July 22, 2025
Monday July 21 – So here’s what happened: The heat backed off a bit heading into the weekend. Not a lot, but enough to get traders’ attention. Midday model runs started hinting at below-average temperatures for early August. That cooler outlook? It pushed power and gas prices lower to kick off the week. Add in some soft liquidations, and you’ve got a curve that’s dropping. Power prices fell across the board, with expectations of a mild start to August doing most of the heavy lifting.
Friday July 18 – Looking ahead, the next heat wave is still on track—Thursday through Saturday, July 24th to 26th. Forecasted peak load? A little lighter than what we saw back in June. Most of the market’s attention stayed glued to the front of the curve, leaving the back end pretty much untouched. Natural gas? Flat. Power prices? Mixed, and volume was low. But the real story is still the potential heat event looming July 29th through August 1st. That’s where the market’s eyes are.
