Energy Market Report
Dec 23, 2025
Recent Developments in Today’s Market
Bullish – Bearish statement provided by AEP Energy Trading
Monday December 22 – Weekend weather models added a bit of demand, but overall, they continue to show a generally warm pattern through the 11-15-day period. Temperatures in Texas remain unseasonably warm for much of the next two weeks, and as a result, power prices are moving lower today.
Friday December 19 – Natural gas moved higher today, closing back above four dollars. Power prices were mostly steady heading into the weekend. With temperatures expected to reach the upper-70s across much of Texas over the next two weeks, power prices declined again, even as the January natural gas contract ended the day more than 7 cents higher.
MISO/PJM Hourly Day-Ahead LMP
Source: LMP data courtesy of MISO and PJM; used with permission
*Graphs are for illustrative purposes only; LMPs priced in Central Prevailing Time (CPT)
MISO/PJM Monthly Historical Around-the-Clock (ATC) LMP
Source: LMP data courtesy of MISO and PJM; used with permission
AD Hub Electricity vs. Henry Hub Natural Prices
Source: AEP Energy internal estimates
*Graph is for illustrative purposes only; AD Hub priced in Eastern Standard Time (EST)
Historic Trend Analysis by Commodity
AEP – DAYTON (AD) Hub Around-the-Clock (ATC)
Source: AEP Energy internal estimates
*Graph is for illustrative purposes only. AD Hub priced in Eastern Standard Time (EST)
AD Hub ATC Forward Price Trend Analysis
*Percentile rank from historicals represents the relation of current price and how it compares to historical pricing. For Calendar 2027, 95.0% indicates that the current price is lower than 5.0% of historical pricing dating back to July 2017.
AEP – DAYTON (AD) Hub On-Peak
Source: AEP Energy internal estimates
AD Hub On-Peak Forward Price Trend Analysis
*Percentile rank from historicals represents the relation of current price and how it compares to historical pricing. For Calendar 2027, 94.9% indicates that the current price is lower than 5.1% of historical pricing dating back to July 2017.
Northern Illinois (NI) Hub Around-the-Clock (ATC)
Source: AEP Energy internal estimates
*Graph is for illustrative purposes only. NI Hub priced in Eastern Standard Time (EST)
NI Hub ATC Forward Price Trend Analysis
*Percentile rank from historicals represents the relation of current price and how it compares to historical pricing. For Calendar 2027, 85.7% indicates that the current price is lower than 14.3% of historical pricing dating back to July 2017.
Northern Illinois (NI) Hub On-Peak
Source: AEP Energy internal estimates
*Graph is for illustrative purposes only. NI Hub priced in Eastern Standard Time (EST)
NI Hub On-Peak Forward Price Trend Analysis
*Percentile rank from historicals represents the relation of current price and how it compares to historical pricing. For Calendar 2027, 99.9% indicates that the current price is lower than 0.1% of historical pricing dating back to July 2017.
Western (West) Hub Around-the-Clock (ATC)
Source: AEP Energy internal estimates
*Graph is for illustrative purposes only. West Hub priced in Eastern Standard Time (EST)
West Hub ATC Forward Price Trend Analysis
*Percentile rank from historicals represents the relation of current price and how it compares to historical pricing. For Calendar 2027, 97.8% indicates that the current price is lower than 2.2% of historical pricing dating back to July 2017.
Western (West) Hub On-Peak
Source: AEP Energy internal estimates
*Graph is for illustrative purposes only. West Hub priced in Eastern Standard Time (EST)
West Hub On-Peak Forward Price Trend Analysis
*Percentile rank from historicals represents the relation of current price and how it compares to historical pricing. For Calendar 2027, 98.1% indicates that the current price is lower than 1.9% of historical pricing dating back to July 2017.
Weather
Source: AEP Energy Supply Meteorologist
Natural Gas Storage
Source: U.S. Energy Information Administration (EIA)
EIA Natural Gas Storage
Working gas in storage was 3,579 Bcf as of Friday, December 12, 2025, according to EIA estimates. This represents a net decrease of 167 Bcf from the previous week. Stocks were 61 Bcf less than last year at this time and 32 Bcf above the five-year average of 3,547 Bcf. At 3,579 Bcf, total working gas is within the five-year historical range.
Significant Facts
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