Morning Report: Gas * Power * NGL * Crude * Products * Vols — Apr-25-2024

Apr 25, 2024

  

 

 

 

 

 

 

 

 

 

Prices as of 8:58 AM CST

 

 

 

 

 

 

 

Current Price

Previous Settle

% Change

Change

Volume

 

 

Natural Gas

$1.625

$1.653

-1.69%

-$0.028

13,731

 

 

WTI

$82.82

$82.81

0.01%

$0.01

131,293

 

 

Brent

$88.06

$88.02

0.05%

$0.04

9,462

 

 

ULSD

$2.544

$2.550

-0.24%

-$0.006

2,697

 

 

RBOB

$2.733

$2.734

-0.04%

-$0.001

3,596

 

 

 

 

Spreads

 

 

 

 

 

 

 

Current

Previous

% Change

Change

Contract

 

 

WTI-Brent

$5.20

$5.21

-0.19%

-$0.01

Jun-24

 

 

3:2:1 Crack

$28.76

$28.87

-0.38%

-$0.11

Jun-24

 

 

PJM West Spark

$30.11

$33.67

-10.58%

-$3.56

May-24

 

 

 

 

Baker Hughes Rig Count

 

 

 

 

 

 

 

Date

Count

Change

1 Year Chg.

1 Year Date

 

 

U.S.

04/19/24

619

2

-134

04/22/23

 

 

Canada

04/19/24

127

-14

22

04/22/23

 

 

International

Mar

971

13

41

Mar

 

 

 

 

CFTC Net Positions

 

 

 

 

 

 

As of 4/16/2024

Open Interest

Total Net Long

Total Net Short

Diff

 

 

PJM West On Peak

94,240

93,781

93,764

17

 

 

PJM West Off Peak

83,584

83,221

83,384

-163

 

 

Natural Gas Henry Hub

369,157

348,415

355,810

-7,395

 

 

WTI – Light Sweet Crude Futures

164,559

143,655

132,970

10,685

 

 

Brent Crude Last Day

127,783

118,907

121,315

-2,408

 

 

NYM Ethanol

38,386

37,634

38,032

-398

 

 

Mt Belvieu LDH Propane Swap

152,077

150,972

151,665

-693

 

 

RBOB

417,165

388,136

401,786

-13,650

 

 

HSC Basis

809,693

800,443

800,742

-299

 

 

 

 

EIA Short Term Energy Outlook

 

 

 

 

 

 

 

2021

2022

2023projected

2024projected

 

 

Brent

$70.89

$100.94

$84.09

$94.91

 

 

Gasoline

$3.02

$3.97

$3.62

$3.69

 

 

Crude Oil Production

11.27

11.91

12.92

13.12

 

 

Natural Gas Spot

$3.91

$6.42

$2.61

$3.23

 

 

LNG Exports

9.76

10.59

11.62

13.15

 

 

 

 

 

 

 

 

 

 

Electrical Generation %

2021

2022

2023projected

2024projected

 

 

Natural gas

37.00%

39.00%

42.00%

41.00%

 

 

Coal

23.00%

20.00%

16.00%

15.00%

 

 

Renewables

20.00%

22.00%

22.00%

25.00%

 

 

Nuclear

20.00%

19.00%

19.00%

20.00%

 

 

 

 

 

 

 

 

 

 

 

Short Term Energy Outlook

 

Natural Gas Storage

 

 

  

 

 

 

 

 

 

 

 

 

 

 

 

EIA Lower 48 Natural Gas Storage

 

 

 

 

04/12/19

 

 

 

4/12/24

4/5/24

Net Change

% Change

4/14/23

% Change

5 Year Avg.

% Change

 

 

East

379

362

17

4.70%

363

4.41%

311

21.94%

 

 

Midwest

528

512

16

3.13%

450

17.33%

384

37.36%

 

 

Mountain

167

165

2

1.21%

84

98.81%

91

84.33%

 

 

Pacific

230

229

1

0.44%

83

177.11%

160

43.75%

 

 

South

1,029

1,014

15

1.48%

949

8.43%

784

31.22%

 

 

    Salt

300

299

1

0.33%

266

12.78%

242

23.86%

 

 

    Non_Salt

729

714

15

2.10%

684

6.58%

542

34.45%

 

 

Total

2,333

2,283

50

2.19%

1,930

20.88%

1,730

34.86%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Power Generation Additions/Retirements

 

 

  

 

Front Month Prices

 

 

 

 

 

 

 

 

 

 

 

 

 

Electricity

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

4/24/24

4/23/24

% Change

Change

3/26/24

% Change

4/25/23

% Change

 

 

PJM West On Peak

May-24

$33.59

$37.21

-9.73%

-$3.62

$35.33

-4.93%

$45.87

-26.76%

 

 

ERCOT North On Peak

May-24

$41.00

$40.75

0.63%

$0.26

$38.33

6.98%

$35.15

16.64%

 

 

CAISO SP 15 On Peak

May-24

$8.89

$9.00

-1.17%

-$0.11

$15.06

-40.94%

$29.80

-70.15%

 

 

MISO Indiana On Peak

May-24

$32.66

$36.88

-11.45%

-$4.22

$36.39

-10.24%

$50.34

-35.13%

 

 

NEISO Mass On Peak

May-24

$27.09

$28.82

-5.99%

-$1.73

$28.79

-5.89%

$38.16

-29.00%

 

 

WECC Mid C On Peak

May-24

$23.59

$25.50

-7.49%

-$1.91

$23.23

1.55%

$50.44

-53.23%

 

 

NYISO Zone G On Peak

May-24

$26.10

$29.26

-10.79%

-$3.16

$26.66

-2.08%

$42.42

-38.47%

 

 

 

 

 

Natural Gas & Basis

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

4/24/24

4/23/24

% Change

Change

3/26/24

% Change

4/25/23

% Change

 

 

NYMEX Henry Hub

May-24

$1.653

$1.812

-8.77%

-$0.16

$1.79

-7.55%

$3.22

-48.62%

 

 

Houston Ship Channel

May-24

-$0.200

-$0.177

12.63%

-$0.02

-$0.20

-0.20%

-$0.40

-50.04%

 

 

Chicago

May-24

-$0.197

-$0.172

-12.63%

-$0.02

-$0.15

31.55%

-$0.19

1.81%

 

 

Waha

May-24

-$1.954

-$2.186

-10.64%

$0.23

-$1.51

29.16%

-$1.57

24.24%

 

 

Algonquin

May-24

-$0.195

-$0.171

-13.94%

-$0.02

-$0.22

-13.16%

-$0.31

-36.37%

 

 

Aeco

May-24

-$0.759

-$0.602

26.10%

-$0.16

-$0.54

40.78%

-$1.15

-33.95%

 

 

Socal

May-24

-$0.359

-$0.377

-4.70%

$0.02

-$0.20

75.21%

-$0.22

60.84%

 

 

 

 

 

Natural Gas Liquids

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

4/24/24

4/23/24

% Change

Change

3/26/24

% Change

4/25/23

% Change

 

 

Mt. Belvieu Propane LST

May-24

$0.775

$0.776

-0.16%

$0.00

$0.84

-7.19%

$0.75

3.10%

 

 

Mt. Belvieu Propane non LST

May-24

$0.772

$0.775

-0.33%

$0.00

$0.84

-7.49%

$0.75

3.47%

 

 

Mt. Belview Ethane

May-24

$0.194

$0.200

-3.11%

-$0.01

$0.19

3.33%

$0.22

-13.50%

 

 

Mt. Belview Nat. Gasoline

May-24

$1.635

$1.633

0.15%

$0.00

$1.60

2.11%

$1.47

11.38%

 

 

Mt. Belvieu Butane LST

May-24

$0.868

$0.869

-0.15%

$0.00

$0.95

-9.04%

$0.84

3.66%

 

 

Far East Propane

May-24

$6.044

$5.970

1.24%

$0.07

$5.97

1.24%

$5.28

14.52%

 

 

Saudi Propane

May-24

$5.860

$5.830

0.51%

$0.03

$5.90

-0.68%

$5.11

14.77%

 

 

 

 

Crude Oil

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

4/24/24

4/23/24

% Change

Change

3/26/24

% Change

4/25/23

% Change

 

 

WTI

Jun-24

$82.81

$83.36

-0.66%

-$0.55

$81.04

2.18%

$71.76

15.40%

 

 

Brent

Jun-24

$88.02

$88.42

-0.45%

-$0.40

$85.63

2.79%

$76.19

15.53%

 

 

WCS

Jun-24

-$12.85

-$12.38

3.64%

-$0.47

-$11.61

10.69%

-$12.91

-0.43%

 

 

LLS

Jun-24

$84.95

$84.06

1.05%

$0.89

$83.15

2.16%

$73.96

14.85%

 

 

Mars

Jun-24

$82.60

$81.88

0.87%

$0.72

$80.85

2.16%

$69.68

18.53%

 

 

Sour

Jun-24

$83.35

$83.08

0.32%

$0.27

$81.60

2.14%

$70.42

18.36%

 

 

ESPO

Jun-24

$86.02

$86.42

-0.47%

-$0.40

$83.63

2.86%

$74.24

15.87%

 

 

 

 

Refined Products

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

4/24/24

4/23/24

% Change

Change

3/26/24

% Change

4/25/23

% Change

 

 

NY Heating Oil

May-24

$2.55

$2.58

-1.09%

-$0.03

$2.61

-2.34%

$2.41

5.63%

 

 

NY Gasoline

May-24

$2.73

$2.73

0.18%

$0.01

$2.70

1.04%

$2.33

17.51%

 

 

GC Gasoline

May-24

$2.63

$2.63

0.19%

$0.00

$2.60

1.08%

$2.22

18.29%

 

 

GC Jet

May-24

$2.50

$2.43

3.01%

$0.07

$2.52

-0.79%

$2.20

13.79%

 

 

Chicago Ethanol

May-24

$1.71

$1.72

-0.29%

$0.00

$1.65

3.64%

$1.67

2.33%

 

 

Rotterdam Gasoil

May-24

$741.07

$744.19

-0.42%

-$3.12

$760.27

-2.53%

$656.22

12.93%

 

 

Singapore Jet Kero

May-24

$100.14

$100.56

-0.42%

-$0.42

$101.75

-1.58%

$94.38

6.10%

 

 

 

 

Implied Volatilities

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

4/24/24

4/23/24

% Change

Change

3/26/24

% Change

4/25/23

% Change

 

 

Henry Hub Straddle

Jun-24

58.87%

61.70%

-4.59%

-2.83%

51.57%

14.16%

49.29%

19.44%

 

 

Algonquin Straddle

Jun-24

74.50%

77.41%

-3.76%

-2.91%

48.83%

52.57%

51.61%

44.35%

 

 

Waha Straddle

Jun-24

269.29%

284.88%

-5.47%

-15.59%

97.16%

177.16%

60.26%

346.88%

 

 

Chicago Straddle

Jun-24

69.93%

68.78%

1.67%

1.15%

54.44%

28.45%

50.38%

38.81%

 

 

PJM West Straddle

Jun-24

51.47%

56.23%

-8.47%

-4.76%

46.38%

10.97%

46.58%

10.50%

 

 

SP – 15 Straddle

Jun-24

81.01%

82.40%

-1.69%

-1.39%

27.72%

192.24%

44.90%

80.42%

 

 

Mid. C Straddle

Jun-24

234.65%

125.13%

87.52%

109.52%

165.28%

41.97%

78.32%

199.60%

 

 

 

 

Euro Gas and Power/LNG

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

4/24/24

4/23/24

% Change

Change

3/26/24

% Change

4/25/23

% Change

 

 

Dutch TTF

Jun-24

EUR 29.16

EUR 28.64

1.84%

EUR 0.53

EUR 27.72

5.21%

EUR 52.18

-44.11%

 

 

NBP

Jun-24

GBP 72.46

GBP 70.75

2.41%

GBP 1.71

GBP 68.37

5.98%

GBP 130.80

-44.60%

 

 

German Base

Jun-24

EUR 67.41

EUR 66.61

1.20%

EUR 0.80

EUR 59.17

13.93%

EUR 121.08

-44.32%

 

 

UK Base

Jun-24

GBP 63.15

GBP 61.00

3.51%

GBP 2.14

GBP 62.00

1.84%

GBP 121.34

-47.96%

 

 

French Base

Jun-24

EUR 38.08

EUR 37.90

0.49%

EUR 0.19

EUR 49.61

-23.23%

EUR 116.00

-67.17%

 

 

Italian Base

Jun-24

EUR 86.79

EUR 85.26

1.79%

EUR 1.52

EUR 85.79

1.17%

EUR 133.47

-34.98%

 

 

JKM LNG

Jun-24

$9.91

$10.06

-1.44%

-$0.14

$9.46

4.80%

$14.12

-29.81%

 

 

 

 

Freight Forwards (WET & DRY)

 

OTCGH/EOXLive Market Data

 

 

 

Contract

4/24/24

4/23/24

% Change

Change

3/26/24

% Change

4/25/23

% Change

 

 

TD3C FFA Middle East to China (WET)

Jun-24

$29.16

$28.64

1.84%

$0.53

$27.72

5.21%

$52.18

-44.11%

 

 

USGC-UK Continent Dirty (WET)

Jun-24

$72.46

$70.75

2.41%

$1.71

$68.37

5.98%

$130.80

-44.60%

 

 

TD20 West Africa to UK Continent (WET)

Jun-24

$67.41

$66.61

1.20%

$0.80

$59.17

13.93%

$121.08

-44.32%

 

 

LPG FFA Middle East Gulf to East (WET)

Jun-24

$63.15

$61.00

3.51%

$2.14

$62.00

1.84%

$121.34

-47.96%

 

 

TC5 FFA Arabian Gulf to Japan (WET)

Jun-24

$38.08

$37.90

0.49%

$0.19

$49.61

-23.23%

$116.00

-67.17%

 

 

Supramax Timecharter (DRY)

Jun-24

$86.79

$85.26

1.79%

$1.52

$85.79

1.17%

$133.47

-34.98%

 

 

Capesize Timecharter (DRY)

Jun-24

$9.91

$10.06

-1.44%

-$0.14

$9.46

4.80%

$14.12

-29.81%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

 

 

 

 

 

 

 

 

 

 

 

 

Cooling Degree Days

 

 

 

 

 

 

04/20/2024

Week Tot

Dev Norm

Dev L YR

Cum Tot

CumD Norm

CumD L YR

CumD Norm

CumD L YR

 

 

New England

 

 

 

 

 

 

 

 

 

 

Middle Atlantic

 

 

 

 

 

 

 

 

 

 

E N Central

 

 

 

 

W N Central

 

 

 

 

 

 

 

 

 

 

South Atlantic

 

 

 

 

E S Central

 

 

 

 

 

 

 

 

 

 

W S Central

 

 

 

 

Mountain

 

 

 

 

 

 

 

 

 

 

Pacific

 

 

 

 

United States

 

 

 

 

 

 

 

 

 

 

 

 

Heating Degree Days

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

04/20/2024

Week Tot

Dev Norm

Dev L YR

Cum Tot

CumD Norm

CumD L YR

CumD Norm

CumD L YR

 

 

New England

 

 

 

 

 

 

 

 

 

 

Middle Atlantic

 

 

 

 

 

 

 

 

 

 

E N Central

 

 

 

 

W N Central

 

 

 

 

 

 

 

 

 

 

South Atlantic

 

 

 

 

E S Central

 

 

 

 

 

 

 

 

 

 

W S Central

 

 

 

 

Mountain

 

 

 

 

 

 

 

 

 

 

Pacific

 

 

 

 

United States

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

Weather Forecast & Seasonal Outlook

 

 

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