The Energy Buyer's Guide | 11.10.2025

Natural gas moves higher for the third straight week ahead of brief cold snap.

- December NYMEX rallied last week, marking a third straight weekly advance as early-season cold and record LNG exports supported prices despite forecasts turning milder for mid-to-late November.

- Storage inventories increased 33 Bcf to 3,915 Bcf, with stocks poised to peak below 4.0 Tcf ahead of winter withdrawals.

- Fundamentals loosened slightly, as total supply rose 0.6 Bcf per day while domestic demand edged 0.1 Bcf per day lower, leaving the balance roughly 0.5 Bcf per day looser week over week.

- Forward power prices strengthened across major markets, led by gains of $7–8 per MWh in NYISO and ISO-NE and roughly $6 in PJM, as firmer natural gas futures and the anticipation of winter risk lifted forward curves in the Northeast.