Morning Report: Gas * Power * NGL * Crude * Products * Vols — Apr-10-2025

Apr 10, 2025

  

 

 

 

 

 

 

 

 

 

Prices as of 7:11 AM CST

 

 

 

 

 

 

 

Current Price

Previous Settle

% Change

Change

Volume

 

 

Natural Gas

$3.658

$3.816

-4.14%

-$0.158

16,964

 

 

WTI

$60.44

$62.35

-3.06%

-$1.91

89,759

 

 

Brent

$63.59

$65.48

-2.89%

-$1.89

23,190

 

 

ULSD

$2.061

$2.114

-2.47%

-$0.052

4,826

 

 

RBOB

$1.986

$2.038

-2.58%

-$0.052

6,520

 

 

 

 

Spreads

 

 

 

 

 

 

 

Current

Previous

% Change

Change

Contract

 

 

WTI-Brent

$3.71

$3.66

1.37%

$0.05

Jun-25

 

 

3:2:1 Crack

$23.75

$23.98

-0.99%

-$0.24

May-25

 

 

PJM West Spark

$43.55

$41.68

4.48%

$1.87

May-25

 

 

 

 

Baker Hughes Rig Count

 

 

 

 

 

 

 

Date

Count

Change

1 Year Chg.

1 Year Date

 

 

U.S.

04/04/25

590

-2

-30

04/05/24

 

 

Canada

04/04/25

153

-10

17

04/05/24

 

 

International

Mar

899

-6

-72

Mar

 

 

 

 

CFTC Net Positions

 

 

 

 

 

 

As of 4/1/2025

Open Interest

Total Net Long

Total Net Short

Diff

 

 

PJM West On Peak

97,623

96,890

97,136

-246

 

 

PJM West Off Peak

88,249

88,086

87,550

536

 

 

Natural Gas Henry Hub

355,936

340,861

344,019

-3,158

 

 

WTI – Light Sweet Crude Futures

298,358

244,306

231,635

12,671

 

 

Brent Crude Last Day

188,350

182,606

181,698

908

 

 

NYM Ethanol

31,200

30,200

30,761

-561

 

 

Mt Belvieu LDH Propane Swap

168,942

168,310

168,617

-307

 

 

RBOB

424,377

404,988

408,990

-4,002

 

 

HSC Basis

962,194

954,472

954,844

-372

 

 

 

 

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

4/9/25

4/8/25

% Change

Change

3/12/25

% Change

4/10/24

% Change

 

 

PJM West On Peak

May-25

$51.40

$49.85

3.12%

$1.55

$54.20

-5.17%

$48.14

6.77%

 

 

ERCOT North On Peak

May-25

$47.22

$43.35

8.91%

$3.86

$51.58

-8.46%

$41.29

14.37%

 

 

CAISO SP 15 On Peak

May-25

$5.70

$5.10

11.89%

$0.61

$9.03

-36.81%

$16.67

-65.79%

 

 

MISO Indiana On Peak

May-25

$44.53

$43.17

3.14%

$1.36

$50.28

-11.45%

$47.84

-6.93%

 

 

NEISO Mass On Peak

May-25

$44.11

$43.94

0.39%

$0.17

$51.71

-14.70%

$41.80

5.53%

 

 

WECC Mid C On Peak

May-25

$19.75

$17.65

11.92%

$2.10

$30.31

-34.83%

$38.25

-48.36%

 

 

NYISO Zone G On Peak

May-25

$47.06

$45.41

3.63%

$1.65

$52.17

-9.80%

$43.94

7.11%

 

 

 

 

 

Natural Gas & Basis

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

4/9/25

4/8/25

% Change

Change

3/12/25

% Change

4/10/24

% Change

 

 

NYMEX Henry Hub

May-25

$3.816

$3.465

10.13%

$0.35

$4.14

-7.78%

$3.08

23.78%

 

 

Houston Ship Channel

May-25

-$0.374

-$0.418

-10.60%

$0.04

-$0.58

-35.74%

-$0.34

11.32%

 

 

Chicago

May-25

-$0.351

-$0.428

22.00%

$0.08

-$0.50

-29.90%

-$0.19

83.53%

 

 

Waha

May-25

-$2.721

-$2.459

-10.65%

-$0.26

-$3.50

-22.18%

-$1.18

130.42%

 

 

Algonquin

May-25

-$0.473

-$0.551

14.10%

$0.08

-$0.44

6.91%

-$0.13

265.00%

 

 

Aeco

May-25

-$1.988

-$1.860

6.89%

-$0.13

-$2.98

-33.40%

-$0.91

118.08%

 

 

Socal

May-25

-$1.403

-$1.479

-5.13%

$0.08

-$1.10

28.10%

-$0.33

326.38%

 

 

 

 

 

Natural Gas Liquids

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

4/9/25

4/8/25

% Change

Change

3/12/25

% Change

4/10/24

% Change

 

 

Mt. Belvieu Propane LST

May-25

$0.630

$0.633

-0.33%

$0.00

$0.79

-19.94%

$0.72

-12.78%

 

 

Mt. Belvieu Propane non LST

May-25

$0.636

$0.640

-0.74%

$0.00

$0.79

-19.84%

$0.72

-11.70%

 

 

Mt. Belview Ethane

May-25

$0.252

$0.260

-2.91%

-$0.01

$0.30

-15.88%

$0.25

2.90%

 

 

Mt. Belview Nat. Gasoline

May-25

$1.280

$1.240

3.29%

$0.04

$1.41

-9.19%

$1.52

-15.59%

 

 

Mt. Belvieu Butane LST

May-25

$0.825

$0.803

2.79%

$0.02

$0.90

-8.43%

$0.85

-2.75%

 

 

Far East Propane

May-25

$4.314

$4.621

-6.65%

-$0.31

$5.70

-24.25%

$5.46

-20.97%

 

 

Saudi Propane

May-25

$5.500

$5.720

-3.85%

-$0.22

$5.69

-3.34%

$5.27

4.36%

 

 

 

 

Crude Oil

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

4/9/25

4/8/25

% Change

Change

3/12/25

% Change

4/10/24

% Change

 

 

WTI

Jun-25

$61.97

$59.10

4.63%

$2.87

$66.97

-7.47%

$76.27

-18.75%

 

 

Brent

Jun-25

$65.48

$64.21

1.94%

$1.27

$70.45

-7.05%

$81.26

-19.42%

 

 

WCS

Jun-25

-$10.97

-$10.34

5.74%

-$0.63

-$10.65

2.99%

-$12.81

-14.34%

 

 

LLS

Jun-25

$62.92

$60.28

4.19%

$2.64

$69.18

-9.05%

$78.62

-19.97%

 

 

Mars

Jun-25

$61.77

$58.40

5.46%

$3.37

$67.16

-8.02%

$75.36

-18.03%

 

 

Sour

Jun-25

$61.77

$57.96

6.17%

$3.81

$67.03

-7.85%

$76.43

-19.17%

 

 

ESPO

Jun-25

$63.48

$62.21

2.00%

$1.27

$68.45

-7.26%

$79.26

-19.91%

 

 

 

 

Refined Products

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

4/9/25

4/8/25

% Change

Change

3/12/25

% Change

4/10/24

% Change

 

 

NY Heating Oil

May-25

$1.93

$2.09

-7.84%

-$0.16

$2.18

-11.56%

$2.58

-25.37%

 

 

NY Gasoline

May-25

$1.98

$1.97

0.71%

$0.01

$2.14

-7.34%

$2.46

-19.36%

 

 

GC Gasoline

May-25

$1.88

$1.87

0.75%

$0.01

$2.04

-7.70%

$2.36

-20.18%

 

 

GC Jet

May-25

$1.94

$1.93

0.62%

$0.01

$2.05

-5.18%

$2.43

-20.02%

 

 

Chicago Ethanol

May-25

$1.78

$1.79

-0.45%

-$0.01

$1.76

1.54%

$1.67

6.57%

 

 

Rotterdam Gasoil

May-25

$600.31

$591.97

1.41%

$8.35

$639.73

-6.16%

$724.31

-17.12%

 

 

Singapore Jet Kero

May-25

$74.53

$80.12

-6.97%

-$5.59

$83.65

-10.90%

$101.38

-26.49%

 

 

 

 

Implied Volatilities

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

4/9/25

4/8/25

% Change

Change

3/12/25

% Change

4/10/24

% Change

 

 

Henry Hub Straddle

May-25

61.90%

64.95%

-4.70%

-3.05%

60.47%

2.36%

37.33%

65.82%

 

 

Algonquin Straddle

May-25

74.42%

64.87%

14.72%

9.55%

66.07%

12.64%

37.51%

98.40%

 

 

Waha Straddle

May-25

1806.53%

1871.31%

-3.46%

-64.78%

325.71%

454.64%

46.26%

3805.17%

 

 

Chicago Straddle

May-25

72.78%

67.79%

7.36%

4.99%

65.07%

11.85%

38.96%

86.81%

 

 

PJM West Straddle

May-25

49.46%

47.69%

3.71%

1.77%

42.03%

17.68%

37.04%

33.53%

 

 

SP – 15 Straddle

May-25

268.93%

320.48%

-16.09%

-51.55%

507.91%

-47.05%

132.63%

102.77%

 

 

Mid. C Straddle

May-25

38.80%

43.76%

-11.33%

-4.96%

40.12%

-3.29%

97.82%

-60.34%

 

 

 

 

Euro Gas and Power/LNG

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

4/9/25

4/8/25

% Change

Change

3/12/25

% Change

4/10/24

% Change

 

 

Dutch TTF

May-25

EUR 33.47

EUR 35.55

-5.84%

-EUR 2.08

EUR 41.71

-19.75%

EUR 31.94

4.80%

 

 

NBP

May-25

GBP 82.58

GBP 87.47

-5.59%

-GBP 4.89

GBP 101.19

-18.39%

GBP 81.07

1.87%

 

 

German Base

May-25

EUR 61.01

EUR 61.90

-1.44%

-EUR 0.89

EUR 67.48

-9.59%

EUR 69.43

-12.14%

 

 

UK Base

May-25

GBP 71.17

GBP 71.64

-0.65%

-GBP 0.47

GBP 79.70

-10.70%

GBP 69.89

1.83%

 

 

French Base

May-25

EUR 30.61

EUR 31.52

-2.89%

-EUR 0.91

EUR 43.41

-29.48%

EUR 53.81

-43.11%

 

 

Italian Base

May-25

EUR 94.36

EUR 98.68

-4.38%

-EUR 4.32

EUR 109.74

-14.01%

EUR 85.89

9.86%

 

 

JKM LNG

May-25

$11.80

$12.41

-4.92%

-$0.61

$13.20

-10.58%

$11.02

7.11%

 

 

 

 

Freight Forwards (WET & DRY)

 

OTCGH/EOXLive Market Data

 

 

 

Contract

4/9/25

4/8/25

% Change

Change

3/12/25

% Change

4/10/24

% Change

 

 

TD3C FFA Middle East to China (WET)

May-25

$33.47

$35.55

-5.84%

-$2.08

$41.71

-19.75%

$31.94

4.80%

 

 

USGC-UK Continent Dirty (WET)

May-25

$82.58

$87.47

-5.59%

-$4.89

$101.19

-18.39%

$81.07

1.87%

 

 

TD20 West Africa to UK Continent (WET)

May-25

$61.01

$61.90

-1.44%

-$0.89

$67.48

-9.59%

$69.43

-12.14%

 

 

LPG FFA Middle East Gulf to East (WET)

May-25

$71.17

$71.64

-0.65%

-$0.47

$79.70

-10.70%

$69.89

1.83%

 

 

TC5 FFA Arabian Gulf to Japan (WET)

May-25

$30.61

$31.52

-2.89%

-$0.91

$43.41

-29.48%

$53.81

-43.11%

 

 

Supramax Timecharter (DRY)

May-25

$94.36

$98.68

-4.38%

-$4.32

$109.74

-14.01%

$85.89

9.86%

 

 

Capesize Timecharter (DRY)

May-25

$11.80

$12.41

-4.92%

-$0.61

$13.20

-10.58%

$11.02

7.11%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

 

 

 

 

 

 

 

 

 

 

 

 

Cooling Degree Days

 

 

 

 

 

 

04/05/2025

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

-4

0

NA

NA

 

 

South Atlantic

39

26

23

125

3

19

2.00%

19.00%

 

 

E S Central

25

20

17

32

-2

22

NA

NA

 

 

W S Central

38

23

16

132

41

42

NA

NA

 

 

Mountain

0

-5

0

11

-7

11

NA

NA

 

 

Pacific

0

-2

0

0

-9

0

NA

NA

 

 

United States

13

9

7

41

3

10

NA

NA

 

 

 

 

Heating Degree Days

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

04/05/2025

Week Tot

Dev Norm

Dev L YR

Cum Tot

CumD Norm

CumD L YR

CumD Norm

CumD L YR

 

 

New England

151

-17

-7

5,479

-321

462

-6.00%

9.00%

 

 

Middle Atlantic

104

-44

-39

4,803

-460

334

-9.00%

7.00%

 

 

E N Central

128

-24

-18

5,289

-517

436

-9.00%

9.00%

 

 

W N Central

159

12

20

5,586

-538

432

-9.00%

8.00%

 

 

South Atlantic

17

-42

-30

2,433

-215

124

-8.00%

5.00%

 

 

E S Central

22

-50

-28

2,976

-379

61

-11.00%

2.00%

 

 

W S Central

16

-21

-11

1,865

-336

-117

-15.00%

-6.00%

 

 

Mountain

153

33

29

4,218

-335

-29

-7.00%

-1.00%

 

 

Pacific

110

27

6

2,655

-75

64

-3.00%

2.00%

 

 

United States

87

-17

-13

3,719

-335

192

-8.00%

5.00%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

Weather Forecast & Seasonal Outlook

 

 

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