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US Power Update: Prices Mostly Higher; Natural Gas Leads Generation Mix

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US wholesale electricity markets were mostly higher Friday afternoon, with PJM intraday prices reaching a peak of $374.03 per megawatt-hour, according to data from GridStatus.io.

Electric Reliability Council of Texas' real-time locational marginal price was $58.79/MWh at 4 p.m. ET. Net load stood at 55.55 gigawatts, with natural gas making up the largest share of the generation mix at 44.8%.

California Independent System Operator's real-time LMP came in at $52.89/MWh at 4 p.m. ET. Net load was 17.2 GW, with solar representing the largest share of the generation mix at 43.1%.

Southwest Power Pool's real-time LMP was $33.05/MWh at 4 p.m. ET. Net load reached 41.69 GW, while natural gas accounted for the largest portion of the generation mix at 36.5%. Prices climbed to an intraday high of $166.52/MWh at 10:40 a.m. ET.

PJM Interconnection's real-time LMP stood at $59.74/MWh at 4 p.m. ET. Net load totaled 116.6 GW, with gas supplying the largest share of the generation mix at 44.4%. Prices rose to an intraday high of $374.03/MWh at 4:25 p.m. ET.

Midcontinent Independent System Operator's real-time LMP came to $32.55/MWh at 4 p.m. ET. Net load was 81.13 GW, while coal held the largest share of the generation mix at 31.5%. Prices reached an intraday high of $169.54/MWh at 1:55 p.m. ET.

New York Independent System Operator's real-time LMP was $37.44/MWh at 4 p.m. ET. Net load totaled 20.28 GW, with dual-fuel sources representing the largest share of the generation mix at 32.5%.

ISO New England's real-time LMP reached $78.27/MWh at 4 p.m. ET. Net load came in at 16.89 GW, with natural gas making up the largest share of the generation mix at 55.3%.

Independent Electricity System Operator's real-time LMP was $48.10/MWh at 4 p.m. ET. Net load was 17.3 GW at 3:55 p.m. ET, while nuclear accounted for the largest share of the generation mix at 42.4%.

The National Weather Service's Climate Prediction Center forecasts temperatures to stay above normal across much of the central and eastern US from Sep. 5 to Sep. 11, with below- to near-normal readings across much of the West.

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US Natural Gas Update: Prices Move Up on Hotter September Forecasts

US natural gas prices backed off earlier highs in after-hours trading Thursday but stayed in positive territory as forecasts for hotter weather pointed to potentially stronger demand from power generators to fuel increased air-conditioning use and a smaller-than-expected inventory build.The front-month October Henry Hub contract and the continuous contract rose by 1.08% to $2.905 per million British thermal units.The September 2026 NYMEX contract expired Thursday afternoon at $2.907/MMBtu, its highest daily settlement since moving to the front of the curve last month, the Energy Buyers' Guide said. The settlement marked the highest September expiration since 2022 and the first contract since March to expire at a higher price than the corresponding 2025 contract, it said.The October and continuous contracts were supported by forecasts for record-high temperatures across the Southwest through the weekend and by Commodity Weather Group forecasts calling for above-average temperatures across nearly the entire US from Sept. 1-10, Barchart said.Criterion also said the Lower 48 weather outlook had shifted warmer, with temperatures rising 2.1 degrees Fahrenheit over the forecast period. The largest upward revisions were concentrated in the 11-15-day period, particularly across the Midwest, adding to expectations for stronger late-summer cooling demand, Aegis Hedging said.Traders were also monitoring Tropical Storm Dolly, which was off the coast of northern South America and expected to reach the vicinity of Puerto Rico on Sunday.Lower-48 state gas demand was 80.1 Bcf/d on Thursday, up 11.5% from a year earlier, Barchart said, citing BNEF data. US gas-fired power demand, however, remains below 2024 levels so far this year as renewables gain market share, the Energy Information Administration said. Gas accounted for 38.4% of total power generation in the first half of 2026, down from 38.5% in the first half of 2025 and 41.3% in the first half of 2024.On the supply side, US Lower-48 dry gas production remained strong at 112.6 Bcf/d Thursday, up 3.8% year over year, according to Barchart.Prices also drew support from a smaller-than-expected weekly storage build. US natural gas inventories rose by 15 Bcf in the week ended Aug. 21, versus expectations as high as 27 Bcf and well below the five-year average build of 33 Bcf for the week.EIA projected US natural gas inventories would reach 3,985 Bcf at the end of October, the highest level in 10 years and 5% above the five-year average. Inventories are currently 6.7% above their five-year seasonal average, underscoring supply strength.Estimated LNG feedgas flows were 19.5 Bcf/d Thursday, up 11.6% from a week earlier, according to BNEF. Freeport LNG accounted for much of the increase in feedgas demand as maintenance work appeared to be winding down. The facility nominated 2.1 Bcf/d Thursday morning, lifting total Lower-48 feedgas demand to 19.4 Bcf/d, Aegis said.LNG production declined last week as lower output at the Corpus Christi export terminal more than offset gains at several other facilities, UBS strategists said Wednesday. Weekly production at Corpus Christi fell to 2,720 MMcf/d from 3,355 MMcf/d a week earlier and 3,147 MMcf/d a month earlier. UBS said.Total LNG production for the week averaged 15,740 million cubic feet per day during the week, down from 16,142 MMcf/d a week earlier but slightly above the 15,693 MMcf/d recorded a month earlier, UBS analysts said.

Commodities

US Power Update: Power Markets Mostly Higher as Natural Gas Leads Generation Mix

US wholesale electricity markets were mostly higher Thursday afternoon, with natural gas leading the generation mix across six of the eight markets, according to data from GridStatus.io.Electric Reliability Council of Texas' real-time locational marginal price stood at $23.20 per megawatt-hour at 4 p.m. ET. Net load was 51.61 gigawatts, with natural gas making up the largest share of the generation mix at 41.8%.California Independent System Operator's real-time LMP came to $108.83/MWh at 4 p.m. ET. Net load stood at 22.8 GW, with natural gas representing the largest share of the generation mix at 46.5%. Prices climbed to an intraday high of $123.89/MWh at 3:55 p.m. ET.Southwest Power Pool's real-time LMP was $39.30/MWh at 4 p.m. ET. Net load reached 47.43 GW, while natural gas held the largest portion of the generation mix at 47.7%. Prices reached an intraday high of $238.03/MWh at 10:20 a.m. ET.PJM Interconnection's real-time LMP stood at $43.86/MWh at 4 p.m. ET. Net load came to 118.43 GW, with natural gas providing the largest share of the generation mix at 46%. Prices rose to an intraday high of $258.55/MWh at 4:40 p.m. ET.Midcontinent ISO's real-time LMP was $35.63/MWh at 4 p.m. ET. Net load reached 84.2 GW, with natural gas accounting for the largest portion of the generation mix at 33.5%. Prices hit an intraday high of $133.19/MWh at 7:15 a.m. ET.New York ISO's real-time LMP came to $42.10/MWh at 4 p.m. ET. Net load stood at 20.07 GW, with dual-fuel sources accounting for the largest share of the generation mix at 28.9%.ISO New England's real-time LMP was $68.08/MWh at 4 p.m. ET. Net load totaled 15.55 GW, with natural gas supplying the largest share of the generation mix at 56.8%.Independent Electricity System Operator's real-time LMP stood at $49.61/MWh at 4 p.m. ET. Net load was 19.04 GW at 3:55 p.m. ET, with nuclear accounting for the largest share of the generation mix at 38.2%. Prices rose to an intraday high of $121.44/MWh at 8:50 a.m. ET.The National Weather Service's Climate Prediction Center forecasts above-normal temperatures across much of the central and eastern US from Sep. 4 to Sep. 10, with below-normal to near-normal readings across much of the West.

Commodities

Thailand LNG Demand Forecast Raised as Stronger Power Use Tightens Gas Balance, Kpler Says

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