Energy markets eased in September, with both natural gas and power forwards retreating as summer demand tapered off. Storage injections and cooler weather helped relieve near-term pressure, yet winter strips remain firm, highlighting the risk of renewed volatility once heating load builds. Compared to last year, forward curves are still elevated, a sign that underlying structural tightness in supply and capacity persists
Power markets tracked gas lower across PJM, NYISO, and ISO-NE, though regional dynamics remain pronounced. ISO-NE continues to price at a steep premium due to pipeline constraints and winter fuel risks, while PJM and NYISO winter peaks reflect congestion and reliability concerns. With LNG exports holding strong, electrification boosting demand, and generation mix changes unfolding, markets are entering fall with softer fundamentals but clear signals that winter could tighten conditions quickly
