This market update includes a natural gas storage update, electric and natural gas price movement, and a weather outlook. By utilizing this information, you can make better-informed energy decisions. This is general information to give you a quick summary of the market, please contact the energy solutions team at Mantis Innovation for additional information. Additionally, you can get these updates sent to your inbox weekly by signing up here.
Natural Gas
The amount of natural gas available for usage is very important in the energy industry because, among other things, it is used for heating, and as a main fuel source for generating electricity at power plants to be consumed by both homes and businesses. By comparing current levels of natural gas storage to the levels of last year and the past five years, an assessment as to the state of natural gas supplies to meet demand can be made.
Final estimates for week ending 4/25/25 were for an injection in the 109 to 112 Bcf range.
The total net injection came in below the final estimates, with 107 Bcf being put into storage.
Storage is now 435 Bcf below last year, and 5 Bcf above the 5-year average, which is within the 5-year historical range.
Henry Hub
Henry Hub Wholesale Calendar Year 2026 future prices started slightly above the 52-week average in April last year. From there, future prices continued to range close to the 52-week average until the end of June. Following that, future prices began a decline that continued until establishing a new 52-week low at the beginning of August, which future prices continued to range closer to through mid-November. Next, future prices started a significant rally that continued upward with some dips along the way until establishing a new 52-week high in mid-March. Since then, future prices first experienced a small decline before recently moving back up to be slightly closer to the 52-week high. Currently, Henry Hub prices are down about 6.2% from the March 19th 52-week high, which is above the average by around 9.4%.
Henry Hub Wholesale Calendar Year 2026 Week to Week Fluctuation ($/Therm)
The graphs above show the price movement of the Calendar Year 2026 Henry Hub Wholesale Natural Gas over various periods of time. The price of the calendar year is shown on the left y-axis in relation to the date of the pricing on the bottom x-axis. On the 52-week and short-term graphs, you can see the minimum, maximum, and average price of the past 52 weeks indicated by the gray lines.
Algonquin City Gate
Algonquin Wholesale Calendar Year 2026 future prices started slightly above the 52-week average in April last year. From there, future prices began a long decline that continued until establishing a new 52-week low at the start of November. Following that, future prices started a significant rally that continued upward until establishing a new 52-week high in mid-February. Since then, future prices first declined to be slightly below the 52-week average before recently moving back up to be slightly above the 52-week average. Currently, Algonquin prices are down about 10.3% from the February 19th 52-week high, which is above the average by 1.3%.
Algonquin Wholesale Calendar Year 2026 Week to Week Fluctuation ($/Therm)
The graphs above show the price movement of Calendar Year 2026 Algonquin Wholesale Naural Gas over various periods of time. The price of the calendar year is shown on the left y-axis in relation to the date of the pricing on the bottom x-axis. On the 52-week and short-term graphs, you can see the minimum, maximum, and average prices of the past 52 weeks indicated by the gray lines.
ISO-NE
ISO-NE Wholesale Internal Hub Around-the-Clock Calendar Year 2026 future prices started just below the 52-week average in April last year. From there, future prices continued to mostly range slightly below the 52-week average until the end of June. Following that, future prices rallied to be slightly closer to the 52-week high in July. Next, future prices began a large decline that continued until establishing a new 52-week low at the beginning of November. After that, future prices started a significant rally that continued upward until establishing a new 52-week high in late February. Since then, future prices first declined to be slightly below the 52-week average before recently moving back up to be at the 52-week average. Currently, ISO-NE prices are down about 9.2% from the February 21st 52-week high, which is equal to the 52-week average.
ISO-NE Internal Hub ATC DA Wholesale Calendar Year 2026 Week to Week Fluctuation ($/kWh)
The graphs above show the price movement of Calendar Year 2026 ISO-NE Internal Hub ATC DA Wholesale Electricity over various periods of time. The price of the calendar year is shown on the left y-axis in relation to the date of the pricing on the bottom x-axis. On the 52-week and short-term graphs, you can see the minimum, maximum, and average prices of the past 52 weeks indicated by the gray lines.
TETCO-M3
TETCO-M3 Wholesale Calendar Year 2026 future prices started slightly above the 52-week average in April last year. From there, future prices began a large decline that continued until establishing a new 52-week low in mid-October. Following that, future prices started a significant rally that continued upward until establishing a new 52-week high in mid-March. Since then, future prices first experienced a small decline before recently moving back up to be slightly closer to the 52-week high. Currently, TETCO-M3 prices are down about 6.8% from the March 11th 52-week high, which is above the average by around 10.4%.
TETCO-M3 Wholesale Calendar Year 2026 Week to Week Fluctuation ($/Therm)
The graphs above show the price movement of Calendar Year 2026 TETCO-M3 Wholesale Naural Gas over various periods of time. The price of the calendar year is shown on the left y-axis in relation to the date of the pricing on the bottom x-axis. On the 52-week and short-term graphs, you can see the minimum, maximum, and average prices of the past 52 weeks indicated by the gray lines.
PJM Western Hub
PJM Wholesale Western Hub Around-the-Clock Calendar Year 2026 future prices started above the 52-week average in April last year. From there, future prices began a large decline with some spikes along the way, continuing until establishing a new 52-week low in mid-September. Following that, future prices started a significant rally that continued upward until establishing a new 52-week high at the end of March. Since then, future prices first declined below the 52-week average before recently rallying back up to be slightly closer to the 52-week high. Currently, PJM prices are down about 3.9% from the March 24th 52-week high, which is above the average by 5.7%.
PJM Western Hub ATC DA Wholesale Calendar Year 2026 Week to Week Fluctuation ($/kWh)
The graphs above show the price movement of Calendar Year 2026 PJM Western Hub ATC DA Wholesale Electricity over various periods of time. The price of the calendar year is shown on the left y-axis in relation to the date of the pricing on the bottom x-axis. On the 52-week and short-term graphs, you can see the minimum, maximum, and average prices of the past 52 weeks indicated by the gray lines.
Houston Ship Channel
Houston Ship Channel Wholesale Calendar Year 2026 future prices started slightly above the 52-week average in April last year. From there, future prices began a large decline that continued until establishing a new 52-week low in mid-September, which future prices continued to range close to into the start of November. Following that, future prices started a significant rally that continued upward with some dips along the way until establishing a new 52-week high in mid-March. Since then, future prices first experienced a small decline before recently moving back up to be slightly closer to the 52-week high. Currently, HSC prices are down about 6.5% from the March 19th 52-week high, which is above the average by around 10.7%.
Houston Ship Channel Wholesale Calendar Year 2026 Week to Week Fluctuation ($/Therm)
The graphs above show the price movement of Calendar Year 2026 Houston Ship Channel Wholesale Naural Gas over various periods of time. The price of the calendar year is shown on the left y-axis in relation to the date of the pricing on the bottom x-axis. On the 52-week and short-term graphs, you can see the minimum, maximum, and average prices of the past 52 weeks indicated by the gray lines.
ERCOT Houston
ERCOT Houston Load Zone Around-the-Clock Calendar Year 2026 future prices started slightly above the 52-week average in April last year. From there, future prices rallied to hit a high point closer to the 52-week high at the start of June. Following that, future prices began a large decline that continued until establishing a new 52-week low at the start of September, which future prices continued to range closer to into November. Next, future prices started a significant rally that continued upward with some dips along the way until establishing a new 52-week high in mid-March. Since then, future prices first declined to be below the 52-week average before recently rallying back up above the 52-week average. Currently, Houston prices are down about 8.1% from the March 19th 52-week high, which is above the average by around 6.3%.
ERCOT Houston Load Zone ATC RT Wholesale Calendar Year 2026 Week to Week Fluctuation ($/kWh)
The graphs above show the price movement of Calendar Year 2026 ERCOT Houston Load Zone ATC RT Wholesale Electricity over various periods of time. The price of the calendar year is shown on the left y-axis in relation to the date of the pricing on the bottom x-axis. On the 52-week and short-term graphs, you can see the minimum, maximum, and average prices of the past 52 weeks indicated by the gray lines.
General Disclaimer: This information is provided as a courtesy to our clients and/or potential clients and should not be construed as an offer to sell or as a solicitation of an offer to buy securities based on, or contracts in or for, any energy commodity. Mantis Innovation does not sell electricity and/or natural gas, and as such, the actual terms and conditions of competitive supply are solely provided for by the competitive supplier’s contract with the client. Reliance on this information for decisions is done so at the sole risk of the reader and past performance is not indicative of future results. This information is provided as a general description of various electricity and/or natural gas purchasing strategies that may be decided upon by our clients. Both clients and potential clients should consider their individual circumstances and other sources of available information before arriving at a decision. Graphs and charts are for illustrative purposes only.
