Energy Market Report
Nov 11, 2025Recent Developments in Today’s Market
Bullish – Bearish statement provided by AEP Energy Trading
Monday November 10 – Updated midday weather models showing warmer conditions prompted markets to reverse some of yesterday’s gains. Power prices declined slightly, along with natural gas, during a light trading session ahead of the weekend.
Friday November 7 – Warmer midday weather model updates led markets to retrace some of yesterday’s gains. Power prices eased slightly, along with natural gas, during a light trading session ahead of the weekend.
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, 99.1% indicates that the current price is lower than 0.9% 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, 98.4% indicates that the current price is lower than 1.6% 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, 91.6% indicates that the current price is lower than 8.4% 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, 93.8% indicates that the current price is lower than 6.2% of historical pricing dating back to July 2017.Â
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, 99.7% indicates that the current price is lower than 0.3% of historical pricing dating back to July 2017.Â
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, 99.9% indicates that the current price is lower than 0.1% of historical pricing dating back to July 2017.
Weather
Source: AEP Energy Supply Meteorologist
Natural Gas Storage
Source: U.S. Energy Information Administration (EIA)
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EIA Natural Gas Storage
Working gas in storage was 3,915 Bcf as of Friday, October 31, 2025, according to EIA estimates. This represents a net increase of 33 Bcf from the previous week. Stocks were 6 Bcf less than last year at this time and 162 Bcf above the five-year average of 3,753 Bcf. At 3,915 Bcf, total working gas is within the five-year historical range.
Significant Facts
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