The Energy Buyer's Guide | 06.30.2025

Prices retreat sharply as traders look past near-term heat wave.

Jun 30, 2025

∙ Paid

- Natural gas futures fell sharply, with July NYMEX plunging nearly $0.90 into expiration to settle at $3.26 per MMBtu after briefly trading above $4.00.

- The EIA reported a 96-Bcf storage injection for the week ending June 20, lifting total inventories to 2,898 Bcf—179 Bcf above the five-year average and 196 Bcf below last year.

- Power demand spiked last week, with PJM posting a daily peak above 160 GW—the highest since at least 2011—as extreme heat drove surging real-time prices across PJM, NYISO, MISO, and ISO-NE.

- Forward power prices mostly eased, with softer forecasts and lower gas futures weighing on calendar strips for late 2025 and 2026.

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