Natural gas markets enter the heating season on calm footing. The Henry Hub prompt settled at $3.000/MMBtu and the 12-month strip slipped to $3.127, down $0.806 year over year, as a very strong El Niño forecast and above-average storage took some value out of winter contracts. But a milder outlook is not the same as no risk: January 2027 still carries a $0.837 premium to the prompt, and New England delivered gas remains far above Henry Hub. Power is telling a different story. Despite softer gas prices, Cal 2027 on-peak power rose in every zone we track, led by PJM Dominion at $114.90/MWh, up $9.93 on the month, as data center load growth and a capacity auction that cleared at its cap push prices higher regardless of fuel costs.
For the full picture, including Henry Hub forward pricing, East regional basis, PJM, NYISO and ISO-NE power curves, and our key takeaways for buyers with upcoming renewals, download the complete October 2026 Energy Market Update below. It’s a good time to review your coverage: calm markets are often the best window to act.
