Energy Market Report
Mar 3, 2026
Recent Developments in Today’s Market
Bullish – Bearish statement provided by AEP Energy Trading
Monday, March 2 – Energy markets began the week slightly higher, influenced in part by ongoing uncertainty in the Middle East. Natural gas added about 10 cents today, and power markets moved in the same direction, ending the session up roughly 50 cents for April on peak.
Friday, February 27 – A mixed weather forecast offered limited direction for power markets today. Front-end power moved slightly higher, while cash prices stayed soft and most term pricing saw little change.
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, 91.6% indicates that the current price is lower than 8.4% 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, 90.3% indicates that the current price is lower than 9.7% 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, 73.4% indicates that the current price is lower than 26.6% 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, 81.9% indicates that the current price is lower than 18.1% 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 2028, 97.5% indicates that the current price is lower than 2.5% 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, 97.6% indicates that the current price is lower than 2.4% 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 2,018 Bcf as of Friday, February 20, 2026, according to EIA estimates. This represents a net decrease of 52 Bcf from the previous week. Stocks were 141 Bcf higher than last year at this time and 7 Bcf below the five-year average of 2,025 Bcf. At 2,018 Bcf, total working gas is within the five-year historical range.
Significant Facts
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