The Natural Gas Price Inflection
6 filers across 3 sectors are flagging higher cost pressure. First surfaced in 2025Q2; tracked through 2026Q1. Primarily a cost story (69%), with a demand overlay (20%). Recent filings describe "increases of 81.6% and 71.5% in natural gas prices in the second quarter and year-to-date 2025." Still spreading across industries.
Global natural gas prices have risen above their 10-year historical range due to robust worldwide demand, flowing through to utilities' cost recovery and rate structures.
DISTINCT NEW FILERS PER QUARTER
✦ WHAT THE DIFF CAUGHT
XOM frames the dynamic as a supply-demand market phenomenon; SO translates it into realized regulatory/cost-pass-through outcomes.
REPRESENTATIVE SIGNAL FROM FILINGS
“increases of 81.6% and 71.5% in natural gas prices in the second quarter and year-to-date 2025”
Natural gas prices rose substantially, with increases of 81.6% in Q2 2025 and 71.5% year-to-date.
“$168 million increase in the cost of natural gas due to higher commodity prices, higher volumes and lower secondary marketing”
Natural gas costs increased by $168 million due to higher commodity prices, increased volumes, and reduced secondary marketing revenue.
DRIVERS