May brought a shift in market direction, with natural gas forward prices moving lower as storage entered injection season in a stronger position. The 12-month Henry Hub strip fell to $3.345/MMBtu, down $0.439 month over month, as the more comfortable supply backdrop helped ease pressure across the forward curve. At the same time, LNG export demand remains an important source of support, keeping upside risk in focus as summer approaches.
Power markets remain more resilient heading into the season, supported by expected cooling demand, continued load growth, and tight reliability margins in key regions. This month’s update looks at the natural gas repricing, regional basis risk, summer power premiums, and capacity constraints across NYISO and PJM. Read the full May update to see what’s shaping energy markets heading into summer.
