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 1/31/25 were for a withdrawal in the 170 to 171 Bcf range.
The total net withdrawal came in above the final estimates, with 174 Bcf being taken out of storage.
Storage is now 208 Bcf below last year, and 111 Bcf below the 5-year average, which is within the 5-year historical range.
Early market estimates for the storage report for week ending 2/7/25 are calling for a withdrawal in the 148 to 168 Bcf range.
Henry Hub
Henry Hub Wholesale Calendar Year 2026 future prices started near the 52-week average in February last year. From there, future prices crashed down to a low point, closer to the 52-week low, in mid-February. Following that, future prices rallied up to hit a high point, closer to the 52-week high, at the end of April. Next, future prices started an even larger crash that continued down until establishing the new 52-week low at the beginning of August. Future prices continued to mostly range closer to the low until November. After that, future prices started a long rally up that continued until establishing the new 52-week high in mid-January. Recently, future prices have moved down to be closer to the midpoint of the 52-week average and high. Currently, Henry Hub prices are down about 2.9% from January 16th’s 52-week high, which is above the average by around 5.5%.
Henry Hub Wholesale Calendar Year 2026 Week to Week Fluctuation ($/Therm)
The graphs above show the price movement of the Calendar Year 2025 Henry Hub Wholesale Natural Gas over various periods of time. The price of the calendar year is shown on the left y-axis in relation to the date of the pricing on the bottom x-axis. On the 52-week and short-term graphs, you can see the minimum, maximum, and average price of the past 52 weeks indicated by the gray lines.
Algonquin City Gate
Algonquin Wholesale Calendar Year 2026 future prices started near the 52-week average in February last year. From there, future prices crashed down to a low point, closer to the 52-week low, at the start of March. Following that, future prices rallied up to hit a high point, closer to the 52-week high, at the end of April. Next, future prices started a long crash that continued down until establishing the new 52-week low at the start of November. Since then, future prices have continued to rally up, and they have recently established the new 52-week high, which prices are slightly below now. Currently, Algonquin prices are down about 0.1% from February 3rd’s 52-week high, which is above the average by around 7.7%.
Algonquin Wholesale Calendar Year 2026 Week to Week Fluctuation ($/Therm)
The graphs above show the price movement of Calendar Year 2025 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 below the 52-week average in February last year. From there, future prices crashed down until establishing the new 52-week low in mid-February. Following that, future prices first had a large rally, and then a small crash, before rallying up further to be just below the 52-week high in July. Next, future prices started a decline that continued into the start of November, hitting a low point below the 52-week average. Since then, future prices have been rallying up and they have recently established the new 52-week high, which prices are just below now. Currently, ISO-NE prices are down about 0.1% from February 3rd’s 52-week high, which is above the average by around 8.9%.
ISO-NE Internal Hub ATC DA Wholesale Calendar Year 2026 Week to Week Fluctuation ($/kWh)
The graphs above show the price movement of Calendar Year 2025 ISO-NE Internal Hub ATC DA Wholesale Electricity over various periods of time. The price of the calendar year is shown on the left y-axis in relation to the date of the pricing on the bottom x-axis. On the 52-week and short-term graphs, you can see the minimum, maximum, and average prices of the past 52 weeks indicated by the gray lines.
TETCO-M3
TETCO-M3 Wholesale Calendar Year 2026 future prices started below the 52-week average in February last year. From there, future prices moved down until establishing the new 52-week low in mid-February. Following that, future prices had a huge rally up that continued until hitting a high point, closer to the 52-week high, at the end of April. Next, future prices started a large crash down that hit a low point just above the 52-week low at the start of August. After that, future prices continued to mostly range closer to the low until November. Since then, future prices have continued to rally up, and they have recently established the new 52-week high, which prices have moved a little lower from now. Currently, TETCO-M3 prices are down about 3.6% from January 23rd’s 52-week high, which is above the average by around 9.3%.
TETCO-M3 Wholesale Calendar Year 2026 Week to Week Fluctuation ($/Therm)
The graphs above show the price movement of Calendar Year 2025 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 below the 52-week average in February last year. From there, future prices declined a little into mid-February, before starting a huge rally up that continued until establishing the new 52-week high in mid-April. Following that, future prices started a large crash that continued down until establishing the new 52-week low in mid-September. Since then, future prices have continued to range upwards, and they are now a little above the 52-week average. Currently, PJM prices are down about 10.1% from April 16th’s 52-week high, which is above the average by around 2%.
PJM Western Hub ATC DA Wholesale Calendar Year 2026 Week to Week Fluctuation ($/kWh)
The graphs above show the price movement of Calendar Year 2025 PJM Western Hub ATC DA Wholesale Electricity over various periods of time. The price of the calendar year is shown on the left y-axis in relation to the date of the pricing on the bottom x-axis. On the 52-week and short-term graphs, you can see the minimum, maximum, and average prices of the past 52 weeks indicated by the gray lines.
Houston Ship Channel
Houston Ship Channel Wholesale Calendar Year 2026 future prices started above the 52-week average in February last year. From there, future prices declined to a low point just below the 52-week average in mid-February. Following that, future prices moved up to range between the 52-week average and high until mid-July. Next, future prices crashed down until establishing the new 52-week low in mid-September. Future prices continued to range closer to the low until late November. After that, future prices started a huge rally that continued up until establishing the new 52-week high in mid-January. Recently, future prices have moved down to be closer to the midpoint of the 52-week average and high. Currently, HSC prices are down about 4.6% from January 16th’s 52-week high, which is above the average by around 6.1%.
Houston Ship Channel Wholesale Calendar Year 2026 Week to Week Fluctuation ($/Therm)
The graphs above show the price movement of Calendar Year 2025 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 at the 52-week low in February last year. From there, future prices started a huge rally up that continued until establishing the new 52-week high at the start of June. Following that, future prices started a large crash down that continued until hitting a low point, closer to the 52-week low, at the beginning of September. Next, future prices mostly ranged closer to the 52-week low into November. After that, future prices rallied up above the 52-week average by December, where they continued to range until late January. Recently, future prices have moved down to range just below the 52-week average. Currently, Houston prices are down about 13.3% from June 5th’s 52-week high, which is below the average by around 0.5%.
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 2025 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.
