Morning Report: Gas * Power * NGL * Crude * Products * Vols — Jan-31-2025

Jan 31, 2025

  

 

 

 

 

 

 

 

 

 

Prices as of 7:07 AM CST

 

 

 

 

 

 

 

Current Price

Previous Settle

% Change

Change

Volume

 

 

Natural Gas

$3.019

$3.047

-0.92%

-$0.028

21,662

 

 

WTI

$72.70

$72.73

-0.04%

-$0.03

65,272

 

 

Brent

$76.78

$76.87

-0.12%

-$0.09

110

 

 

ULSD

$2.486

$2.475

0.43%

$0.011

313

 

 

RBOB

$2.038

$2.037

0.03%

$0.001

234

 

 

 

 

Spreads

 

 

 

 

 

 

 

Current

Previous

% Change

Change

Contract

 

 

WTI-Brent

$3.97

$4.14

-4.11%

-$0.17

Mar-25

 

 

3:2:1 Crack

$19.18

$18.74

2.34%

$0.44

Mar-25

 

 

PJM West Spark

NA

NA

NA

NA

Feb-25

 

 

 

 

Baker Hughes Rig Count

 

 

 

 

 

 

 

Date

Count

Change

1 Year Chg.

1 Year Date

 

 

U.S.

01/24/25

576

-4

-45

01/27/24

 

 

Canada

01/24/25

245

16

15

01/27/24

 

 

International

Dec

909

-10

-46

Dec

 

 

 

 

CFTC Net Positions

 

 

 

 

 

 

As of 1/21/2025

Open Interest

Total Net Long

Total Net Short

Diff

 

 

PJM West On Peak

83,705

83,306

83,163

143

 

 

PJM West Off Peak

74,904

74,485

74,037

448

 

 

Natural Gas Henry Hub

337,797

326,735

326,736

-1

 

 

WTI – Light Sweet Crude Futures

327,153

279,757

264,766

14,991

 

 

Brent Crude Last Day

185,474

177,538

177,863

-325

 

 

NYM Ethanol

36,323

35,298

35,978

-680

 

 

Mt Belvieu LDH Propane Swap

143,330

142,484

143,141

-657

 

 

RBOB

433,059

406,292

416,700

-10,408

 

 

HSC Basis

882,712

874,326

870,241

4,085

 

 

 

 

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

 

 

 

 

01/24/20

 

 

 

1/24/25

1/17/25

Net Change

% Change

1/26/24

% Change

5 Year Avg.

% Change

 

 

East

552

613

-61

-9.95%

605

-8.76%

589

-6.25%

 

 

Midwest

661

744

-83

-11.16%

727

-9.08%

706

-6.40%

 

 

Mountain

212

229

-17

-7.42%

185

14.59%

150

41.15%

 

 

Pacific

246

269

-23

-8.55%

223

10.31%

206

19.42%

 

 

South

901

1,037

-136

-13.11%

919

-1.96%

949

-5.08%

 

 

    Salt

229

297

-68

-22.90%

248

-7.66%

271

-15.44%

 

 

    Non_Salt

672

739

-67

-9.07%

672

0.00%

679

-0.97%

 

 

Total

2,571

2,892

-321

-11.10%

2,659

-3.31%

2,600

-1.12%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Power Generation Additions/Retirements

 

 

  

 

Front Month Prices

 

 

 

 

 

 

 

 

 

 

 

 

 

Electricity

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

1/30/25

1/29/25

% Change

Change

12/31/24

% Change

1/31/24

% Change

 

 

PJM West On Peak

Feb-25

$44.90

$46.37

-3.17%

-$1.47

$52.88

-15.09%

$57.70

-22.18%

 

 

ERCOT North On Peak

Feb-25

$37.11

$39.99

-7.19%

-$2.87

$53.13

-30.14%

$75.78

-51.02%

 

 

CAISO SP 15 On Peak

Feb-25

$34.00

$34.00

0.00%

$0.00

$36.34

-6.43%

$67.37

-49.54%

 

 

MISO Indiana On Peak

Feb-25

$41.57

$43.11

-3.56%

-$1.53

$45.40

-8.44%

$51.40

-19.12%

 

 

NEISO Mass On Peak

Feb-25

$106.63

$106.05

0.55%

$0.58

$104.64

1.90%

$101.28

5.28%

 

 

WECC Mid C On Peak

Feb-25

$73.40

$68.52

7.12%

$4.88

$55.17

33.04%

$117.71

-37.65%

 

 

NYISO Zone G On Peak

Feb-25

$93.18

$92.34

0.91%

$0.84

$83.48

11.62%

$88.87

4.86%

 

 

 

 

 

Natural Gas & Basis

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

1/30/25

1/29/25

% Change

Change

12/31/24

% Change

1/31/24

% Change

 

 

NYMEX Henry Hub

Mar-25

$3.047

$3.170

-3.88%

-$0.12

$3.10

-1.65%

$3.23

-5.81%

 

 

Houston Ship Channel

Mar-25

-$0.382

-$0.403

-5.14%

$0.02

-$0.38

1.46%

-$0.29

29.61%

 

 

Chicago

Mar-25

-$0.098

-$0.078

-20.81%

-$0.02

-$0.09

4.56%

-$0.06

70.12%

 

 

Waha

Mar-25

-$1.879

-$1.986

-5.38%

$0.11

-$1.88

0.06%

-$0.78

140.20%

 

 

Algonquin

Mar-25

$1.728

$1.836

-5.87%

-$0.11

$2.32

-25.43%

$2.85

-39.39%

 

 

Aeco

Mar-25

-$1.836

-$1.939

-5.33%

$0.10

-$1.59

15.68%

-$0.95

92.44%

 

 

Socal

Mar-25

-$0.180

-$0.186

-3.27%

$0.01

-$0.39

-54.30%

$0.61

-129.75%

 

 

 

 

 

Natural Gas Liquids

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

1/30/25

1/29/25

% Change

Change

12/31/24

% Change

1/31/24

% Change

 

 

Mt. Belvieu Propane LST

Feb-25

$0.891

$0.885

0.70%

$0.01

$0.81

9.37%

$0.80

11.57%

 

 

Mt. Belvieu Propane non LST

Feb-25

$0.905

$0.909

-0.40%

$0.00

$0.81

12.25%

$0.85

6.13%

 

 

Mt. Belview Ethane

Feb-25

$0.237

$0.240

-1.06%

$0.00

$0.26

-8.69%

$0.24

-2.95%

 

 

Mt. Belview Nat. Gasoline

Feb-25

$1.520

$1.511

0.60%

$0.01

$1.52

-0.13%

$1.41

7.75%

 

 

Mt. Belvieu Butane LST

Feb-25

$1.117

$1.109

0.77%

$0.01

$1.12

-0.33%

$0.94

18.41%

 

 

Far East Propane

Feb-25

$6.280

$6.260

0.32%

$0.02

$6.18

1.63%

$5.78

8.69%

 

 

Saudi Propane

Feb-25

$6.318

$6.350

-0.50%

-$0.03

$6.20

1.89%

$5.57

13.48%

 

 

 

 

Crude Oil

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

1/30/25

1/29/25

% Change

Change

12/31/24

% Change

1/31/24

% Change

 

 

WTI

Mar-25

$72.73

$72.62

0.15%

$0.11

$71.25

2.08%

$71.65

1.51%

 

 

Brent

Mar-25

$76.87

$76.58

0.38%

$0.29

$74.64

2.99%

$76.38

0.64%

 

 

WCS

Mar-25

-$14.00

-$14.50

-3.57%

$0.50

-$14.50

-3.45%

-$15.19

-7.84%

 

 

LLS

Mar-25

$74.21

$75.12

-1.23%

-$0.91

$72.10

2.93%

$74.02

0.26%

 

 

Mars

Mar-25

$72.51

$73.47

-1.33%

-$0.96

$70.00

3.59%

$70.39

3.02%

 

 

Sour

Mar-25

$72.71

$73.72

-1.39%

-$1.01

$70.58

3.02%

$71.61

1.54%

 

 

ESPO

Mar-25

$74.87

$74.58

0.39%

$0.29

$72.64

3.07%

$74.38

0.66%

 

 

 

 

Refined Products

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

1/30/25

1/29/25

% Change

Change

12/31/24

% Change

1/31/24

% Change

 

 

NY Heating Oil

Feb-25

$2.46

$2.45

0.08%

$0.00

$2.29

7.20%

$2.50

-1.64%

 

 

NY Gasoline

Feb-25

$2.07

$2.04

1.67%

$0.03

$1.98

4.49%

$2.07

0.24%

 

 

GC Gasoline

Feb-25

$1.97

$1.94

1.76%

$0.03

$1.88

4.73%

$1.97

0.25%

 

 

GC Jet

Feb-25

$2.30

$2.27

1.55%

$0.03

$2.22

3.70%

$2.34

-1.88%

 

 

Chicago Ethanol

Feb-25

$1.75

$1.74

0.40%

$0.01

$1.69

3.37%

$1.61

8.51%

 

 

Rotterdam Gasoil

Feb-25

$666.38

$668.18

-0.27%

-$1.80

$643.00

3.64%

$705.82

-5.59%

 

 

Singapore Jet Kero

Feb-25

$91.39

$92.39

-1.08%

-$1.00

$88.59

3.16%

$94.46

-3.25%

 

 

 

 

Implied Volatilities

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

1/30/25

1/29/25

% Change

Change

12/31/24

% Change

1/31/24

% Change

 

 

Henry Hub Straddle

Mar-25

58.58%

54.50%

7.49%

4.08%

70.77%

-17.22%

40.98%

42.95%

 

 

Algonquin Straddle

Mar-25

81.96%

78.46%

4.46%

3.50%

118.09%

-30.60%

58.06%

41.16%

 

 

Waha Straddle

Mar-25

170.35%

178.33%

-4.47%

-7.98%

177.66%

-4.11%

45.81%

271.86%

 

 

Chicago Straddle

Mar-25

65.24%

60.92%

7.09%

4.32%

79.01%

-17.43%

43.07%

51.47%

 

 

PJM West Straddle

Mar-25

54.80%

52.86%

3.67%

1.94%

55.72%

-1.65%

36.10%

51.80%

 

 

SP – 15 Straddle

Mar-25

339.75%

336.97%

0.83%

2.78%

226.60%

49.93%

17.45%

1846.99%

 

 

Mid. C Straddle

Mar-25

47.76%

52.73%

-9.43%

-4.97%

31.09%

53.62%

46.51%

2.69%

 

 

 

 

Euro Gas and Power/LNG

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

1/30/25

1/29/25

% Change

Change

12/31/24

% Change

1/31/24

% Change

 

 

Dutch TTF

Mar-25

EUR 51.31

EUR 51.37

-0.11%

-EUR 0.06

EUR 50.31

1.99%

EUR 35.13

46.06%

 

 

NBP

Mar-25

GBP 126.29

GBP 126.94

-0.51%

-GBP 0.65

GBP 123.69

2.10%

GBP 90.32

39.83%

 

 

German Base

Mar-25

EUR 101.95

EUR 101.86

0.08%

EUR 0.09

EUR 95.58

6.67%

EUR 87.82

16.09%

 

 

UK Base

Mar-25

GBP 103.97

GBP 97.15

7.02%

GBP 6.82

GBP 95.53

8.84%

GBP 82.33

26.29%

 

 

French Base

Mar-25

EUR 84.21

EUR 84.35

-0.16%

-EUR 0.14

EUR 83.23

1.18%

EUR 92.20

-8.66%

 

 

Italian Base

Mar-25

EUR 143.48

EUR 140.19

2.34%

EUR 3.28

EUR 133.16

7.75%

EUR 105.31

36.24%

 

 

JKM LNG

Mar-25

$14.18

$14.56

-2.62%

-$0.38

$14.77

-4.01%

$12.66

11.96%

 

 

 

 

Freight Forwards (WET & DRY)

 

OTCGH/EOXLive Market Data

 

 

 

Contract

1/30/25

1/29/25

% Change

Change

12/31/24

% Change

1/31/24

% Change

 

 

TD3C FFA Middle East to China (WET)

Mar-25

$51.31

$51.37

-0.11%

-$0.06

$50.31

1.99%

$35.13

46.06%

 

 

USGC-UK Continent Dirty (WET)

Mar-25

$126.29

$126.94

-0.51%

-$0.65

$123.69

2.10%

$90.32

39.83%

 

 

TD20 West Africa to UK Continent (WET)

Mar-25

$101.95

$101.86

0.08%

$0.09

$95.58

6.67%

$87.82

16.09%

 

 

LPG FFA Middle East Gulf to East (WET)

Mar-25

$103.97

$97.15

7.02%

$6.82

$95.53

8.84%

$82.33

26.29%

 

 

TC5 FFA Arabian Gulf to Japan (WET)

Mar-25

$84.21

$84.35

-0.16%

-$0.14

$83.23

1.18%

$92.20

-8.66%

 

 

Supramax Timecharter (DRY)

Mar-25

$143.48

$140.19

2.34%

$3.28

$133.16

7.75%

$105.31

36.24%

 

 

Capesize Timecharter (DRY)

Mar-25

$14.18

$14.56

-2.62%

-$0.38

$14.77

-4.01%

$12.66

11.96%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

 

 

 

 

 

 

 

 

 

 

 

 

Cooling Degree Days

 

 

 

 

 

 

01/25/2025

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

-3

4

-24

-5

NA

NA

 

 

E S Central

0

-1

0

0

-7

0

NA

NA

 

 

W S Central

0

-4

-1

1

-10

0

NA

NA

 

 

Mountain

0

0

0

0

0

0

NA

NA

 

 

Pacific

0

-1

0

0

-1

0

NA

NA

 

 

United States

0

-2

-1

1

-6

-1

NA

NA

 

 

 

 

Heating Degree Days

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

01/25/2025

Week Tot

Dev Norm

Dev L YR

Cum Tot

CumD Norm

CumD L YR

CumD Norm

CumD L YR

 

 

New England

332

48

53

3,270

-196

246

-6.00%

8.00%

 

 

Middle Atlantic

318

54

55

2,954

-170

151

-5.00%

5.00%

 

 

E N Central

373

77

82

3,206

-318

101

-9.00%

3.00%

 

 

W N Central

384

70

64

3,390

-432

46

-11.00%

1.00%

 

 

South Atlantic

209

63

56

1,573

-30

86

-2.00%

6.00%

 

 

E S Central

276

91

72

1,922

-154

-28

-7.00%

-1.00%

 

 

W S Central

216

83

63

1,198

-191

-205

-14.00%

-15.00%

 

 

Mountain

264

52

77

2,637

-284

-26

-10.00%

-1.00%

 

 

Pacific

128

3

12

1,532

-182

17

-11.00%

1.00%

 

 

United States

265

57

57

2,284

-197

45

-8.00%

2.00%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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.