PJM Update

October 21, 2025 

The PJM/MISO deal flow has continued to keep the pricing desk busy booking Incremental Blocks, Price Locks, FP and Index deals as the market holds higher levels reached over the last two to three weeks.      

PJM Cal 2026 West Hub On Peak is trading around  $64.45 through October 20. For Cal 27 and Cal 28, they are around $66.20. 

There is still tropical activity being tracked but the weather forecast will soon shift focus to winter temperature driven demand. Forecasts are for a La Niña weather pattern this winter, which is expected to bring at least increased short term heating demand in the Northern Tier.  

Natural gas for November is trading around $3.26, up 8% from Friday’s close.  January through February natural gas is trading just above the $4.00 mark.