The Energy Buyer's Guide | 09.29.2025

October fades into expiration as the rest of the forward curve remains mostly steady.

- October NYMEX faded into expiration Friday at $2.835 per MMBtu, the lowest contract close of 2025; November front month settled at $3.21, while Winter ’25–26 and Summer ’26 held steady near $3.75.

- Storage inventories rose 75 Bcf to 3,508, flipping to a 22 Bcf surplus versus last year and standing 203 Bcf above the five-year norm.

- Real-time power prices jumped on lingering late-season heat, with PJM spiking $16 to just above $49 per MWh and MISO climbing $7 to the mid-$40s.

- Spot gas markets were mixed, with South hubs rebounding modestly but still pressured by extreme Permian weakness, while the East dropped $0.15 to below $1.90 per MMBtu.