The Energy Buyer's Guide | 07.28.2025
Natural gas prices retreat sharply despite near-term heat.
- Natural gas futures fell sharply last week, with August NYMEX dropping $0.46 to settle at $3.11 per MMBtu as the market priced in cooler August weather and continued supply strength.
- The EIA reported a 23-Bcf storage build for the week ending July 18—the smallest of the summer so far—bringing inventories to 3,075 Bcf and continuing to chip away at the year-on-year deficit.
- Power burn demand reached a new seasonal high and narrowly outpaced 2024 levels for the first week this summer, though total domestic consumption remains soft.
- Forward power prices declined across all major markets, led by a nearly $9/MWh drop in ERCOT, as a shift to milder late-summer weather weighed on risk premiums.
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