Natural Gas & Oil
May '26 Trading range today: $2.49 to $2.59.
Natgas fell as low as $2.49 today, pressuring the next downward support of $2.45.
Numerous regions such as Texas, SW, California, and Upper MW are enjoying price ranges well below the national average. Check out Today's Special for more.
Oil production is ramping up to pick up some global demand and with that oil production additional natgas is produced form the same wells.
Oil prices are down again as peace talk hopes ramp back up.
I bet the traders are enjoying this back-and-forth movement. Easy money.
LNG
Exports dipped below 20Bcf/D, but that dip should be short-lived with new more terminals opening.
LNG exports are expected to double by 2030, putting the daily export number close to 40Bcf.
Power
The EIA updated its forecast to show a 4.2% increase in residential power prices for 2026.
Gas to power demand is declining as RE generation offsets the need for gas gen.
The abundant RE during the day crushes gas spot prices only to increase power prices after sundown.
Battery storage will help even this imbalance.
Today's Drivers
The Bears – ($2.60 to $1.90 range) – Light demand, strong injections, RE increasing.
The Bulls – ($2.95 to $3.25 range) – LNG exports increasing, summer is coming.
Today's Special – California Compression
Basis prices in California are deeply negative compared to historical norms.
California delivery points like PG&E CG and Socal CG typically trade at a premium.
Mild Shoulder Season weather, supply, and RE contribution have pushed PG&E CG cash prices to the lowest they've seen in over 25 years.
These treats won't last forever, so take advantage soon.
Our Nightcap Beats Their Recap