Natural Gas & Oil
June '26 NYMEX NatGas Trading range today: $2.98 to $3.06.
The prompt month fell below the major psychological $3.00 mark today.
The main reason for this is increased production and cooler temps forecasted to start June.
We're starting to see summer demand fear premiums being built into forward pricing.
Oil prices saw limited upward movement on the day on news of SPR releasing 10MM barrels.
LNG
LNG is finishing up planned maintenance at terminals, expecting to return to near capacity soon after Memorial Day.
With 10Bcf/D gone form the global supply, in tandem with physical damage to the Qatari terminals, European and Asian markets are looking almost entirely to US LNG.
Power
Late afternoon CDDs for the Mid-Atlantic pushed PJM West Hub above $184/MW.
On the flip side, CAISO sees prices staying below $35 for the PM ramp up.
ERCOT reserves remain adequate through the current demand increase.
Today's Drivers
The Bears – ($2.90 to $2.60 range) – Weather moderates, production increases, LNG maintenance is extended.
The Bulls – ($3.15 to $3.50 range) – LNG exports, heat intensifies, LNG exports rebound quickly after maintenance concludes, storage injections shrink.
Today's Special – El Nino
The 2026 El Nino climate is starting to raise concerns domestically and globally.
Globally, Asia is reporting early and hotter heatwaves, increasing CDDs and a hunt for supply options.
Domestically, early heat across much of the US prompted a quick end to Shoulder Season and saw June '26 prompt month jump across that dreaded $3.00 psychological marker.
LNG will remain in high demand, erasing any hope of an LNG glut this summer, pushing more supply into the C&I sector.
Our Nightcap Beats Their Recap