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

Mar 10, 2025

  

 

 

 

 

 

 

 

 

 

Prices as of 7:28 AM CST

 

 

 

 

 

 

 

Current Price

Previous Settle

% Change

Change

Volume

 

 

Natural Gas

$4.589

$4.399

4.32%

$0.190

49,044

 

 

WTI

$67.42

$67.04

0.57%

$0.38

50,643

 

 

Brent

$70.77

$70.36

0.58%

$0.41

8,594

 

 

ULSD

$2.227

$2.216

0.49%

$0.011

4,146

 

 

RBOB

$2.129

$2.109

0.96%

$0.020

5,162

 

 

 

 

Spreads

 

 

 

 

 

 

 

Current

Previous

% Change

Change

Contract

 

 

WTI-Brent

$3.66

$3.61

1.39%

$0.05

May-25

 

 

3:2:1 Crack

$23.48

$23.05

1.85%

$0.43

Apr-25

 

 

PJM West Spark

$45.69

$45.44

0.56%

$0.26

Apr-25

 

 

 

 

Baker Hughes Rig Count

 

 

 

 

 

 

 

Date

Count

Change

1 Year Chg.

1 Year Date

 

 

U.S.

03/07/25

592

-1

-30

03/08/24

 

 

Canada

03/07/25

234

-14

9

03/08/24

 

 

International

Feb

905

0

-53

Feb

 

 

 

 

CFTC Net Positions

 

 

 

 

 

 

As of 3/4/2025

Open Interest

Total Net Long

Total Net Short

Diff

 

 

PJM West On Peak

97,186

96,197

93,852

2,345

 

 

PJM West Off Peak

87,041

86,234

85,882

352

 

 

Natural Gas Henry Hub

341,807

330,340

328,761

1,579

 

 

WTI – Light Sweet Crude Futures

302,255

251,777

232,423

19,354

 

 

Brent Crude Last Day

154,608

149,920

148,170

1,750

 

 

NYM Ethanol

36,020

35,025

35,617

-592

 

 

Mt Belvieu LDH Propane Swap

167,465

166,854

167,102

-248

 

 

RBOB

420,594

400,852

399,526

1,326

 

 

HSC Basis

987,978

966,036

978,755

-12,719

 

 

 

 

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

 

 

 

 

02/28/20

 

 

 

2/28/25

2/21/25

Net Change

% Change

3/1/24

% Change

5 Year Avg.

% Change

 

 

East

340

362

-22

-6.08%

422

-19.43%

391

-13.09%

 

 

Midwest

396

424

-28

-6.60%

575

-31.13%

490

-19.25%

 

 

Mountain

166

168

-2

-1.19%

169

-1.78%

114

46.13%

 

 

Pacific

199

198

1

0.51%

219

-9.13%

173

15.16%

 

 

South

658

688

-30

-4.36%

949

-30.66%

785

-16.18%

 

 

    Salt

150

159

-9

-5.66%

285

-47.37%

220

-31.94%

 

 

    Non_Salt

509

528

-19

-3.60%

664

-23.34%

565

-9.85%

 

 

Total

1,760

1,840

-80

-4.35%

2,334

-24.59%

1,953

-9.90%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Power Generation Additions/Retirements

 

 

  

 

Front Month Prices

 

 

 

 

 

 

 

 

 

 

 

 

 

Electricity

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

3/7/25

3/6/25

% Change

Change

2/6/25

% Change

3/7/24

% Change

 

 

PJM West On Peak

Apr-25

$55.52

$54.85

1.22%

$0.67

$48.28

15.01%

$43.09

28.85%

 

 

ERCOT North On Peak

Apr-25

$43.93

$44.04

-0.24%

-$0.11

$38.35

14.57%

$35.10

25.18%

 

 

CAISO SP 15 On Peak

Apr-25

$11.90

$10.55

12.80%

$1.35

$4.92

141.93%

$23.63

-49.63%

 

 

MISO Indiana On Peak

Apr-25

$51.67

$51.69

-0.04%

-$0.02

$46.86

10.26%

$45.03

14.75%

 

 

NEISO Mass On Peak

Apr-25

$56.40

$50.29

12.15%

$6.11

$51.65

9.21%

$46.83

20.44%

 

 

WECC Mid C On Peak

Apr-25

$51.00

$49.44

3.15%

$1.56

$43.32

17.73%

$52.84

-3.49%

 

 

NYISO Zone G On Peak

Apr-25

$53.50

$47.98

11.51%

$5.52

$49.35

8.42%

$41.91

27.67%

 

 

 

 

 

Natural Gas & Basis

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

3/7/25

3/6/25

% Change

Change

2/6/25

% Change

3/7/24

% Change

 

 

NYMEX Henry Hub

Apr-25

$4.399

$4.302

2.25%

$0.10

$3.40

29.50%

$3.04

44.51%

 

 

Houston Ship Channel

Apr-25

-$0.527

-$0.603

-12.67%

$0.08

-$0.51

3.62%

-$0.33

59.91%

 

 

Chicago

Apr-25

-$0.292

-$0.276

-5.51%

-$0.02

-$0.17

67.87%

-$0.13

126.43%

 

 

Waha

Apr-25

-$3.733

-$3.612

-3.34%

-$0.12

-$2.54

46.88%

-$1.03

262.06%

 

 

Algonquin

Apr-25

$0.155

$0.204

-23.92%

-$0.05

$0.34

-53.70%

$0.58

-73.24%

 

 

Aeco

Apr-25

-$3.086

-$2.930

5.32%

-$0.16

-$1.96

57.41%

-$0.84

267.28%

 

 

Socal

Apr-25

-$0.891

-$0.795

12.07%

-$0.10

-$0.42

110.81%

-$0.21

319.14%

 

 

 

 

 

Natural Gas Liquids

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

3/7/25

3/6/25

% Change

Change

2/6/25

% Change

3/7/24

% Change

 

 

Mt. Belvieu Propane LST

Apr-25

$0.811

$0.803

1.06%

$0.01

$0.82

-1.38%

$0.72

13.23%

 

 

Mt. Belvieu Propane non LST

Apr-25

$0.813

$0.803

1.32%

$0.01

$0.83

-2.44%

$0.71

13.90%

 

 

Mt. Belview Ethane

Apr-25

$0.293

$0.294

-0.45%

$0.00

$0.24

20.66%

$0.24

23.81%

 

 

Mt. Belview Nat. Gasoline

Apr-25

$1.422

$1.373

3.59%

$0.05

$1.49

-4.54%

$1.41

0.63%

 

 

Mt. Belvieu Butane LST

Apr-25

$0.904

$0.883

2.49%

$0.02

$0.98

-7.69%

$0.82

9.89%

 

 

Far East Propane

Apr-25

$5.760

$5.740

0.36%

$0.02

$5.96

-3.43%

$5.48

5.07%

 

 

Saudi Propane

Apr-25

$5.850

$5.829

0.35%

$0.02

$6.11

-4.24%

$5.15

13.57%

 

 

 

 

Crude Oil

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

3/7/25

3/6/25

% Change

Change

2/6/25

% Change

3/7/24

% Change

 

 

WTI

Apr-25

$67.04

$66.36

1.01%

$0.68

$70.37

-4.73%

$72.18

-7.12%

 

 

Brent

Apr-25

$70.60

$69.69

1.28%

$0.90

$74.29

-4.97%

$76.87

-8.16%

 

 

WCS

Apr-25

-$13.45

-$13.82

-2.73%

$0.37

-$14.10

-4.62%

-$13.72

-1.97%

 

 

LLS

Apr-25

$69.67

$68.63

1.50%

$1.04

$72.71

-4.18%

$74.54

-6.53%

 

 

Mars

Apr-25

$67.97

$67.31

0.96%

$0.65

$70.91

-4.15%

$71.14

-4.46%

 

 

Sour

Apr-25

$67.70

$67.11

0.87%

$0.59

$70.78

-4.35%

$72.11

-6.11%

 

 

ESPO

Apr-25

$68.60

$67.69

1.32%

$0.90

$72.29

-5.11%

$74.87

-8.38%

 

 

 

 

Refined Products

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

3/7/25

3/6/25

% Change

Change

2/6/25

% Change

3/7/24

% Change

 

 

NY Heating Oil

Apr-25

$2.21

$2.25

-1.69%

-$0.04

$2.35

-5.71%

$2.47

-10.34%

 

 

NY Gasoline

Apr-25

$2.13

$2.10

1.09%

$0.02

$2.29

-7.37%

$2.27

-6.26%

 

 

GC Gasoline

Apr-25

$2.03

$2.00

1.15%

$0.02

$2.19

-7.70%

$2.17

-6.55%

 

 

GC Jet

Apr-25

$2.06

$2.06

0.05%

$0.00

$2.20

-6.67%

$2.39

-14.11%

 

 

Chicago Ethanol

Apr-25

$1.70

$1.68

0.89%

$0.01

$1.79

-4.98%

$1.50

13.43%

 

 

Rotterdam Gasoil

Apr-25

$633.64

$633.29

0.05%

$0.35

$694.01

-8.70%

$692.33

-8.48%

 

 

Singapore Jet Kero

Apr-25

$84.64

$83.09

1.87%

$1.56

$88.76

-4.64%

$95.09

-10.99%

 

 

 

 

Implied Volatilities

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

3/7/25

3/6/25

% Change

Change

2/6/25

% Change

3/7/24

% Change

 

 

Henry Hub Straddle

Apr-25

60.14%

67.32%

-10.67%

-7.18%

53.73%

11.93%

40.79%

47.44%

 

 

Algonquin Straddle

Apr-25

61.01%

68.60%

-11.06%

-7.59%

50.44%

20.96%

36.48%

67.24%

 

 

Waha Straddle

Apr-25

221.25%

242.43%

-8.74%

-21.18%

146.51%

51.01%

49.33%

348.51%

 

 

Chicago Straddle

Apr-25

62.99%

70.28%

-10.37%

-7.29%

56.33%

11.82%

39.40%

59.87%

 

 

PJM West Straddle

Apr-25

52.29%

50.91%

2.71%

1.38%

41.38%

26.37%

32.78%

59.52%

 

 

SP – 15 Straddle

Apr-25

623.19%

306.48%

103.34%

316.71%

37.66%

1554.78%

73.87%

743.63%

 

 

Mid. C Straddle

Apr-25

122.60%

139.34%

-12.01%

-16.74%

56.33%

117.65%

99.41%

23.33%

 

 

 

 

Euro Gas and Power/LNG

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

3/7/25

3/6/25

% Change

Change

2/6/25

% Change

3/7/24

% Change

 

 

Dutch TTF

Apr-25

EUR 38.76

EUR 37.83

2.44%

EUR 0.92

EUR 53.91

-28.11%

EUR 30.05

28.97%

 

 

NBP

Apr-25

GBP 94.84

GBP 92.31

2.74%

GBP 2.53

GBP 130.49

-27.32%

GBP 76.08

24.65%

 

 

German Base

Apr-25

EUR 73.56

EUR 72.86

0.97%

EUR 0.70

EUR 93.32

-21.17%

EUR 69.99

5.11%

 

 

UK Base

Apr-25

GBP 80.20

GBP 74.96

7.00%

GBP 5.24

GBP 106.25

-24.52%

GBP 67.38

19.04%

 

 

French Base

Apr-25

EUR 53.81

EUR 58.17

-7.50%

-EUR 4.36

EUR 75.50

-28.72%

EUR 67.03

-19.71%

 

 

Italian Base

Apr-25

EUR 105.63

EUR 101.90

3.66%

EUR 3.73

EUR 137.29

-23.06%

EUR 87.79

20.33%

 

 

JKM LNG

Apr-25

$13.42

$13.01

3.18%

$0.41

$16.05

-16.41%

$10.40

29.02%

 

 

 

 

Freight Forwards (WET & DRY)

 

OTCGH/EOXLive Market Data

 

 

 

Contract

3/7/25

3/6/25

% Change

Change

2/6/25

% Change

3/7/24

% Change

 

 

TD3C FFA Middle East to China (WET)

Apr-25

$38.76

$37.83

2.44%

$0.92

$53.91

-28.11%

$30.05

28.97%

 

 

USGC-UK Continent Dirty (WET)

Apr-25

$94.84

$92.31

2.74%

$2.53

$130.49

-27.32%

$76.08

24.65%

 

 

TD20 West Africa to UK Continent (WET)

Apr-25

$73.56

$72.86

0.97%

$0.70

$93.32

-21.17%

$69.99

5.11%

 

 

LPG FFA Middle East Gulf to East (WET)

Apr-25

$80.20

$74.96

7.00%

$5.24

$106.25

-24.52%

$67.38

19.04%

 

 

TC5 FFA Arabian Gulf to Japan (WET)

Apr-25

$53.81

$58.17

-7.50%

-$4.36

$75.50

-28.72%

$67.03

-19.71%

 

 

Supramax Timecharter (DRY)

Apr-25

$105.63

$101.90

3.66%

$3.73

$137.29

-23.06%

$87.79

20.33%

 

 

Capesize Timecharter (DRY)

Apr-25

$13.42

$13.01

3.18%

$0.41

$16.05

-16.41%

$10.40

29.02%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

 

 

 

 

 

 

 

 

 

 

 

 

Cooling Degree Days

 

 

 

 

 

 

03/08/2025

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

-1

0

0

-1

0

NA

NA

 

 

W N Central

0

-1

0

0

-1

0

NA

NA

 

 

South Atlantic

7

-3

-6

56

-19

6

NA

NA

 

 

E S Central

0

-3

0

1

-14

0

NA

NA

 

 

W S Central

8

-1

-8

40

0

0

NA

NA

 

 

Mountain

0

-1

0

3

-3

3

NA

NA

 

 

Pacific

0

-1

0

0

-4

0

NA

NA

 

 

United States

2

-1

-2

15

-6

1

NA

NA

 

 

 

 

Heating Degree Days

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

03/08/2025

Week Tot

Dev Norm

Dev L YR

Cum Tot

CumD Norm

CumD L YR

CumD Norm

CumD L YR

 

 

New England

235

4

66

4,833

-200

516

-4.00%

12.00%

 

 

Middle Atlantic

204

-8

67

4,284

-292

431

-6.00%

11.00%

 

 

E N Central

213

-10

78

4,737

-354

535

-7.00%

13.00%

 

 

W N Central

204

-19

49

5,023

-396

549

-7.00%

12.00%

 

 

South Atlantic

107

6

48

2,236

-114

178

-5.00%

9.00%

 

 

E S Central

129

6

61

2,754

-240

147

-8.00%

6.00%

 

 

W S Central

55

-20

18

1,749

-249

-52

-12.00%

-3.00%

 

 

Mountain

167

9

2

3,686

-330

22

-8.00%

1.00%

 

 

Pacific

129

29

-3

2,244

-127

49

-5.00%

2.00%

 

 

United States

154

0

43

3,324

-241

256

-7.00%

8.00%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

Weather Forecast & Seasonal Outlook

 

 

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