Morning Report: Gas * Power * NGL * Crude * Products * Vols — Mar-26-2025

Mar 26, 2025

  

 

 

 

 

 

 

 

 

 

Prices as of 7:12 AM CST

 

 

 

 

 

 

 

Current Price

Previous Settle

% Change

Change

Volume

 

 

Natural Gas

$3.836

$3.840

-0.10%

-$0.004

3,192

 

 

WTI

$69.62

$69.00

0.90%

$0.62

41,211

 

 

Brent

$73.64

$73.02

0.85%

$0.62

4,779

 

 

ULSD

$2.298

$2.286

0.51%

$0.012

944

 

 

RBOB

$2.223

$2.209

0.64%

$0.014

765

 

 

 

 

Spreads

 

 

 

 

 

 

 

Current

Previous

% Change

Change

Contract

 

 

WTI-Brent

$4.03

$4.02

0.25%

$0.01

May-25

 

 

3:2:1 Crack

$24.28

$24.40

-0.48%

-$0.12

May-25

 

 

PJM West Spark

$43.60

$44.12

-1.17%

-$0.52

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

3/25/25

3/24/25

% Change

Change

2/25/25

% Change

3/25/24

% Change

 

 

PJM West On Peak

Apr-25

$51.81

$52.34

-1.01%

-$0.53

$54.13

-4.29%

$45.79

13.14%

 

 

ERCOT North On Peak

Apr-25

$39.25

$40.97

-4.21%

-$1.73

$41.13

-4.58%

$35.91

9.28%

 

 

CAISO SP 15 On Peak

Apr-25

$7.50

$8.35

-10.23%

-$0.85

$4.66

61.00%

$23.13

-67.59%

 

 

MISO Indiana On Peak

Apr-25

$44.99

$46.50

-3.24%

-$1.51

$51.96

-13.40%

$45.94

-2.07%

 

 

NEISO Mass On Peak

Apr-25

$50.21

$49.07

2.32%

$1.14

$54.77

-8.34%

$49.79

0.84%

 

 

WECC Mid C On Peak

Apr-25

$33.24

$33.00

0.72%

$0.24

$43.73

-23.98%

$55.84

-40.48%

 

 

NYISO Zone G On Peak

Apr-25

$50.19

$49.52

1.34%

$0.66

$50.55

-0.72%

$43.48

15.42%

 

 

 

 

 

Natural Gas & Basis

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

3/25/25

3/24/25

% Change

Change

2/25/25

% Change

3/25/24

% Change

 

 

NYMEX Henry Hub

Apr-25

$3.840

$3.914

-1.89%

-$0.07

$4.13

-7.02%

$2.97

29.12%

 

 

Houston Ship Channel

Apr-25

-$0.564

-$0.555

1.62%

-$0.01

-$0.67

-16.20%

-$0.32

75.05%

 

 

Chicago

Apr-25

-$0.512

-$0.498

-2.85%

-$0.01

-$0.27

87.58%

-$0.14

272.44%

 

 

Waha

Apr-25

-$4.728

-$4.361

-8.42%

-$0.37

-$3.20

47.54%

-$1.13

316.59%

 

 

Algonquin

Apr-25

-$0.319

-$0.270

-18.00%

-$0.05

$0.30

-204.80%

$0.53

-160.39%

 

 

Aeco

Apr-25

-$2.459

-$2.518

-2.34%

$0.06

-$2.82

-12.73%

-$0.80

208.64%

 

 

Socal

Apr-25

-$1.603

-$1.242

29.01%

-$0.36

-$0.68

135.58%

-$0.24

575.19%

 

 

 

 

 

Natural Gas Liquids

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

3/25/25

3/24/25

% Change

Change

2/25/25

% Change

3/25/24

% Change

 

 

Mt. Belvieu Propane LST

Apr-25

$0.880

$0.869

1.19%

$0.01

$0.84

4.42%

$0.75

17.01%

 

 

Mt. Belvieu Propane non LST

Apr-25

$0.882

$0.878

0.49%

$0.00

$0.84

5.03%

$0.75

17.11%

 

 

Mt. Belview Ethane

Apr-25

$0.284

$0.283

0.44%

$0.00

$0.27

4.60%

$0.23

22.00%

 

 

Mt. Belview Nat. Gasoline

Apr-25

$1.478

$1.485

-0.48%

-$0.01

$1.49

-0.78%

$1.51

-1.97%

 

 

Mt. Belvieu Butane LST

Apr-25

$0.935

$0.926

0.94%

$0.01

$0.96

-2.16%

$0.90

4.15%

 

 

Far East Propane

Apr-25

$6.029

$5.977

0.86%

$0.05

$5.86

2.87%

$5.54

8.85%

 

 

Saudi Propane

Apr-25

$6.120

$6.100

0.33%

$0.02

$5.91

3.55%

$5.27

16.08%

 

 

 

 

Crude Oil

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

3/25/25

3/24/25

% Change

Change

2/25/25

% Change

3/25/24

% Change

 

 

WTI

May-25

$69.00

$69.11

-0.16%

-$0.11

$68.69

0.45%

$74.45

-7.32%

 

 

Brent

May-25

$73.02

$73.00

0.03%

$0.02

$72.50

0.72%

$79.26

-7.87%

 

 

WCS

May-25

-$10.66

-$10.66

-0.01%

$0.00

-$12.70

-16.09%

-$13.76

-22.53%

 

 

LLS

May-25

$71.48

$71.59

-0.15%

-$0.11

$72.32

-1.16%

$76.78

-6.90%

 

 

Mars

May-25

$69.41

$69.69

-0.40%

-$0.28

$69.48

-0.10%

$73.85

-6.02%

 

 

Sour

May-25

$69.23

$69.20

0.04%

$0.03

$68.83

0.58%

$74.64

-7.25%

 

 

ESPO

May-25

$71.02

$71.00

0.03%

$0.02

$70.50

0.74%

$77.26

-8.08%

 

 

 

 

Refined Products

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

3/25/25

3/24/25

% Change

Change

2/25/25

% Change

3/25/24

% Change

 

 

NY Heating Oil

Apr-25

$2.29

$2.26

1.33%

$0.03

$2.33

-1.80%

$2.53

-9.31%

 

 

NY Gasoline

Apr-25

$2.21

$2.21

-0.09%

$0.00

$2.22

-0.54%

$2.36

-6.32%

 

 

GC Gasoline

Apr-25

$2.11

$2.11

-0.09%

$0.00

$2.12

-0.57%

$2.26

-6.60%

 

 

GC Jet

Apr-25

$2.16

$2.12

2.03%

$0.04

$2.13

1.27%

$2.44

-11.63%

 

 

Chicago Ethanol

Apr-25

$1.76

$1.79

-1.67%

-$0.03

$1.81

-2.27%

$1.52

15.74%

 

 

Rotterdam Gasoil

Apr-25

$663.44

$658.90

0.69%

$4.54

$673.06

-1.43%

$706.65

-6.11%

 

 

Singapore Jet Kero

Apr-25

$86.66

$87.26

-0.69%

-$0.60

$88.29

-1.85%

$97.46

-11.08%

 

 

 

 

Implied Volatilities

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

3/25/25

3/24/25

% Change

Change

2/25/25

% Change

3/25/24

% Change

 

 

Henry Hub Straddle

May-25

56.99%

66.70%

-14.56%

-9.71%

48.70%

17.02%

36.65%

55.50%

 

 

Algonquin Straddle

May-25

63.16%

71.50%

-11.66%

-8.34%

49.77%

26.90%

39.16%

61.29%

 

 

Waha Straddle

May-25

1139.68%

411.06%

177.25%

728.62%

147.77%

671.25%

47.14%

2317.65%

 

 

Chicago Straddle

May-25

62.43%

74.27%

-15.94%

-11.84%

53.38%

16.95%

38.26%

63.17%

 

 

PJM West Straddle

May-25

43.26%

43.68%

-0.96%

-0.42%

36.58%

18.26%

36.78%

17.62%

 

 

SP – 15 Straddle

May-25

304.19%

305.58%

-0.45%

-1.39%

84.16%

261.44%

101.92%

198.46%

 

 

Mid. C Straddle

May-25

0.00%

29.61%

-100.00%

-29.61%

21.58%

-100.00%

86.37%

-100.00%

 

 

 

 

Euro Gas and Power/LNG

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

3/25/25

3/24/25

% Change

Change

2/25/25

% Change

3/25/24

% Change

 

 

Dutch TTF

May-25

EUR 41.26

EUR 42.33

-2.52%

-EUR 1.07

EUR 44.65

-7.59%

EUR 30.54

35.10%

 

 

NBP

May-25

GBP 98.89

GBP 102.44

-3.47%

-GBP 3.55

GBP 105.72

-6.47%

GBP 76.65

29.01%

 

 

German Base

May-25

EUR 68.32

EUR 69.85

-2.18%

-EUR 1.52

EUR 72.05

-5.17%

EUR 70.78

-3.47%

 

 

UK Base

May-25

GBP 78.86

GBP 79.76

-1.13%

-GBP 0.90

GBP 83.04

-5.03%

GBP 69.42

13.60%

 

 

French Base

May-25

EUR 36.21

EUR 37.74

-4.05%

-EUR 1.53

EUR 43.37

-16.51%

EUR 61.90

-41.51%

 

 

Italian Base

May-25

EUR 105.98

EUR 107.70

-1.59%

-EUR 1.72

EUR 113.29

-6.45%

EUR 87.60

20.98%

 

 

JKM LNG

May-25

$13.23

$13.52

-2.12%

-$0.29

$13.77

-3.91%

$10.57

25.19%

 

 

 

 

Freight Forwards (WET & DRY)

 

OTCGH/EOXLive Market Data

 

 

 

Contract

3/25/25

3/24/25

% Change

Change

2/25/25

% Change

3/25/24

% Change

 

 

TD3C FFA Middle East to China (WET)

May-25

$41.26

$42.33

-2.52%

-$1.07

$44.65

-7.59%

$30.54

35.10%

 

 

USGC-UK Continent Dirty (WET)

May-25

$98.89

$102.44

-3.47%

-$3.55

$105.72

-6.47%

$76.65

29.01%

 

 

TD20 West Africa to UK Continent (WET)

May-25

$68.32

$69.85

-2.18%

-$1.52

$72.05

-5.17%

$70.78

-3.47%

 

 

LPG FFA Middle East Gulf to East (WET)

May-25

$78.86

$79.76

-1.13%

-$0.90

$83.04

-5.03%

$69.42

13.60%

 

 

TC5 FFA Arabian Gulf to Japan (WET)

May-25

$36.21

$37.74

-4.05%

-$1.53

$43.37

-16.51%

$61.90

-41.51%

 

 

Supramax Timecharter (DRY)

May-25

$105.98

$107.70

-1.59%

-$1.72

$113.29

-6.45%

$87.60

20.98%

 

 

Capesize Timecharter (DRY)

May-25

$13.23

$13.52

-2.12%

-$0.29

$13.77

-3.91%

$10.57

25.19%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

 

 

 

 

 

 

 

 

 

 

 

 

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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