Market Summary

To help keep our clients ahead of the curve when it comes to their energy initiatives, CES publishes a weekly market newsletter which discusses key energy events, provides market analysis, and delivers a practical summary of current market conditions.

 
 
 

MARCH 10 - 14, 2025

Brent closed at $70.58 per barrel last week, up 0.3% week-over-week. WTI rose 0.2% week-over-week to $67.18 per barrel. Late last week, the EIA gave notice that global oil supply could outweigh demand by 600,000 barrels per day this year. The NYMEX prompt month fell by $0.30 week-over-week to $4.10/MMBtu, a 6.7% decrease. The rolling 12-month strip dropped $0.15 week-over-week to $4.68/MMBtu, a 3.2% fall. Warmer weather across the United States has decreased demand for natural gas in the residential and commercial sectors. The United States is approaching the end of the withdrawal season.  The NEPOOL 12-month electricity strip was down 2.73% week-over-week to $70.91/MWh. The 2026, 2027 and 2028 calendar year strips all decreased in price week-over-week.             

 
 

MARCH 3 - 7, 2025

Brent closed at $70.36 per barrel last week, down 5.0% week-over-week. WTI fell 3.9% week-over-week to $67.04 per barrel. President Trump announced on Friday that he is considering adding sanctions on Russia until a peace deal is reached with Ukraine. The NYMEX prompt month rose by $0.57 week-over-week to $4.40/MMBtu, a 14.7% increase. The rolling 12-month strip jumped $0.51 week-over-week to $4.83/MMBtu, an 11.8% rise. Warmer weather across the United States has decreased demand for natural gas, but last week’s cold snap led to a spike in New England prices. The NEPOOL 12-month electricity strip was up 2.52% week-over-week to $72.90/MWh. The 2026 calendar year electricity strip increased while the 2027 and 2028 strips decreased in price week-over-week.             

 
 
 

FEBRUARY 24 - 28, 2025

Brent closed at $74.04 per barrel last week, down 0.5% week-over-week. WTI fell 0.9% week-over-week to $69.76 per barrel. On Wednesday, Trump announced he would revoke Chevron’s 2022 license to operate in Venezuela’s oil sector. The NYMEX prompt month fell by $0.40 week-over-week to $3.83/MMBtu, a 9.4% decrease. The rolling 12-month strip dropped $0.17 week-over-week to $4.32/MMBtu, a 3.8% fall. High heating demand from below-average temperatures across the United States put upward pressure on natural gas prices. The NEPOOL 12-month electricity strip was down 4.96% week-over-week to $71.11/MWh. The 2026 calendar year electricity strip decreased while the 2027 and 2028 strips increased in price week-over-week.          

 
 

FEBRUARY 17 - 21, 2025

Brent closed at $76.87 per barrel last week, down 2.1% week-over-week. WTI fell 2.9% week-over-week to $72.53 per barrel. Prices fell last week as the Gaza ceasefire created more stable conditions in the Middle East, and U.S. crude oil stockpiles rose. The NYMEX prompt month rose by $0.51 week-over-week to $4.23/MMBtu, a 13.7% increase. The rolling 12-month strip jumped $0.33 week-over-week to $4.49/MMBtu, an 8.0% rise. High heating demand stemming from below-average weather across the United States put upward pressure on natural gas prices. The NEPOOL 12-month electricity strip was up 3.06% week-over-week to $74.82/MWh. The 2026 calendar year strip increased while the 2027 and 2028 strips decreased in price week-over-week.             

 
 
 

FEBRUARY 10 - 14, 2025

Brent closed at $74.74 per barrel last week, up 0.1% week-over-week. WTI fell 0.4% week-over-week to $70.74 per barrel. Prices fell last week as Trump continues to push Ukrainian President Zelensky and Russian President Putin to come to a ceasefire agreement. The NYMEX prompt month rose by $0.42 week-over-week to $3.73/MMBtu, a 12.6% increase. The rolling 12-month strip jumped $0.29 week-over-week to $4.16/MMBtu, a 7.6% rise. Natural gas consumption across the United States rose week-over-week as colder weather put upward pressure on demand from the residential and commercial sector. The NEPOOL 12-month electricity strip was up 4.27% week-over-week to $72.60/MWh. The 2026 calendar year strip increased while the 2027 and 2028 strips decreased in price week-over-week.        

 
 

FEBRUARY 3 - 7, 2025

Brent closed at $74.66 per barrel last week, down 2.9% week-over-week. WTI fell 2.1% week-over-week to $71.00 per barrel. Early last week, Trump imposed a 10% tariff on Chinese imports and put a 30-day pause on his 25% tariffs on Mexico and Canada with a 10% tariff on Canadian exports. The NYMEX prompt month rose by $0.27 week-over-week to $3.31/MMBtu, an 8.7% increase. The rolling 12-month strip jumped $0.18 week-over-week to $3.87/MMBtu, a 4.9% rise. Heating demand dropped across the U.S. as America recorded its highest weekly production average. The NEPOOL 12-month electricity strip was up 7.06% week-over-week to $69.62/MWh. The 2026, 2027, and 2028 calendar year strips all increased in price week-over-week.              

 
 
 

JANUARY 27 - 31, 2025

Brent closed at $76.87 per barrel last week, down 2.1% week-over-week. WTI fell 2.9% week-over-week to $72.53 per barrel. Starting February 4th, Trump announced a 25% tariff on Canada and Mexico, with a 10% tariff on energy from Canada and a 10% tariff on goods from China. The NYMEX prompt month fell by $0.98 week-over-week to $3.04/MMBtu as the prompt month moved to March, a 24.4% decrease. The rolling 12-month strip declined $0.30 week-over-week to $3.69/MMBtu, a 7.6% fall. Heating demand dropped across the U.S. following last week’s cold snap, but New England spot prices remain elevated. The NEPOOL 12-month electricity strip was down 3.58% week-over-week to $65.03/MWh. The 2026, 2027, and 2028 calendar year strips all declined in price week-over-week.       

 
 

JANUARY 20 - 24, 2025

Brent closed at $78.50 per barrel last week, down 2.8% week-over-week. WTI fell 4.1% week-over-week to $74.66 per barrel. Trump announced an energy emergency on Monday, January 20th, to increase U.S. production of oil and gas. The NYMEX prompt rose by $0.08 week-over-week to $4.03/MMBtu, a 2.0% increase. The rolling 12-month strip jumped $0.04 week-over-week to $3.99/MMBtu, a 1.1% rise. Last week’s cold snap caused increased heating demand from the residential and commercial sector, and New England faced pipeline constraints. The NEPOOL 12-month electricity strip was down 0.59% week-over-week to $67.45/MWh. The 2026, 2027, and 2028 calendar year strips all increased week-over-week.            

 
 
 

JANUARY 13 - 17, 2025

Brent closed at $80.79 per barrel last week, up 1.3% week-over-week. WTI rose 1.7% week-over-week to $77.88 per barrel. Sanctions on Russian oil continue to cause oi supply constraints in Europe, India, and China. The NEPOOL 12-month electricity strip was up 4.84% week-over-week to $67.85/MWh following an increase in NYMEX and basis gas prices. The 2026 and 2027 calendar year strips increased, while the 2028 strip decreased week-over-week. The NYMEX prompt month fell by $0.05 week-over-week to $3.95/MMBtu, a 1.0 decrease. The rolling 12-month strip jumped $0.12 week-over-week to $3.95/MMBtu, a 3.0% rise. Freezing weather across the United States will see increased demand for natural gas coming from heating demand in the residential and commercial sector.      

 
 

JANUARY 6 - 10, 2025

Brent closed at $79.76 per barrel last week, up 4.2% week-over-week. WTI rose 3.5% week-over-week to $76.57 per barrel. Prices increased to their highest in three months on Friday in response to a broad U.S. sanctions package on Russian oil. The NYMEX prompt month rose by $0.64 week-over-week to $3.99/MMBtu, an 18.9% increase. The rolling 12-month strip jumped $0.33 week-over-week to $3.83/MMBtu, a 9.3% rise. Cold weather hitting the United States will see increased demand from the residential and commercial sector. The NEPOOL 12-month electricity strip was down 0.40% week-over-week to $64.72/MWh. The 2026 calendar year strips increased, while the 2027 and 2028 strips decreased week-over-week.            

 
 
 

DECEMBER 30, 2024 - JANUARY 3, 2025

Brent closed at $76.51 per barrel last week, up 3.2% week-over-week. WTI rose 4.8% week-over-week to $73.96 per barrel. Colder weather in Europe and the U.S. combined with further economic stimulus in China pushed prices toward a two-month high. The NYMEX prompt month fell by $0.16 week-over-week to $3.35/MMBtu, a 4.6% decrease. The rolling 12-month strip increased $0.07 week-over-week to $3.51/MMBtu, a 2.1% rise. Cold weather hitting the United States will see increased demand from the residential and commercial sector. The NEPOOL 12-month electricity strip was up 3.54% week-over-week to $64.98/MWh following an upward trend in NYMEX and basis gas prices. The 2026 calendar year strips increased, while the 2027 and 2028 strips decreased week-over-week.        

 
 

DECEMBER 16 - 20, 2024

Brent closed at $72.94 per barrel last week, down 2.1% week-over-week. WTI fell 2.6% week-over-week to $69.46 per barrel. The U.S. dollar reached a two-year high, and the Federal Reserve signaled that they will be slowing interest rate cuts in 2025. The NYMEX prompt month rose by $0.47 week-over-week to $3.75/MMBtu, a 14.3% increase. The rolling 12-month strip increased $0.17 week-over-week to $3.41/MMBtu, a 2.3% rise. Cold weather hitting the Northeast United States will see increased demand from the residential and commercial sector. The NEPOOL 12-month electricity strip was up 1.24% week-over-week to $61.48/MWh following an upward trend in NYMEX and basis gas prices. The 2026, 2027, and 2028 calendar year strips all decreased week-over-week.          

 
 
 

DECEMBER 9 - 13, 2024

Brent closed at $74.49 per barrel last week, up 4.7% week-over-week. WTI rose 6.1% week-over-week to $71.29 per barrel. European Union ambassadors agreed to implement another sanction package on Russia this week, and the United States is debating similar policies. The NYMEX prompt month rose by $0.20 week-over-week to $3.28/MMBtu, a 6.6% increase. The rolling 12-month strip increased $0.07 week-over-week to $3.24/MMBtu, a 2.3% rise. Warmer temperatures in the U.S. decreased demand from the residential and commercial sectors. The NEPOOL 12-month electricity strip was up 4.18% week-over-week to $60.73/MWh following an increase in NYMEX and basis gas prices. The 2026, 2027, and 2028 calendar year strips all increased week-over-week.       

 
 

DECEMBER 2 - 4, 2024

Brent closed at $71.12 per barrel last week, down 2.3% week-over-week. WTI fell 1.2% week-over-week to $67.20 per barrel. Analysts predict a continuing supply surplus in the new year despite the decision by OPEC+ to extend oil production cuts through April. The NYMEX prompt month fell by $0.29 week-over-week to $3.08/MMBtu, an 8.5% decrease. The rolling 12-month strip decreased $0.16 week-over-week to $3.17/MMBtu, a 4.8% drop. Cold weather across the United States increased the rate of withdrawals, but the United States entered the withdrawal season with the highest inventory levels since 2016. The NEPOOL 12-month electricity strip was down 0.85% week-over-week to $58.30/MWh following a decrease in NYMEX and basis gas prices. The 2026, 2027, and 2028 calendar year strips all increased week-over-week.        

 
 
 

NOVEMBER 18 - 22, 2024

Brent closed at $75.17 per barrel last week, up 5.8% week-over-week. WTI rose 6.3% week-over-week to $71.24 per barrel. Conflict between Russia and Ukraine escalated Thursday as the two countries exchanged missile strikes. The NYMEX prompt month rose by $0.31 week-over-week to $3.13/MMBtu, a 10.8% increase. The rolling 12-month strip increased $0.17 week-over-week to $3.18/MMBtu, a 5.4% rise. Natural gas storage injections turned to withdrawals as colder temperatures spurred increased demand from the residential and commercial sector. The NEPOOL 12-month electricity strip was up 6.96% week-over-week to $58.15/MWh following a rise in gas prices due to colder temperatures. The 2025, 2026, 2027, and 2028 calendar year strips increased week-over-week.     

 
 

NOVEMBER 11 - 15, 2024

Brent closed at $71.04 per barrel last week, down 3.8% week-over-week. WTI fell 4.8% week-over-week to $67.02 per barrel. The U.S. dollar reached its highest level this year, and OPEC cut global oil demand forecasts. The NYMEX prompt month rose by $0.15 week-over-week to $2.82/MMBtu, a 5.8% increase. The rolling 12-month strip increased $0.11 week over week to $3.01/MMBtu, a 3.9% rise. As temperatures decline across the United States, natural gas demand from the residential and commercial sector has increased. The NEPOOL 12-month electricity strip was up 3.65% week-over-week to $54.37/MWh following a rise in basis gas prices. The 2025, 2026, and 2027 calendar year strips increased week-over-week.      

 
 
 

NOVEMBER 4 - 8, 2024

Brent closed at $73.87 per barrel last week, up 1.8% week-over-week. WTI rose 1.3% week-over-week to $70.38 per barrel. Crude prices rose last week as investors considered how Trump’s administration might tighten oil sanctions, and supply from the Gulf of Mexico decreased as drillers prepared for Hurricane Rafael. The NYMEX prompt month rose by $0.01 week-over-week to $2.67/MMBtu, a 0.2% increase. The rolling 12-month strip experienced no change week over week, remaining at $2.90/MMBtu. During Donald Trump’s second presidential term, analysts expect reduced regulations, lower permitting hurdles, and higher associated natural gas production. The NEPOOL 12-month electricity strip was down by 1.98% week-over-week to $52.46/MWh following a drop in basis gas prices. The 2025, 2026, and 2027 calendar year strips decreased week-over-week.     

 

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