Morning Report: Gas * Power * NGL * Crude * Products * Vols — Jan-15-2025

Jan 15, 2025

  

 

 

 

 

 

 

 

 

 

Prices as of 9:35 AM CST

 

 

 

 

 

 

 

Current Price

Previous Settle

% Change

Change

Volume

 

 

Natural Gas

$4.019

$3.968

1.29%

$0.051

64,619

 

 

WTI

$78.55

$77.50

1.35%

$1.05

92,386

 

 

Brent

$80.76

$79.92

1.05%

$0.84

26,719

 

 

ULSD

$2.570

$2.525

1.75%

$0.044

14,091

 

 

RBOB

$2.136

$2.105

1.50%

$0.032

15,215

 

 

 

 

Spreads

 

 

 

 

 

 

 

Current

Previous

% Change

Change

Contract

 

 

WTI-Brent

$3.24

$3.55

-8.73%

-$0.31

Mar-25

 

 

3:2:1 Crack

$18.70

$18.38

1.77%

$0.32

Feb-25

 

 

PJM West Spark

$44.05

$44.97

-2.03%

-$0.91

Feb-25

 

 

 

 

Baker Hughes Rig Count

 

 

 

 

 

 

 

Date

Count

Change

1 Year Chg.

1 Year Date

 

 

U.S.

01/10/25

584

-5

-35

01/13/24

 

 

Canada

01/10/25

216

122

3

01/13/24

 

 

International

Dec

909

-10

-46

Dec

 

 

 

 

CFTC Net Positions

 

 

 

 

 

 

As of 12/31/2024

Open Interest

Total Net Long

Total Net Short

Diff

 

 

PJM West On Peak

93,613

93,232

93,165

67

 

 

PJM West Off Peak

86,326

86,240

85,376

864

 

 

Natural Gas Henry Hub

328,269

315,458

315,858

-400

 

 

WTI – Light Sweet Crude Futures

167,767

144,842

138,100

6,742

 

 

Brent Crude Last Day

146,415

140,002

139,580

422

 

 

NYM Ethanol

35,915

34,905

35,470

-565

 

 

Mt Belvieu LDH Propane Swap

143,497

142,714

143,191

-477

 

 

RBOB

373,671

352,464

354,093

-1,629

 

 

HSC Basis

886,519

876,796

874,644

2,152

 

 

 

 

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

 

 

 

 

01/03/20

 

 

 

1/3/25

12/27/24

Net Change

% Change

1/5/24

% Change

5 Year Avg.

% Change

 

 

East

737

745

-8

-1.07%

757

-2.64%

734

0.44%

 

 

Midwest

881

914

-33

-3.61%

924

-4.65%

869

1.36%

 

 

Mountain

255

262

-7

-2.67%

220

15.91%

177

43.91%

 

 

Pacific

293

295

-2

-0.68%

275

6.55%

232

26.18%

 

 

South

1,207

1,197

10

0.84%

1,160

4.05%

1,108

8.97%

 

 

    Salt

364

349

15

4.30%

332

9.64%

321

13.25%

 

 

    Non_Salt

844

848

-4

-0.47%

828

1.93%

786

7.32%

 

 

Total

3,373

3,413

-40

-1.17%

3,336

1.11%

3,120

8.12%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Power Generation Additions/Retirements

 

 

  

 

Front Month Prices

 

 

 

 

 

 

 

 

 

 

 

 

 

Electricity

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

1/14/25

1/13/25

% Change

Change

12/13/24

% Change

1/16/24

% Change

 

 

PJM West On Peak

Feb-25

$52.69

$53.46

-1.43%

-$0.76

$53.51

-1.53%

$63.15

-16.56%

 

 

ERCOT North On Peak

Feb-25

$58.29

$58.38

-0.15%

-$0.09

$59.93

-2.74%

$90.01

-35.24%

 

 

CAISO SP 15 On Peak

Feb-25

$37.25

$37.92

-1.76%

-$0.67

$38.40

-3.01%

$71.02

-47.55%

 

 

MISO Indiana On Peak

Feb-25

$47.62

$47.14

1.03%

$0.48

$46.39

2.66%

$56.95

-16.39%

 

 

NEISO Mass On Peak

Feb-25

$107.02

$108.93

-1.75%

-$1.91

$101.86

5.07%

$120.76

-11.38%

 

 

WECC Mid C On Peak

Feb-25

$61.86

$62.11

-0.41%

-$0.25

$60.15

2.85%

$111.87

-44.70%

 

 

NYISO Zone G On Peak

Feb-25

$90.85

$95.04

-4.40%

-$4.19

$82.01

10.78%

$100.34

-9.46%

 

 

 

 

 

Natural Gas & Basis

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

1/14/25

1/13/25

% Change

Change

12/13/24

% Change

1/16/24

% Change

 

 

NYMEX Henry Hub

Feb-25

$3.968

$3.934

0.86%

$0.03

$3.11

27.63%

$3.85

3.15%

 

 

Houston Ship Channel

Feb-25

$0.062

$0.076

-18.76%

-$0.01

$0.05

23.25%

$0.19

-67.39%

 

 

Chicago

Feb-25

$0.890

$0.876

-1.65%

$0.01

$0.71

25.83%

$0.87

2.15%

 

 

Waha

Feb-25

-$0.671

-$0.573

-17.07%

-$0.10

-$0.24

178.55%

-$0.06

1039.73%

 

 

Algonquin

Feb-25

$8.320

$8.262

0.70%

$0.06

$7.72

7.79%

$7.96

4.55%

 

 

Aeco

Feb-25

-$2.415

-$2.407

0.34%

-$0.01

-$1.74

38.46%

-$1.18

104.13%

 

 

Socal

Feb-25

$0.506

$0.504

0.28%

$0.00

$0.76

-33.24%

$2.43

-79.20%

 

 

 

 

 

Natural Gas Liquids

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

1/14/25

1/13/25

% Change

Change

12/13/24

% Change

1/16/24

% Change

 

 

Mt. Belvieu Propane LST

Feb-25

$0.920

$0.898

2.36%

$0.02

$0.78

17.15%

$0.77

19.05%

 

 

Mt. Belvieu Propane non LST

Feb-25

$0.926

$0.901

2.76%

$0.02

$0.79

17.53%

$0.77

19.65%

 

 

Mt. Belview Ethane

Feb-25

$0.268

$0.270

-0.92%

$0.00

$0.22

22.96%

$0.27

-1.52%

 

 

Mt. Belview Nat. Gasoline

Feb-25

$1.575

$1.600

-1.53%

-$0.02

$1.50

4.95%

$1.39

13.47%

 

 

Mt. Belvieu Butane LST

Feb-25

$1.150

$1.124

2.31%

$0.03

$1.02

12.87%

$0.91

25.98%

 

 

Far East Propane

Feb-25

$6.289

$6.297

-0.12%

-$0.01

$6.05

3.95%

$5.73

9.79%

 

 

Saudi Propane

Feb-25

$6.360

$6.360

0.00%

$0.00

$6.15

3.41%

$5.38

18.28%

 

 

 

 

Crude Oil

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

1/14/25

1/13/25

% Change

Change

12/13/24

% Change

1/16/24

% Change

 

 

WTI

Mar-25

$76.37

$77.30

-1.22%

-$0.93

$70.39

8.50%

$69.67

9.62%

 

 

Brent

Mar-25

$79.92

$81.01

-1.36%

-$1.09

$74.09

7.87%

$74.60

7.13%

 

 

WCS

Mar-25

-$14.40

-$13.70

4.86%

-$0.70

-$14.20

1.42%

-$15.64

-7.93%

 

 

LLS

Mar-25

$77.82

$77.08

0.96%

$0.75

$71.64

8.64%

$72.10

7.93%

 

 

Mars

Mar-25

$75.62

$74.88

0.99%

$0.75

$68.69

10.10%

$68.59

10.25%

 

 

Sour

Mar-25

$77.20

$75.74

1.89%

$1.46

$69.42

11.21%

$70.07

10.18%

 

 

ESPO

Mar-25

$77.92

$79.01

-1.40%

-$1.09

$72.09

8.09%

$72.60

7.33%

 

 

 

 

Refined Products

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

1/14/25

1/13/25

% Change

Change

12/13/24

% Change

1/16/24

% Change

 

 

NY Heating Oil

Feb-25

$2.53

$2.53

-0.28%

-$0.01

$2.27

11.13%

$2.44

3.52%

 

 

NY Gasoline

Feb-25

$2.11

$2.10

0.10%

$0.00

$2.01

4.83%

$1.98

6.10%

 

 

GC Gasoline

Feb-25

$2.01

$2.00

0.10%

$0.00

$1.91

5.08%

$1.88

6.42%

 

 

GC Jet

Feb-25

$2.36

$2.37

-0.38%

-$0.01

$2.21

6.79%

$2.29

3.15%

 

 

Chicago Ethanol

Feb-25

$1.72

$1.73

-0.75%

-$0.01

$1.61

6.65%

$1.58

8.41%

 

 

Rotterdam Gasoil

Feb-25

$685.40

$690.39

-0.72%

-$5.00

$641.99

6.76%

$672.78

1.88%

 

 

Singapore Jet Kero

Feb-25

$94.40

$97.12

-2.79%

-$2.71

$89.04

6.03%

$91.61

3.04%

 

 

 

 

Implied Volatilities

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

1/14/25

1/13/25

% Change

Change

12/13/24

% Change

1/16/24

% Change

 

 

Henry Hub Straddle

Feb-25

92.10%

97.63%

-5.66%

-5.53%

64.96%

41.78%

41.76%

120.55%

 

 

Algonquin Straddle

Feb-25

116.21%

126.53%

-8.16%

-10.32%

79.06%

46.99%

48.05%

141.85%

 

 

Waha Straddle

Feb-25

71.67%

77.97%

-8.08%

-6.30%

78.04%

-8.16%

41.28%

73.62%

 

 

Chicago Straddle

Feb-25

79.74%

83.22%

-4.18%

-3.48%

63.53%

25.52%

39.85%

100.10%

 

 

PJM West Straddle

Feb-25

96.40%

95.91%

0.51%

0.49%

96.04%

0.37%

59.62%

61.69%

 

 

SP – 15 Straddle

Feb-25

281.87%

266.15%

5.91%

15.72%

278.22%

1.31%

30.57%

822.05%

 

 

Mid. C Straddle

Feb-25

105.84%

104.10%

1.67%

1.74%

74.37%

42.32%

36.90%

186.83%

 

 

 

 

Euro Gas and Power/LNG

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

1/14/25

1/13/25

% Change

Change

12/13/24

% Change

1/16/24

% Change

 

 

Dutch TTF

Feb-25

EUR 47.74

EUR 48.25

-1.05%

-EUR 0.51

EUR 41.32

15.55%

EUR 35.23

35.52%

 

 

NBP

Feb-25

GBP 119.76

GBP 121.44

-1.38%

-GBP 1.68

GBP 103.59

15.61%

GBP 93.54

28.03%

 

 

German Base

Feb-25

EUR 103.71

EUR 104.70

-0.94%

-EUR 0.99

EUR 102.94

0.75%

EUR 92.20

12.49%

 

 

UK Base

Feb-25

GBP 99.65

GBP 97.36

2.35%

GBP 2.29

GBP 91.85

8.49%

GBP 84.77

17.55%

 

 

French Base

Feb-25

EUR 96.67

EUR 97.94

-1.30%

-EUR 1.28

EUR 94.61

2.18%

EUR 93.92

2.92%

 

 

Italian Base

Feb-25

EUR 135.82

EUR 136.77

-0.70%

-EUR 0.95

EUR 127.94

6.16%

EUR 104.36

30.14%

 

 

JKM LNG

Feb-25

$13.80

$14.91

-7.50%

-$1.12

$13.55

1.80%

$12.70

8.61%

 

 

 

 

Freight Forwards (WET & DRY)

 

OTCGH/EOXLive Market Data

 

 

 

Contract

1/14/25

1/13/25

% Change

Change

12/13/24

% Change

1/16/24

% Change

 

 

TD3C FFA Middle East to China (WET)

Feb-25

$47.74

$48.25

-1.05%

-$0.51

$41.32

15.55%

$35.23

35.52%

 

 

USGC-UK Continent Dirty (WET)

Feb-25

$119.76

$121.44

-1.38%

-$1.68

$103.59

15.61%

$93.54

28.03%

 

 

TD20 West Africa to UK Continent (WET)

Feb-25

$103.71

$104.70

-0.94%

-$0.99

$102.94

0.75%

$92.20

12.49%

 

 

LPG FFA Middle East Gulf to East (WET)

Feb-25

$99.65

$97.36

2.35%

$2.29

$91.85

8.49%

$84.77

17.55%

 

 

TC5 FFA Arabian Gulf to Japan (WET)

Feb-25

$96.67

$97.94

-1.30%

-$1.28

$94.61

2.18%

$93.92

2.92%

 

 

Supramax Timecharter (DRY)

Feb-25

$135.82

$136.77

-0.70%

-$0.95

$127.94

6.16%

$104.36

30.14%

 

 

Capesize Timecharter (DRY)

Feb-25

$13.80

$14.91

-7.50%

-$1.12

$13.55

1.80%

$12.70

8.61%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

 

 

 

 

 

 

 

 

 

 

 

 

Cooling Degree Days

 

 

 

 

 

 

01/11/2025

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

0

0

NA

NA

 

 

W N Central

0

0

0

0

0

0

NA

NA

 

 

South Atlantic

1

-7

-2

2

-10

-1

NA

NA

 

 

E S Central

0

-2

0

0

-3

0

NA

NA

 

 

W S Central

1

-2

1

1

-3

1

NA

NA

 

 

Mountain

0

0

0

0

0

0

NA

NA

 

 

Pacific

0

0

0

0

0

0

NA

NA

 

 

United States

0

-2

0

0

-3

0

NA

NA

 

 

 

 

Heating Degree Days

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

01/11/2025

Week Tot

Dev Norm

Dev L YR

Cum Tot

CumD Norm

CumD L YR

CumD Norm

CumD L YR

 

 

New England

291

11

46

2,660

-239

168

-8.00%

7.00%

 

 

Middle Atlantic

277

17

51

2,371

-226

93

-9.00%

4.00%

 

 

E N Central

313

19

79

2,532

-399

79

-14.00%

3.00%

 

 

W N Central

341

24

67

2,693

-497

97

-16.00%

4.00%

 

 

South Atlantic

188

43

60

1,200

-110

24

-8.00%

2.00%

 

 

E S Central

237

50

67

1,447

-256

-40

-15.00%

-3.00%

 

 

W S Central

186

49

59

842

-277

-182

-25.00%

-18.00%

 

 

Mountain

228

8

-24

2,143

-349

-76

-14.00%

-3.00%

 

 

Pacific

108

-24

-47

1,270

-191

18

-13.00%

1.00%

 

 

United States

229

21

40

1,804

-260

20

-13.00%

1.00%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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.