Energy Market Report
Jul 21, 2026
Recent Developments in Today’s Market
Bullish – Bearish statement provided by AEP Energy Trading
Monday July 20 – A cooler weather forecast weighed on PJM cash prices, with term markets also moving lower. In Texas, near-term power prices increased as above-normal temperatures moved into the region.
Friday July 17 – After declining for much of the week, power prices moved higher ahead of the weekend. Forecasts continue to indicate above-normal temperatures from July 20–31, providing support for balance-of-week, next-week, and prompt-month power markets.
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 2028, 98.5% indicates that the current price is lower than 1.5% 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 2028, 99.5% indicates that the current price is lower than 0.5% 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 2028, 73.2% indicates that the current price is lower than 26.8% 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 2028, 83.3% indicates that the current price is lower than 16.7% 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 2028, 99.5% indicates that the current price is lower than .5% 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 2028, 99.7% indicates that the current price is lower than 0.3% 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 3,024 Bcf as of Friday, July 10, 2026, according to EIA estimates. This represents a net increase of 41 Bcf from the previous week. Stocks were 21 Bcf less than last year at this time and 181 Bcf above the five-year average of 2,843 Bcf. At 3,024 Bcf, total working gas is within the five-year historical range.
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