The Energy Buyer's Guide | 05.12.2025

Natural Gas Continues Higher for Second Straight Week.

May 12, 2025

∙ Paid

- Natural gas futures extended their rally, with the front-month contract settling $0.17 higher at $3.80 per MMBtu and deferred seasonal strips pushing to new highs

- Gas production remained rangebound, reinforcing supply-side concerns as the market looks ahead to peak cooling demand

- Natural gas storage increased by 104 Bcf, lifting inventories to 2,145 Bcf—above the five-year average but still trailing last year by over 400 Bcf

- Power forwards climbed across all major hubs, with gains through Calendar 2026 most prominent in CAISO and ISO-NE despite soft near-term conditions in both markets

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