Monthly average natural gas spot prices in California reached record lows in the first five months of 2026, dropping to values last recorded in the nationwide low-price market of 2024. Record lows were recorded in Northern California's PG&E Citygate and Southern California's SoCal Border Average; SoCal Citygate prices fell to near-record lows but remained higher than some 2024 prices. Several factors contribute to California's low prices, including above-average inventories and decreasing in-state demand for natural gas-fired electricity.
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We forecast natural gas consumption by the U.S. electric power sector this summer will remain near recent highs and set a record next summer in our May Short-Term Energy Outlook (STEO). Despite a 2% increase in overall U.S. electricity demand this summer, we expect natural gas-fired electricity generation to be similar to last summer, primarily because of forecast increased generation from renewables. In the May STEO, we forecast natural gas consumed by the U.S. electric power sector will average 43.7 billion cubic feet per day (Bcf/d) during the summer (June–September), the same as in the summer of 2025, and 4% above the five-year summer average (2021–2025). We forecast natural gas consumption for power generation will increase 6% (2.4 Bcf/d) during the summer of 2027 to 46.1 Bcf/d, surpassing the previous record set in 2024 by 3%.
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05-28-2026
Total energy exports from the United States reached a record 31 quadrillion British thermal units (quads) in 2025, 2% more than the previous record set in 2024. U.S. energy imports were 21 quads, down 5% from 2024. Taken together, net trade—total imports less total exports—reached 11 quads of net exports in 2025, a record and 20% more net exports than the previous record set in 2024.
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05-27-2026
Developers plan to bring approximately 44.9 billion cubic feet per day (Bcf/d) of new pipeline capacity online in the United States in 2026 and 2027, according to our latest Natural Gas Pipeline Projects Tracker. Approximately 70% (31.6 Bcf/d) of this new capacity is already under construction. More than 66% (29.7 Bcf/d) of the capacity additions originate in Texas. Louisiana is second with 19% (8.4 Bcf/d) of total capacity additions.
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05-26-2026
Against the backdrop of a nationwide increase in gasoline prices, regional dynamics including local supply and demand conditions, state fuel specifications, and state taxes influence the different prices drivers see at the pump.
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05-22-2026
