Morning Report: Gas * Power * NGL * Crude * Products * Vols — Mar-25-2025

Mar 25, 2025

  

 

 

 

 

 

 

 

 

 

Prices as of 8:45 AM CST

 

 

 

 

 

 

 

Current Price

Previous Settle

% Change

Change

Volume

 

 

Natural Gas

$3.959

$3.914

1.15%

$0.045

10,828

 

 

WTI

$69.63

$69.11

0.75%

$0.52

71,244

 

 

Brent

$73.51

$73.00

0.70%

$0.51

10,121

 

 

ULSD

$2.280

$2.257

1.00%

$0.022

2,160

 

 

RBOB

$2.220

$2.207

0.61%

$0.013

2,246

 

 

 

 

Spreads

 

 

 

 

 

 

 

Current

Previous

% Change

Change

Contract

 

 

WTI-Brent

$3.92

$3.89

0.77%

$0.03

May-25

 

 

3:2:1 Crack

$24.08

$23.82

1.08%

$0.26

May-25

 

 

PJM West Spark

$43.93

$44.49

-1.27%

-$0.57

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

3/24/25

3/21/25

% Change

Change

2/24/25

% Change

3/22/24

% Change

 

 

PJM West On Peak

Apr-25

$52.34

$52.87

-1.00%

-$0.53

$53.67

-2.48%

$45.56

14.88%

 

 

ERCOT North On Peak

Apr-25

$40.97

$42.95

-4.61%

-$1.98

$40.01

2.42%

$35.21

16.38%

 

 

CAISO SP 15 On Peak

Apr-25

$8.35

$8.29

0.72%

$0.06

$5.54

50.77%

$22.61

-63.07%

 

 

MISO Indiana On Peak

Apr-25

$46.50

$46.77

-0.57%

-$0.27

$51.40

-9.52%

$45.66

1.84%

 

 

NEISO Mass On Peak

Apr-25

$49.07

$48.94

0.27%

$0.13

$50.61

-3.05%

$48.83

0.49%

 

 

WECC Mid C On Peak

Apr-25

$33.00

$38.50

-14.29%

-$5.50

$43.41

-23.98%

$50.74

-34.96%

 

 

NYISO Zone G On Peak

Apr-25

$49.52

$48.94

1.20%

$0.59

$49.84

-0.63%

$42.73

15.91%

 

 

 

 

 

Natural Gas & Basis

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

3/24/25

3/21/25

% Change

Change

2/24/25

% Change

3/22/24

% Change

 

 

NYMEX Henry Hub

Apr-25

$3.914

$3.980

-1.66%

-$0.07

$3.98

-1.71%

$2.97

31.96%

 

 

Houston Ship Channel

Apr-25

-$0.555

-$0.560

-0.80%

$0.00

-$0.68

-18.44%

-$0.32

75.25%

 

 

Chicago

Apr-25

-$0.498

-$0.483

-2.95%

-$0.01

-$0.23

118.20%

-$0.13

277.18%

 

 

Waha

Apr-25

-$4.361

-$4.214

-3.49%

-$0.15

-$3.09

41.03%

-$1.11

293.52%

 

 

Algonquin

Apr-25

-$0.270

-$0.251

-7.40%

-$0.02

$0.33

-182.19%

$0.53

-150.67%

 

 

Aeco

Apr-25

-$2.518

-$2.517

0.02%

$0.00

-$2.81

-10.25%

-$0.78

220.80%

 

 

Socal

Apr-25

-$1.242

-$1.077

15.35%

-$0.17

-$0.69

80.07%

-$0.20

526.26%

 

 

 

 

 

Natural Gas Liquids

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

3/24/25

3/21/25

% Change

Change

2/24/25

% Change

3/22/24

% Change

 

 

Mt. Belvieu Propane LST

Apr-25

$0.869

$0.849

2.46%

$0.02

$0.85

2.89%

$0.74

17.24%

 

 

Mt. Belvieu Propane non LST

Apr-25

$0.878

$0.861

2.00%

$0.02

$0.85

3.30%

$0.75

17.79%

 

 

Mt. Belview Ethane

Apr-25

$0.283

$0.283

-0.19%

$0.00

$0.27

4.14%

$0.24

19.83%

 

 

Mt. Belview Nat. Gasoline

Apr-25

$1.485

$1.469

1.09%

$0.02

$1.51

-1.74%

$1.49

-0.43%

 

 

Mt. Belvieu Butane LST

Apr-25

$0.926

$0.915

1.20%

$0.01

$0.97

-4.52%

$0.87

6.42%

 

 

Far East Propane

Apr-25

$5.977

$5.960

0.30%

$0.02

$5.95

0.47%

$5.52

8.29%

 

 

Saudi Propane

Apr-25

$6.100

$6.118

-0.29%

-$0.02

$5.92

3.05%

$5.29

15.37%

 

 

 

 

Crude Oil

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

3/24/25

3/21/25

% Change

Change

2/24/25

% Change

3/22/24

% Change

 

 

WTI

May-25

$69.11

$68.28

1.20%

$0.83

$70.45

-1.90%

$73.60

-6.10%

 

 

Brent

May-25

$73.00

$72.16

1.15%

$0.84

$74.31

-1.76%

$78.39

-6.88%

 

 

WCS

May-25

-$10.66

-$10.69

-0.33%

$0.03

-$12.55

-15.08%

-$12.94

-17.63%

 

 

LLS

May-25

$71.59

$70.70

1.24%

$0.89

$72.67

-1.48%

$75.70

-5.44%

 

 

Mars

May-25

$69.69

$68.92

1.10%

$0.77

$71.18

-2.09%

$72.74

-4.19%

 

 

Sour

May-25

$69.20

$68.41

1.15%

$0.79

$70.63

-2.02%

$73.57

-5.93%

 

 

ESPO

May-25

$71.00

$70.16

1.18%

$0.84

$72.31

-1.81%

$76.39

-7.06%

 

 

 

 

Refined Products

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

3/24/25

3/21/25

% Change

Change

2/24/25

% Change

3/22/24

% Change

 

 

NY Heating Oil

Apr-25

$2.26

$2.25

0.40%

$0.01

$2.37

-4.64%

$2.50

-9.60%

 

 

NY Gasoline

Apr-25

$2.21

$2.20

0.64%

$0.01

$2.26

-2.13%

$2.33

-5.11%

 

 

GC Gasoline

Apr-25

$2.11

$2.10

0.67%

$0.01

$2.16

-2.22%

$2.23

-5.34%

 

 

GC Jet

Apr-25

$2.12

$2.18

-2.98%

-$0.07

$2.19

-3.25%

$2.38

-10.98%

 

 

Chicago Ethanol

Apr-25

$1.79

$1.80

-0.39%

-$0.01

$1.85

-2.82%

$1.55

16.03%

 

 

Rotterdam Gasoil

Apr-25

$658.90

$654.00

0.75%

$4.90

$691.25

-4.68%

$713.07

-7.60%

 

 

Singapore Jet Kero

Apr-25

$87.26

$86.24

1.18%

$1.02

$88.32

-1.21%

$98.63

-11.53%

 

 

 

 

Implied Volatilities

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

3/24/25

3/21/25

% Change

Change

2/24/25

% Change

3/22/24

% Change

 

 

Henry Hub Straddle

May-25

66.70%

61.79%

7.95%

4.91%

53.28%

25.19%

37.19%

79.35%

 

 

Algonquin Straddle

May-25

71.50%

66.73%

7.15%

4.77%

53.40%

33.90%

39.75%

79.87%

 

 

Waha Straddle

May-25

411.06%

336.52%

22.15%

74.54%

152.14%

170.19%

49.00%

738.90%

 

 

Chicago Straddle

May-25

74.27%

68.23%

8.85%

6.04%

59.22%

25.41%

39.09%

90.00%

 

 

PJM West Straddle

May-25

43.68%

43.42%

0.60%

0.26%

36.63%

19.25%

36.78%

18.76%

 

 

SP – 15 Straddle

May-25

305.58%

303.40%

0.72%

2.18%

242.52%

26.00%

88.34%

245.91%

 

 

Mid. C Straddle

May-25

29.61%

23.60%

25.47%

6.01%

22.72%

30.33%

100.18%

-70.44%

 

 

 

 

Euro Gas and Power/LNG

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

3/24/25

3/21/25

% Change

Change

2/24/25

% Change

3/22/24

% Change

 

 

Dutch TTF

May-25

EUR 42.33

EUR 42.68

-0.82%

-EUR 0.35

EUR 47.56

-11.00%

EUR 29.73

42.37%

 

 

NBP

May-25

GBP 102.44

GBP 103.00

-0.54%

-GBP 0.56

GBP 112.99

-9.34%

GBP 75.94

34.89%

 

 

German Base

May-25

EUR 69.85

EUR 70.91

-1.49%

-EUR 1.06

EUR 76.37

-8.54%

EUR 66.95

4.33%

 

 

UK Base

May-25

GBP 79.76

GBP 79.74

0.03%

GBP 0.03

GBP 85.31

-6.50%

GBP 67.68

17.85%

 

 

French Base

May-25

EUR 37.74

EUR 38.81

-2.76%

-EUR 1.07

EUR 43.20

-12.65%

EUR 60.99

-38.13%

 

 

Italian Base

May-25

EUR 107.70

EUR 109.56

-1.69%

-EUR 1.86

EUR 112.00

-3.84%

EUR 83.57

28.87%

 

 

JKM LNG

May-25

$13.52

$13.25

2.01%

$0.27

$14.11

-4.23%

$10.39

30.10%

 

 

 

 

Freight Forwards (WET & DRY)

 

OTCGH/EOXLive Market Data

 

 

 

Contract

3/24/25

3/21/25

% Change

Change

2/24/25

% Change

3/22/24

% Change

 

 

TD3C FFA Middle East to China (WET)

May-25

$42.33

$42.68

-0.82%

-$0.35

$47.56

-11.00%

$29.73

42.37%

 

 

USGC-UK Continent Dirty (WET)

May-25

$102.44

$103.00

-0.54%

-$0.56

$112.99

-9.34%

$75.94

34.89%

 

 

TD20 West Africa to UK Continent (WET)

May-25

$69.85

$70.91

-1.49%

-$1.06

$76.37

-8.54%

$66.95

4.33%

 

 

LPG FFA Middle East Gulf to East (WET)

May-25

$79.76

$79.74

0.03%

$0.03

$85.31

-6.50%

$67.68

17.85%

 

 

TC5 FFA Arabian Gulf to Japan (WET)

May-25

$37.74

$38.81

-2.76%

-$1.07

$43.20

-12.65%

$60.99

-38.13%

 

 

Supramax Timecharter (DRY)

May-25

$107.70

$109.56

-1.69%

-$1.86

$112.00

-3.84%

$83.57

28.87%

 

 

Capesize Timecharter (DRY)

May-25

$13.52

$13.25

2.01%

$0.27

$14.11

-4.23%

$10.39

30.10%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

 

 

 

 

 

 

 

 

 

 

 

 

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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