Morning Report: Gas * Power * NGL * Crude * Products * Vols — Mar-24-2025

Mar 24, 2025

  

 

 

 

 

 

 

 

 

 

Prices as of 8:44 AM CST

 

 

 

 

 

 

 

Current Price

Previous Settle

% Change

Change

Volume

 

 

Natural Gas

$3.982

$3.980

0.05%

$0.002

22,828

 

 

WTI

$68.39

$68.28

0.16%

$0.11

71,471

 

 

Brent

$72.25

$72.16

0.12%

$0.09

10,832

 

 

ULSD

$2.243

$2.250

-0.31%

-$0.007

6,367

 

 

RBOB

$2.189

$2.195

-0.29%

-$0.006

2,599

 

 

 

 

Spreads

 

 

 

 

 

 

 

Current

Previous

% Change

Change

Contract

 

 

WTI-Brent

$3.85

$3.88

-0.77%

-$0.03

May-25

 

 

3:2:1 Crack

$23.88

$24.19

-1.28%

-$0.31

May-25

 

 

PJM West Spark

$44.36

$46.18

-3.95%

-$1.82

Apr-25

 

 

 

 

Baker Hughes Rig Count

 

 

 

 

 

 

 

Date

Count

Change

1 Year Chg.

1 Year Date

 

 

U.S.

03/21/25

593

1

-31

03/22/24

 

 

Canada

03/21/25

180

-19

11

03/22/24

 

 

International

Feb

905

0

-53

Feb

 

 

 

 

CFTC Net Positions

 

 

 

 

 

 

As of 3/18/2025

Open Interest

Total Net Long

Total Net Short

Diff

 

 

PJM West On Peak

90,124

89,375

89,624

-249

 

 

PJM West Off Peak

79,382

79,218

78,666

552

 

 

Natural Gas Henry Hub

357,752

341,387

345,453

-4,066

 

 

WTI – Light Sweet Crude Futures

307,934

254,826

241,724

13,102

 

 

Brent Crude Last Day

175,255

167,625

166,948

677

 

 

NYM Ethanol

34,582

33,538

34,079

-541

 

 

Mt Belvieu LDH Propane Swap

160,059

159,452

159,743

-291

 

 

RBOB

443,240

423,171

423,699

-528

 

 

HSC Basis

936,756

927,719

924,370

3,349

 

 

 

 

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

 

 

 

 

03/20/20

 

 

 

3/14/25

3/7/25

Net Change

% Change

3/15/24

% Change

5 Year Avg.

% Change

 

 

East

295

307

-12

-3.91%

406

-27.34%

347

-14.94%

 

 

Midwest

366

370

-4

-1.08%

551

-33.58%

445

-17.83%

 

 

Mountain

165

165

0

0.00%

166

-0.60%

108

52.50%

 

 

Pacific

193

196

-3

-1.53%

216

-10.65%

166

15.99%

 

 

South

688

660

28

4.24%

993

-30.72%

808

-14.81%

 

 

    Salt

181

161

20

12.42%

300

-39.67%

238

-24.01%

 

 

    Non_Salt

508

499

9

1.80%

694

-26.80%

570

-10.81%

 

 

Total

1,707

1,698

9

0.53%

2,332

-26.80%

1,874

-8.93%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Power Generation Additions/Retirements

 

 

  

 

Front Month Prices

 

 

 

 

 

 

 

 

 

 

 

 

 

Electricity

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

3/21/25

3/20/25

% Change

Change

2/21/25

% Change

3/21/24

% Change

 

 

PJM West On Peak

Apr-25

$52.87

$54.70

-3.35%

-$1.83

$55.57

-4.87%

$45.37

16.53%

 

 

ERCOT North On Peak

Apr-25

$42.95

$43.67

-1.65%

-$0.72

$40.73

5.47%

$35.30

21.67%

 

 

CAISO SP 15 On Peak

Apr-25

$8.29

$6.54

26.76%

$1.75

$5.96

39.08%

$23.00

-63.95%

 

 

MISO Indiana On Peak

Apr-25

$46.77

$48.31

-3.20%

-$1.55

$53.48

-12.56%

$45.27

3.31%

 

 

NEISO Mass On Peak

Apr-25

$48.94

$50.82

-3.70%

-$1.88

$58.01

-15.63%

$48.72

0.45%

 

 

WECC Mid C On Peak

Apr-25

$38.50

$40.55

-5.05%

-$2.05

$49.85

-22.76%

$50.16

-23.24%

 

 

NYISO Zone G On Peak

Apr-25

$48.94

$50.42

-2.94%

-$1.48

$53.63

-8.75%

$43.60

12.23%

 

 

 

 

 

Natural Gas & Basis

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

3/21/25

3/20/25

% Change

Change

2/21/25

% Change

3/21/24

% Change

 

 

NYMEX Henry Hub

Apr-25

$3.980

$3.975

0.13%

$0.01

$4.13

-3.61%

$2.98

33.56%

 

 

Houston Ship Channel

Apr-25

-$0.560

-$0.596

-6.15%

$0.04

-$0.65

-13.40%

-$0.31

78.82%

 

 

Chicago

Apr-25

-$0.483

-$0.516

6.94%

$0.03

-$0.18

171.54%

-$0.13

270.81%

 

 

Waha

Apr-25

-$4.214

-$4.234

-0.47%

$0.02

-$3.03

39.16%

-$1.08

290.86%

 

 

Algonquin

Apr-25

-$0.251

-$0.266

5.38%

$0.01

$0.31

-180.99%

$0.54

-146.48%

 

 

Aeco

Apr-25

-$2.517

-$2.747

-8.39%

$0.23

-$2.78

-9.51%

-$0.80

214.51%

 

 

Socal

Apr-25

-$1.077

-$1.109

-2.88%

$0.03

-$0.66

64.26%

-$0.23

366.12%

 

 

 

 

 

Natural Gas Liquids

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

3/21/25

3/20/25

% Change

Change

2/21/25

% Change

3/21/24

% Change

 

 

Mt. Belvieu Propane LST

Apr-25

$0.849

$0.843

0.64%

$0.01

$0.85

-0.03%

$0.74

14.62%

 

 

Mt. Belvieu Propane non LST

Apr-25

$0.861

$0.849

1.34%

$0.01

$0.85

0.83%

$0.74

16.18%

 

 

Mt. Belview Ethane

Apr-25

$0.283

$0.293

-3.27%

-$0.01

$0.28

2.00%

$0.23

22.35%

 

 

Mt. Belview Nat. Gasoline

Apr-25

$1.469

$1.470

-0.07%

$0.00

$1.52

-3.07%

$1.49

-1.65%

 

 

Mt. Belvieu Butane LST

Apr-25

$0.915

$0.917

-0.22%

$0.00

$0.97

-5.60%

$0.86

5.83%

 

 

Far East Propane

Apr-25

$5.960

$5.966

-0.10%

-$0.01

$5.95

0.16%

$5.56

7.12%

 

 

Saudi Propane

Apr-25

$6.118

$6.056

1.03%

$0.06

$5.98

2.31%

$5.34

14.57%

 

 

 

 

Crude Oil

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

3/21/25

3/20/25

% Change

Change

2/21/25

% Change

3/21/24

% Change

 

 

WTI

May-25

$68.28

$68.07

0.31%

$0.21

$70.22

-2.76%

$74.10

-7.85%

 

 

Brent

May-25

$72.16

$72.00

0.22%

$0.16

$74.05

-2.55%

$78.86

-8.50%

 

 

WCS

May-25

-$10.69

-$10.71

-0.16%

$0.02

-$12.50

-14.46%

-$12.99

-17.70%

 

 

LLS

May-25

$70.70

$70.23

0.65%

$0.46

$73.50

-3.82%

$76.15

-7.16%

 

 

Mars

May-25

$68.92

$68.72

0.29%

$0.20

$70.89

-2.78%

$73.01

-5.60%

 

 

Sour

May-25

$68.41

$68.25

0.24%

$0.16

$70.16

-2.49%

$73.64

-7.10%

 

 

ESPO

May-25

$70.16

$70.00

0.23%

$0.16

$72.05

-2.62%

$76.86

-8.72%

 

 

 

 

Refined Products

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

3/21/25

3/20/25

% Change

Change

2/21/25

% Change

3/21/24

% Change

 

 

NY Heating Oil

Apr-25

$2.25

$2.21

1.95%

$0.04

$2.38

-5.42%

$2.52

-10.50%

 

 

NY Gasoline

Apr-25

$2.20

$2.19

0.18%

$0.00

$2.27

-3.13%

$2.36

-6.95%

 

 

GC Gasoline

Apr-25

$2.10

$2.09

0.19%

$0.00

$2.17

-3.28%

$2.26

-7.26%

 

 

GC Jet

Apr-25

$2.18

$2.16

1.07%

$0.02

$2.18

-0.14%

$2.41

-9.62%

 

 

Chicago Ethanol

Apr-25

$1.80

$1.82

-0.72%

-$0.01

$1.87

-3.48%

$1.54

16.79%

 

 

Rotterdam Gasoil

Apr-25

$654.00

$650.00

0.62%

$4.00

$700.53

-6.64%

$718.64

-8.99%

 

 

Singapore Jet Kero

Apr-25

$86.24

$86.17

0.08%

$0.07

$90.60

-4.82%

$99.18

-13.05%

 

 

 

 

Implied Volatilities

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

3/21/25

3/20/25

% Change

Change

2/21/25

% Change

3/21/24

% Change

 

 

Henry Hub Straddle

May-25

61.79%

64.31%

-3.92%

-2.52%

54.85%

12.65%

40.13%

53.97%

 

 

Algonquin Straddle

May-25

66.73%

71.59%

-6.79%

-4.86%

57.19%

16.68%

44.17%

51.08%

 

 

Waha Straddle

May-25

336.52%

344.86%

-2.42%

-8.34%

137.36%

144.99%

51.18%

557.52%

 

 

Chicago Straddle

May-25

68.23%

71.72%

-4.87%

-3.49%

61.42%

11.09%

42.66%

59.94%

 

 

PJM West Straddle

May-25

43.42%

42.45%

2.29%

0.97%

36.78%

18.05%

36.73%

18.21%

 

 

SP – 15 Straddle

May-25

303.40%

287.98%

5.35%

15.42%

238.90%

27.00%

77.95%

289.22%

 

 

Mid. C Straddle

May-25

23.60%

35.04%

-32.65%

-11.44%

28.44%

-17.02%

90.17%

-73.83%

 

 

 

 

Euro Gas and Power/LNG

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

3/21/25

3/20/25

% Change

Change

2/21/25

% Change

3/21/24

% Change

 

 

Dutch TTF

May-25

EUR 42.68

EUR 42.89

-0.49%

-EUR 0.21

EUR 46.25

-7.72%

EUR 29.16

46.39%

 

 

NBP

May-25

GBP 103.00

GBP 103.34

-0.33%

-GBP 0.34

GBP 109.82

-6.22%

GBP 74.14

38.93%

 

 

German Base

May-25

EUR 70.91

EUR 72.28

-1.91%

-EUR 1.38

EUR 74.23

-4.48%

EUR 65.57

8.13%

 

 

UK Base

May-25

GBP 79.74

GBP 84.02

-5.10%

-GBP 4.29

GBP 86.21

-7.51%

GBP 66.92

19.15%

 

 

French Base

May-25

EUR 38.81

EUR 39.60

-2.00%

-EUR 0.79

EUR 46.07

-15.76%

EUR 57.53

-32.55%

 

 

Italian Base

May-25

EUR 109.56

EUR 109.43

0.12%

EUR 0.13

EUR 113.92

-3.83%

EUR 82.42

32.92%

 

 

JKM LNG

May-25

$13.25

$13.39

-1.02%

-$0.14

$13.96

-5.11%

$10.51

26.02%

 

 

 

 

Freight Forwards (WET & DRY)

 

OTCGH/EOXLive Market Data

 

 

 

Contract

3/21/25

3/20/25

% Change

Change

2/21/25

% Change

3/21/24

% Change

 

 

TD3C FFA Middle East to China (WET)

May-25

$42.68

$42.89

-0.49%

-$0.21

$46.25

-7.72%

$29.16

46.39%

 

 

USGC-UK Continent Dirty (WET)

May-25

$103.00

$103.34

-0.33%

-$0.34

$109.82

-6.22%

$74.14

38.93%

 

 

TD20 West Africa to UK Continent (WET)

May-25

$70.91

$72.28

-1.91%

-$1.38

$74.23

-4.48%

$65.57

8.13%

 

 

LPG FFA Middle East Gulf to East (WET)

May-25

$79.74

$84.02

-5.10%

-$4.29

$86.21

-7.51%

$66.92

19.15%

 

 

TC5 FFA Arabian Gulf to Japan (WET)

May-25

$38.81

$39.60

-2.00%

-$0.79

$46.07

-15.76%

$57.53

-32.55%

 

 

Supramax Timecharter (DRY)

May-25

$109.56

$109.43

0.12%

$0.13

$113.92

-3.83%

$82.42

32.92%

 

 

Capesize Timecharter (DRY)

May-25

$13.25

$13.39

-1.02%

-$0.14

$13.96

-5.11%

$10.51

26.02%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

 

 

 

 

 

 

 

 

 

 

 

 

Cooling Degree Days

 

 

 

 

 

 

03/22/2025

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

-2

0

NA

NA

 

 

South Atlantic

7

-5

-6

73

-24

-3

NA

NA

 

 

E S Central

0

-5

0

5

-19

3

NA

NA

 

 

W S Central

7

-6

-1

63

0

1

NA

NA

 

 

Mountain

0

-2

0

3

-6

3

NA

NA

 

 

Pacific

0

-1

0

0

-5

0

NA

NA

 

 

United States

2

-3

-1

21

-8

0

NA

NA

 

 

 

 

Heating Degree Days

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

03/22/2025

Week Tot

Dev Norm

Dev L YR

Cum Tot

CumD Norm

CumD L YR

CumD Norm

CumD L YR

 

 

New England

138

-61

-35

5,142

-306

486

-6.00%

10.00%

 

 

Middle Atlantic

124

-56

-33

4,548

-404

405

-8.00%

10.00%

 

 

E N Central

156

-31

-33

5,010

-474

487

-9.00%

11.00%

 

 

W N Central

163

-23

-23

5,304

-506

501

-9.00%

10.00%

 

 

South Atlantic

61

-18

-3

2,361

-159

178

-6.00%

8.00%

 

 

E S Central

94

-2

-1

2,901

-299

119

-9.00%

4.00%

 

 

W S Central

49

-6

-4

1,834

-284

-66

-13.00%

-3.00%

 

 

Mountain

150

11

9

3,988

-315

21

-7.00%

1.00%

 

 

Pacific

110

17

36

2,482

-78

103

-3.00%

4.00%

 

 

United States

110

-18

-8

3,538

-297

245

-8.00%

7.00%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

Weather Forecast & Seasonal Outlook

 

 

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