The Energy Buyer's Guide | 05.19.2025
Gas futures wipe out May gains, as loose near-term fundamentals weigh on the market.
- Natural gas futures fell sharply, with the front-month contract wiping out all month-to-date gains amid overtly bearish near-term market conditions
- Natural gas storage rose by 110 Bcf to 2,255 Bcf—now 57 Bcf above the five-year average and 375 Bcf below last year
- Natural gas fundamentals remained relatively loose last week, even as domestic production continued in a holding pattern
- Forward power prices declined across all major ISOs, led by a drop of more than $4.00 per MWh in balance-of-year ERCOT, as natural gas weakness and strong renewable output pressured the market
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