RFP Energy Nightcap for 2-26-26

February 26, 2026 by Sean Dookie

NatGas

Trading range: $3.12 to $3.18, up 4% m/m.

Bullish momentum continues as winter demand exceeds forecasts. Storage withdrawals came in higher than expected, providing support for prompt month pricing.

LNG

Exports averaged 15.2Bcf/D for January 2026. New export terminals coming online in Q2 will add another 2Bcf/D of capacity.

Power

U.S. power generation for the week ending 2-22-26 was up 3% y/y, driven by colder than normal temperatures across the Northeast and Midwest.

The Drivers

• Winter weather patterns persisting longer than expected
• LNG export growth structural and accelerating
• Data center demand adding 2-3% to baseload nationally
• Storage levels trending below 5-year average

Today's Specials

New federal reliability standards taking effect March 1st will require utilities to maintain higher reserve margins, potentially tightening supply in peak months.

Our Nightcap Beats Their Recap