Strong deal activity between PJM and MISO has kept the PJM pricing team busy securing price locks and structured products as market volatility persisted over the past two weeks.

PJM Cal 2026 West Hub On Peak is trading around  $64.55/MWh Tuesday morning, December 16.  Cal 27 is around $68.00 /MWh, and Cal 28 is around $67.70 /MWh. The West Hub market is in more of a contango structure as we close out 2025.

After an early December surge driven by Polar Vortex-induced cold, forecasters are now calling the shift a case of “weather whiplash.” Warmer conditions are expected this week across the Northern Plains and East Coast, with areas that recently saw subzero temperatures rebounding into the 40s. Snowpack will begin to melt as temperatures stay above seasonal averages through the end of the week.

Natural gas for January is trading around $3.85/mmbtu, down 3.8% from Monday’s settle.  February natural gas is trading around $3.63 /mmbtu.