Natural Gas & Oil Market Report

May 15, 2026 by Sean Dookie

AI infrastructure Data Centers LNG Market Analysis NYMEX Natural Gas OPEC Power Markets Renewables Storage & Injection energy trading energy-update market update oil oil prices power demand power generation shoulder season

Natural Gas & Oil

June '26 NYMEX NatGas Trading range today: $2.79 to $2.92.

Natgas prices finished the day getting firmer as today's Storage Report failed to meet estimates, staying supportive enough to prevent a selloff.

The current bears just aren't 'strong enough to trigger a liquidation sale.

The determining factors will be seeing if summer heat can tighten supply and demand balances, and how soon LNG maintenance comes to completion.

Basis in the West is coming off a little more and should be taken advantage of.

Oil prices finished relatively flat for the day despite Saudi Arabia announcing to OPEC that its oil production has dropped to its lowest level since 1990.

LNG

March '26 and April '26 US LNG exports are the 2nd & 3rd highest ever. Highest is Dec '25.
ExxonMobil announced delays in GP Trains 2 and 3, reducing exports for 2027 by 0.4Bcf/D.

Power

PJM's 2026 Q1 report confirms wholesale prices for the nation's largest ISO surged 75% y/y from $77 to $136 with capacity costs alone increasing nearly 400%.

NGSA predicts a volatile summer market as a record 40.3Bcf/D natgas for power generation forecast signals power demand is already running hot ahead of summer.

Today's Drivers

The Bears – ($2.60 to $1.90 range) – Shoulder Season, storage remains above the 5-year average, solar continues to meet most of midday demand.

The Bulls – ($2.95 to $3.25 range) – LNG exports, below normal production in recent weeks, expected increase in CDDs this weekend.

Today's Special – Prices are jumping in Lake Tahoe

Lake Tahoe's power market is being strained by the AI boom, and local rate payers are about to feel the pain of limited power optionality.

NV Energy cited data centers in the LT/Reno Industrial Center area as well as northern NV transmission constraints as reasons for ending full-requirements service to the region.

Nearly 50,000 homes will face a power supply gap that can only be filled by out of state supply, leaving ratepayers without hedged power, at the mercy of market prices.

Our Nightcap Beats Their Recap

Back to Market Intel