – LNG exports increasing, hotter weather models than before, storage injections aren't hitting the mark, aggressive short coverings.
Today's Special – SoCal BTS Rights & Direct Access Power Applications
For all who have inquired about SoCalGas Company's BTS Rights applications and California Direct Access for Third Party Electricity Supply Lottery, we are prepping your paperwork/forms for your review and will be contacting you all next week.
Many of you have been down this path with us in past years, and we are scrubbing your past years' information in an attempt to minimize your paperwork.
Our Nightcap Beats Their Recap