California's natural gas spot prices reached historic lows in the first five months of 2026, with significant drops in Northern California's PG&E Citygate and Southern California's SoCal Border Average. Contributing factors include above-average inventories, decreased in-state demand for natural gas-fired electricity, and increased generation from renewables. As of May 2026, Pacific storage levels were 30.9% above the five-year average, further driving down prices.
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