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 5/9/25 were for an injection in the 108 to 110 Bcf range.
The total net injection was in line with the final estimates, with 110 Bcf being put into storage.
Storage is now 375 Bcf below last year, and 57 Bcf above the 5-year average, which is within the 5-year historical range.
Henry Hub
Henry Hub Wholesale Calendar Year 2026 future prices began slightly above the 52-week average in May of last year. From there, prices entered a steep decline, reaching a new 52-week low in early August. Prices remained near this low through mid-November. A significant rally followed, pushing prices upward—with some fluctuations—until a new 52-week high was set in mid-March. Since then, prices experienced a brief dip before climbing back near the 52-week high. Currently, Henry Hub prices are down approximately 3.1% from the March 19th high but remain about 12.5% above the 52-week average.
Henry Hub Wholesale Calendar Year 2026 Week to Week Fluctuation ($/Therm)
The graphs above show the price movement of the Calendar Year 2026 Henry Hub Wholesale Natural Gas over various periods of time. The price of the calendar year is shown on the left y-axis in relation to the date of the pricing on the bottom x-axis. On the 52-week and short-term graphs, you can see the minimum, maximum, and average price of the past 52 weeks indicated by the gray lines.
Algonquin City Gate
Algonquin future prices started near the 52-week average in May last year. They then entered a prolonged decline, bottoming out at a new 52-week low in early November. A strong rally followed, culminating in a new 52-week high in mid-February. Since then, prices dropped slightly below the 52-week average before rebounding to a level near the midpoint between the high and the average. Currently, Algonquin prices are down about 5.8% from the February 19th high and are 6.2% above the 52-week average.
Algonquin Wholesale Calendar Year 2026 Week to Week Fluctuation ($/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 future prices began just below the 52-week average in May last year and remained slightly below average through June. A modest rally in July brought prices closer to the 52-week high, followed by a sharp decline that reached a new low in early November. A strong rally then pushed prices to a new 52-week high in late February. Since then, prices fell below the average but have recently rebounded to a level near the midpoint between the high and the average. Currently, ISO-NE prices are down about 4.5% from the February 21st high and are 4.8% above the 52-week average.
ISO-NE Internal Hub ATC DA Wholesale Calendar Year 2026 Week to Week Fluctuation ($/kWh)
The graphs above show the price movement of Calendar Year 2026 ISO-NE Internal Hub ATC DA Wholesale Electricity over various periods of time. The price of the calendar year is shown on the left y-axis in relation to the date of the pricing on the bottom x-axis. On the 52-week and short-term graphs, you can see the minimum, maximum, and average prices of the past 52 weeks indicated by the gray lines.
TETCO-M3
TETCO-M3 future prices started just above the 52-week average in May last year. They then declined sharply, reaching a new low in mid-October. A strong rally followed, peaking at a new 52-week high in mid-March. Since then, prices experienced a minor dip before recovering to near the 52-week high. Currently, TETCO-M3 prices are down about 2.7% from the March 11th high and are approximately 14.7% above the 52-week average.
TETCO-M3 Wholesale Calendar Year 2026 Week to Week Fluctuation ($/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 future prices began above the 52-week average in May last year. They then declined significantly—with intermittent spikes—until hitting a new low in mid-September. A strong rally followed, culminating in a new 52-week high at the end of March. Since then, prices dipped slightly below the average before rebounding close to the 52-week high. Currently, PJM prices are down about 1.4% from the March 24th high and are 8.3% above the 52-week average.
PJM Western Hub ATC DA Wholesale Calendar Year 2026 Week to Week Fluctuation ($/kWh)
The graphs above show the price movement of Calendar Year 2026 PJM Western Hub ATC DA Wholesale Electricity over various periods of time. The price of the calendar year is shown on the left y-axis in relation to the date of the pricing on the bottom x-axis. On the 52-week and short-term graphs, you can see the minimum, maximum, and average prices of the past 52 weeks indicated by the gray lines.
Houston Ship Channel
Houston Ship Channel future prices began slightly above the 52-week average in May last year. They then declined sharply, reaching a new low in mid-September and remaining near that level into early November. A strong rally followed, with some fluctuations, peaking at a new 52-week high in mid-March. Since then, prices experienced a minor dip before recovering to near the 52-week high. Currently, HSC prices are down about 2.4% from the March 19th high and are approximately 15.1% above the 52-week average.
Houston Ship Channel Wholesale Calendar Year 2026 Week to Week Fluctuation ($/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 future prices began above the 52-week average in May last year and rose to a near-high in early June. A sharp decline followed, bottoming out at a new 52-week low in early September, with prices remaining near that level into November. A strong rally then pushed prices upward—with some dips—until a new 52-week high was reached in mid-March. Since then, prices fell slightly below the average before rebounding close to the 52-week high. Currently, Houston prices are down about 3.1% from the March 19th high and are around 12% above the 52-week average.
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.
