Morning Report: Gas * Power * NGL * Crude * Products * Vols — Apr-04-2025

Apr 4, 2025

  

 

 

 

 

 

 

 

 

 

Prices as of 7:45 AM CST

 

 

 

 

 

 

 

Current Price

Previous Settle

% Change

Change

Volume

 

 

Natural Gas

$4.030

$4.138

-2.61%

-$0.108

39,837

 

 

WTI

$62.19

$66.95

-7.11%

-$4.76

212,937

 

 

Brent

$65.61

$70.14

-6.46%

-$4.53

52,904

 

 

ULSD

$2.079

$2.189

-5.01%

-$0.110

12,925

 

 

RBOB

$2.056

$2.164

-5.01%

-$0.108

13,416

 

 

 

 

Spreads

 

 

 

 

 

 

 

Current

Previous

% Change

Change

Contract

 

 

WTI-Brent

$3.65

$3.67

-0.54%

-$0.02

Jun-25

 

 

3:2:1 Crack

$24.27

$24.14

0.55%

$0.13

May-25

 

 

PJM West Spark

$47.33

$47.39

-0.13%

-$0.06

May-25

 

 

 

 

Baker Hughes Rig Count

 

 

 

 

 

 

 

Date

Count

Change

1 Year Chg.

1 Year Date

 

 

U.S.

03/28/25

592

-1

-29

03/28/24

 

 

Canada

03/28/25

163

-17

12

03/28/24

 

 

International

Mar

899

-6

-72

Mar

 

 

 

 

CFTC Net Positions

 

 

 

 

 

 

As of 3/25/2025

Open Interest

Total Net Long

Total Net Short

Diff

 

 

PJM West On Peak

95,388

94,629

94,901

-272

 

 

PJM West Off Peak

86,170

85,986

85,461

525

 

 

Natural Gas Henry Hub

366,294

350,659

353,995

-3,336

 

 

WTI – Light Sweet Crude Futures

313,965

262,159

249,372

12,787

 

 

Brent Crude Last Day

187,058

181,281

178,240

3,041

 

 

NYM Ethanol

36,433

35,291

35,905

-614

 

 

Mt Belvieu LDH Propane Swap

162,490

161,859

162,172

-313

 

 

RBOB

446,753

426,896

427,227

-331

 

 

HSC Basis

942,749

935,122

933,801

1,321

 

 

 

 

EIA Short Term Energy Outlook

 

 

 

 

 

 

 

2023

2024

2025 Projected

2026 Projected

 

 

Brent

$82.00

$81.00

$74.00

$66.00

 

 

Gasoline

$3.50

$3.30

$3.20

$3.00

 

 

Crude Oil Production

$12.90

$13.20

$13.50

$13.60

 

 

Natural Gas Spot

$2.50

$2.20

$3.10

$4.00

 

 

LNG Exports

12.00

12.00

14.00

16.00

 

 

 

 

 

 

 

 

 

 

Electrical Generation %

2023

2024

2025 Projected

2026 Projected

 

 

Natural gas

42.00%

43.00%

41.00%

40.00%

 

 

Coal

17.00%

16.00%

15.00%

15.00%

 

 

Renewables

22.00%

23.00%

25.00%

27.00%

 

 

Nuclear

19.00%

19.00%

19.00%

19.00%

 

 

 

 

 

 

 

 

 

 

 

Short Term Energy Outlook

 

Natural Gas Storage

 

 

  

 

 

 

 

 

 

 

 

 

 

 

 

EIA Lower 48 Natural Gas Storage

 

 

 

 

04/03/20

 

 

 

3/28/25

3/21/25

Net Change

% Change

3/29/24

% Change

5 Year Avg.

% Change

 

 

East

284

298

-14

-4.70%

363

-21.76%

325

-12.67%

 

 

Midwest

364

367

-3

-0.82%

510

-28.63%

420

-13.33%

 

 

Mountain

165

163

2

1.23%

162

1.85%

108

52.78%

 

 

Pacific

202

192

10

5.21%

227

-11.01%

173

16.63%

 

 

South

758

725

33

4.55%

996

-23.90%

829

-8.59%

 

 

    Salt

218

202

16

7.92%

294

-25.85%

246

-11.38%

 

 

    Non_Salt

540

523

17

3.25%

701

-22.97%

583

-7.38%

 

 

Total

1,773

1,744

29

1.66%

2,259

-21.51%

1,856

-4.46%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Power Generation Additions/Retirements

 

 

  

 

Front Month Prices

 

 

 

 

 

 

 

 

 

 

 

 

 

Electricity

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

4/3/25

4/2/25

% Change

Change

3/6/25

% Change

4/4/24

% Change

 

 

PJM West On Peak

May-25

$55.96

$56.25

-0.51%

-$0.29

$58.13

-3.74%

$47.67

17.39%

 

 

ERCOT North On Peak

May-25

$50.58

$53.58

-5.61%

-$3.00

$53.11

-4.76%

$41.17

22.85%

 

 

CAISO SP 15 On Peak

May-25

$5.89

$4.95

18.95%

$0.94

$10.03

-41.32%

$19.62

-70.00%

 

 

MISO Indiana On Peak

May-25

$47.43

$48.41

-2.03%

-$0.98

$53.59

-11.49%

$47.62

-0.40%

 

 

NEISO Mass On Peak

May-25

$47.95

$46.17

3.86%

$1.78

$51.89

-7.59%

$42.25

13.49%

 

 

WECC Mid C On Peak

May-25

$22.94

$25.77

-10.97%

-$2.83

$31.04

-26.09%

$41.75

-45.05%

 

 

NYISO Zone G On Peak

May-25

$50.04

$47.84

4.61%

$2.21

$52.37

-4.45%

$44.09

13.50%

 

 

 

 

 

Natural Gas & Basis

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

4/3/25

4/2/25

% Change

Change

3/6/25

% Change

4/4/24

% Change

 

 

NYMEX Henry Hub

May-25

$4.138

$4.055

2.05%

$0.08

$4.36

-5.05%

$3.02

36.93%

 

 

Houston Ship Channel

May-25

-$0.533

-$0.554

-3.72%

$0.02

-$0.56

-5.24%

-$0.28

87.55%

 

 

Chicago

May-25

-$0.507

-$0.518

2.25%

$0.01

-$0.40

27.88%

-$0.18

181.87%

 

 

Waha

May-25

-$4.156

-$4.170

-0.33%

$0.01

-$3.44

20.76%

-$1.06

292.04%

 

 

Algonquin

May-25

-$0.670

-$0.620

-8.15%

-$0.05

-$0.30

122.77%

-$0.13

403.23%

 

 

Aeco

May-25

-$2.393

-$2.350

1.81%

-$0.04

-$2.99

-19.99%

-$0.89

167.99%

 

 

Socal

May-25

-$1.830

-$1.784

2.56%

-$0.05

-$1.08

70.02%

-$0.35

417.42%

 

 

 

 

 

Natural Gas Liquids

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

4/3/25

4/2/25

% Change

Change

3/6/25

% Change

4/4/24

% Change

 

 

Mt. Belvieu Propane LST

May-25

$0.809

$0.844

-4.07%

-$0.03

$0.78

4.25%

$0.74

9.64%

 

 

Mt. Belvieu Propane non LST

May-25

$0.810

$0.845

-4.14%

-$0.04

$0.78

3.76%

$0.74

9.19%

 

 

Mt. Belview Ethane

May-25

$0.305

$0.300

1.66%

$0.00

$0.29

4.29%

$0.24

27.08%

 

 

Mt. Belview Nat. Gasoline

May-25

$1.428

$1.491

-4.27%

-$0.06

$1.38

3.52%

$1.54

-7.22%

 

 

Mt. Belvieu Butane LST

May-25

$0.892

$0.938

-4.90%

-$0.05

$0.87

2.21%

$0.86

3.24%

 

 

Far East Propane

May-25

$5.699

$5.968

-4.52%

-$0.27

$5.62

1.40%

$5.50

3.52%

 

 

Saudi Propane

May-25

$5.960

$6.060

-1.65%

-$0.10

$5.63

5.77%

$5.20

14.72%

 

 

 

 

Crude Oil

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

4/3/25

4/2/25

% Change

Change

3/6/25

% Change

4/4/24

% Change

 

 

WTI

May-25

$66.95

$71.71

-7.11%

-$4.76

$66.00

1.44%

$76.97

-13.02%

 

 

Brent

May-25

$70.50

$75.36

-6.90%

-$4.86

$69.46

1.50%

$81.96

-13.98%

 

 

WCS

May-25

-$10.06

-$8.33

17.20%

-$1.73

-$13.01

-22.62%

-$13.10

-23.17%

 

 

LLS

May-25

$68.75

$73.88

-7.46%

-$5.13

$68.36

0.56%

$77.36

-11.13%

 

 

Mars

May-25

$66.66

$71.67

-7.51%

-$5.01

$66.53

0.20%

$73.50

-9.31%

 

 

Sour

May-25

$69.12

$71.20

-3.01%

-$2.08

$66.07

4.62%

$75.19

-8.08%

 

 

ESPO

May-25

$68.50

$73.36

-7.10%

-$4.86

$67.46

1.54%

$79.96

-14.33%

 

 

 

 

Refined Products

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

4/3/25

4/2/25

% Change

Change

3/6/25

% Change

4/4/24

% Change

 

 

NY Heating Oil

May-25

$2.19

$2.26

-3.27%

-$0.07

$2.17

0.69%

$2.61

-16.01%

 

 

NY Gasoline

May-25

$2.16

$2.28

-5.21%

-$0.12

$2.11

2.51%

$2.45

-11.86%

 

 

GC Gasoline

May-25

$2.06

$2.18

-5.45%

-$0.12

$2.01

2.64%

$2.35

-12.36%

 

 

GC Jet

May-25

$2.10

$2.20

-4.28%

-$0.09

$2.03

3.85%

$2.47

-14.96%

 

 

Chicago Ethanol

May-25

$1.80

$1.82

-0.93%

-$0.02

$1.73

4.21%

$1.64

10.06%

 

 

Rotterdam Gasoil

May-25

$661.91

$688.00

-3.79%

-$26.09

$625.04

5.90%

$721.55

-8.27%

 

 

Singapore Jet Kero

May-25

$83.08

$87.53

-5.09%

-$4.45

$82.68

0.47%

$100.42

-17.27%

 

 

 

 

Implied Volatilities

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

4/3/25

4/2/25

% Change

Change

3/6/25

% Change

4/4/24

% Change

 

 

Henry Hub Straddle

May-25

49.85%

50.13%

-0.56%

-0.28%

59.81%

-16.65%

38.26%

30.29%

 

 

Algonquin Straddle

May-25

51.94%

53.90%

-3.64%

-1.96%

63.38%

-18.05%

38.40%

35.26%

 

 

Waha Straddle

May-25

1638.06%

1514.66%

8.15%

123.40%

178.90%

815.63%

46.64%

3412.14%

 

 

Chicago Straddle

May-25

52.64%

53.31%

-1.26%

-0.67%

63.07%

-16.54%

38.56%

36.51%

 

 

PJM West Straddle

May-25

45.75%

44.27%

3.34%

1.48%

37.77%

21.13%

34.17%

33.89%

 

 

SP – 15 Straddle

May-25

166.34%

8.17%

1935.99%

158.17%

474.24%

-64.92%

107.08%

55.34%

 

 

Mid. C Straddle

May-25

19.21%

26.99%

-28.83%

-7.78%

40.94%

-53.08%

76.95%

-75.04%

 

 

 

 

Euro Gas and Power/LNG

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

4/3/25

4/2/25

% Change

Change

3/6/25

% Change

4/4/24

% Change

 

 

Dutch TTF

May-25

EUR 39.56

EUR 41.02

-3.57%

-EUR 1.47

EUR 37.78

4.71%

EUR 29.69

33.22%

 

 

NBP

May-25

GBP 96.32

GBP 98.78

-2.49%

-GBP 2.46

GBP 90.85

6.01%

GBP 74.78

28.79%

 

 

German Base

May-25

EUR 65.41

EUR 68.41

-4.38%

-EUR 3.00

EUR 64.85

0.86%

EUR 64.60

1.25%

 

 

UK Base

May-25

GBP 76.03

GBP 79.67

-4.56%

-GBP 3.63

GBP 70.06

8.53%

GBP 66.30

14.67%

 

 

French Base

May-25

EUR 36.51

EUR 40.09

-8.92%

-EUR 3.58

EUR 41.62

-12.27%

EUR 51.47

-29.06%

 

 

Italian Base

May-25

EUR 105.96

EUR 111.08

-4.61%

-EUR 5.12

EUR 101.66

4.24%

EUR 82.96

27.73%

 

 

JKM LNG

May-25

$12.75

$12.95

-1.59%

-$0.21

$12.57

1.44%

$10.21

24.82%

 

 

 

 

Freight Forwards (WET & DRY)

 

OTCGH/EOXLive Market Data

 

 

 

Contract

4/3/25

4/2/25

% Change

Change

3/6/25

% Change

4/4/24

% Change

 

 

TD3C FFA Middle East to China (WET)

May-25

$39.56

$41.02

-3.57%

-$1.47

$37.78

4.71%

$29.69

33.22%

 

 

USGC-UK Continent Dirty (WET)

May-25

$96.32

$98.78

-2.49%

-$2.46

$90.85

6.01%

$74.78

28.79%

 

 

TD20 West Africa to UK Continent (WET)

May-25

$65.41

$68.41

-4.38%

-$3.00

$64.85

0.86%

$64.60

1.25%

 

 

LPG FFA Middle East Gulf to East (WET)

May-25

$76.03

$79.67

-4.56%

-$3.63

$70.06

8.53%

$66.30

14.67%

 

 

TC5 FFA Arabian Gulf to Japan (WET)

May-25

$36.51

$40.09

-8.92%

-$3.58

$41.62

-12.27%

$51.47

-29.06%

 

 

Supramax Timecharter (DRY)

May-25

$105.96

$111.08

-4.61%

-$5.12

$101.66

4.24%

$82.96

27.73%

 

 

Capesize Timecharter (DRY)

May-25

$12.75

$12.95

-1.59%

-$0.21

$12.57

1.44%

$10.21

24.82%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

 

 

 

 

 

 

 

 

 

 

 

 

Cooling Degree Days

 

 

 

 

 

 

03/29/2025

Week Tot

Dev Norm

Dev L YR

Cum Tot

CumD Norm

CumD L YR

CumD Norm

CumD L YR

 

 

New England

0

0

0

0

0

0

NA

NA

 

 

Middle Atlantic

0

0

0

0

0

0

NA

NA

 

 

E N Central

0

0

0

0

-1

0

NA

NA

 

 

W N Central

0

-1

0

0

-3

0

NA

NA

 

 

South Atlantic

12

0

-1

85

-24

-5

-22.00%

-6.00%

 

 

E S Central

2

-3

2

7

-22

5

NA

NA

 

 

W S Central

31

18

25

94

18

25

NA

NA

 

 

Mountain

8

4

8

11

-2

11

NA

NA

 

 

Pacific

0

-1

0

0

-7

0

NA

NA

 

 

United States

6

1

3

28

-6

3

NA

NA

 

 

 

 

Heating Degree Days

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

03/29/2025

Week Tot

Dev Norm

Dev L YR

Cum Tot

CumD Norm

CumD L YR

CumD Norm

CumD L YR

 

 

New England

186

2

-3

5,328

-304

448

-5.00%

9.00%

 

 

Middle Atlantic

150

-14

-20

4,698

-417

352

-8.00%

8.00%

 

 

E N Central

151

-18

-22

5,161

-493

432

-9.00%

9.00%

 

 

W N Central

123

-44

-81

5,427

-550

390

-9.00%

8.00%

 

 

South Atlantic

55

-14

-20

2,416

-172

145

-7.00%

6.00%

 

 

E S Central

53

-31

-30

2,955

-328

78

-10.00%

3.00%

 

 

W S Central

15

-31

-41

1,849

-315

-112

-15.00%

-6.00%

 

 

Mountain

77

-53

-81

4,065

-368

-76

-8.00%

-2.00%

 

 

Pacific

63

-25

-52

2,546

-102

41

-4.00%

2.00%

 

 

United States

93

-22

-36

3,632

-318

189

-8.00%

6.00%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gas * Power * NGL * Crude * Products * Vol * Freight * Spreads – Charts

 

 

 

 

 

Weather Forecast & Seasonal Outlook

 

 

To opt out of this email please follow this
link.

Campbell Faulkner | OTC Global Holdings

Quality Data – Reliable Service – Affordable Price

5151 San Felipe Suite 2200
Houston, TX 77056
faulkner.c@otcgh.com
eoxlive.com/market-data

 

This email, any information contained herein and any files transmitted with it (collectively, the Material) are the sole property of OTC Global Holdings LP and its affiliates (OTCGH); are confidential, may be legally privileged and are intended solely for
the use of the individual or entity to whom they are addressed. Unauthorized disclosure, copying or distribution of the Material, is strictly prohibited and the recipient shall not redistribute the Material in any form to a third party. Please notify the sender
immediately by email if you have received this email by mistake, delete this email from your system and destroy any hard copies. OTCGH waives no privilege or confidentiality due to any mistaken transmission of this email.