Morning Report: Gas * Power * NGL * Crude * Products * Vols — Mar-27-2025

Mar 27, 2025

  

 

 

 

 

 

 

 

 

 

Prices as of 7:12 AM CST

 

 

 

 

 

 

 

Current Price

Previous Settle

% Change

Change

Volume

 

 

Natural Gas

$3.775

$3.861

-2.23%

-$0.086

2,372

 

 

WTI

$69.52

$69.65

-0.19%

-$0.13

41,257

 

 

Brent

$73.64

$73.79

-0.20%

-$0.15

4,527

 

 

ULSD

$2.283

$2.289

-0.27%

-$0.006

1,300

 

 

RBOB

$2.230

$2.233

-0.11%

-$0.003

763

 

 

 

 

Spreads

 

 

 

 

 

 

 

Current

Previous

% Change

Change

Contract

 

 

WTI-Brent

$4.12

$4.14

-0.48%

-$0.02

May-25

 

 

3:2:1 Crack

$24.59

$24.56

0.09%

$0.02

May-25

 

 

PJM West Spark

$43.49

$43.55

-0.13%

-$0.06

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

3/26/25

3/25/25

% Change

Change

2/26/25

% Change

3/26/24

% Change

 

 

PJM West On Peak

Apr-25

$51.56

$51.81

-0.49%

-$0.26

$54.60

-5.58%

$46.59

10.66%

 

 

ERCOT North On Peak

Apr-25

$40.17

$39.25

2.34%

$0.92

$41.27

-2.68%

$36.01

11.55%

 

 

CAISO SP 15 On Peak

Apr-25

$6.74

$7.50

-10.16%

-$0.76

$4.31

56.41%

$23.33

-71.13%

 

 

MISO Indiana On Peak

Apr-25

$44.70

$44.99

-0.66%

-$0.30

$52.21

-14.39%

$46.74

-4.38%

 

 

NEISO Mass On Peak

Apr-25

$48.21

$50.21

-3.98%

-$2.00

$53.24

-9.45%

$49.77

-3.14%

 

 

WECC Mid C On Peak

Apr-25

$22.00

$33.24

-33.81%

-$11.24

$43.00

-48.84%

$51.57

-57.34%

 

 

NYISO Zone G On Peak

Apr-25

$48.46

$50.19

-3.44%

-$1.73

$49.48

-2.06%

$40.78

18.83%

 

 

 

 

 

Natural Gas & Basis

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

3/26/25

3/25/25

% Change

Change

2/26/25

% Change

3/26/24

% Change

 

 

NYMEX Henry Hub

Apr-25

$3.861

$3.840

0.55%

$0.02

$3.96

-2.48%

$2.99

28.91%

 

 

Houston Ship Channel

Apr-25

-$0.548

-$0.564

-2.94%

$0.02

-$0.62

-11.86%

-$0.32

69.69%

 

 

Chicago

Apr-25

-$0.498

-$0.512

2.93%

$0.01

-$0.27

85.08%

-$0.14

254.85%

 

 

Waha

Apr-25

-$4.818

-$4.728

-1.91%

-$0.09

-$3.19

51.23%

-$1.13

326.31%

 

 

Algonquin

Apr-25

-$0.376

-$0.319

-17.98%

-$0.06

$0.24

-258.47%

$0.50

-174.82%

 

 

Aeco

Apr-25

-$2.364

-$2.459

-3.85%

$0.09

-$2.71

-12.80%

-$0.81

190.41%

 

 

Socal

Apr-25

-$1.616

-$1.603

0.83%

-$0.01

-$0.68

136.08%

-$0.25

539.32%

 

 

 

 

 

Natural Gas Liquids

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

3/26/25

3/25/25

% Change

Change

2/26/25

% Change

3/26/24

% Change

 

 

Mt. Belvieu Propane LST

Apr-25

$0.885

$0.880

0.58%

$0.01

$0.84

5.34%

$0.75

18.08%

 

 

Mt. Belvieu Propane non LST

Apr-25

$0.891

$0.882

0.98%

$0.01

$0.86

4.12%

$0.75

18.73%

 

 

Mt. Belview Ethane

Apr-25

$0.285

$0.284

0.44%

$0.00

$0.27

6.04%

$0.23

24.60%

 

 

Mt. Belview Nat. Gasoline

Apr-25

$1.497

$1.478

1.33%

$0.02

$1.47

1.53%

$1.49

0.49%

 

 

Mt. Belvieu Butane LST

Apr-25

$0.940

$0.935

0.55%

$0.01

$0.99

-5.18%

$0.87

7.74%

 

 

Far East Propane

Apr-25

$6.128

$6.029

1.64%

$0.10

$5.86

4.54%

$5.53

10.90%

 

 

Saudi Propane

Apr-25

$6.144

$6.120

0.39%

$0.02

$5.87

4.68%

$5.31

15.75%

 

 

 

 

Crude Oil

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

3/26/25

3/25/25

% Change

Change

2/26/25

% Change

3/26/24

% Change

 

 

WTI

May-25

$69.65

$69.00

0.93%

$0.65

$68.30

1.98%

$74.30

-6.26%

 

 

Brent

May-25

$73.79

$73.02

1.04%

$0.77

$72.07

2.39%

$79.02

-6.62%

 

 

WCS

May-25

-$10.66

-$10.66

0.01%

$0.00

-$12.70

-16.08%

-$13.15

-18.92%

 

 

LLS

May-25

$72.03

$71.48

0.76%

$0.54

$71.01

1.43%

$76.58

-5.95%

 

 

Mars

May-25

$70.02

$69.41

0.87%

$0.61

$69.06

1.40%

$73.73

-5.03%

 

 

Sour

May-25

$69.74

$69.23

0.73%

$0.51

$68.48

1.84%

$74.38

-6.24%

 

 

ESPO

May-25

$71.79

$71.02

1.07%

$0.77

$70.07

2.45%

$77.02

-6.79%

 

 

 

 

Refined Products

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

3/26/25

3/25/25

% Change

Change

2/26/25

% Change

3/26/24

% Change

 

 

NY Heating Oil

Apr-25

$2.29

$2.29

-0.09%

$0.00

$2.29

-0.26%

$2.50

-8.55%

 

 

NY Gasoline

Apr-25

$2.23

$2.21

1.00%

$0.02

$2.21

0.86%

$2.35

-5.07%

 

 

GC Gasoline

Apr-25

$2.13

$2.11

1.04%

$0.02

$2.11

0.90%

$2.25

-5.29%

 

 

GC Jet

Apr-25

$2.14

$2.16

-0.83%

-$0.02

$2.12

1.18%

$2.38

-10.20%

 

 

Chicago Ethanol

Apr-25

$1.74

$1.76

-1.30%

-$0.02

$1.76

-1.02%

$1.52

14.83%

 

 

Rotterdam Gasoil

Apr-25

$673.83

$663.44

1.57%

$10.39

$668.27

0.83%

$718.52

-6.22%

 

 

Singapore Jet Kero

Apr-25

$87.19

$86.66

0.61%

$0.53

$87.91

-0.83%

$97.71

-10.78%

 

 

 

 

Implied Volatilities

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

3/26/25

3/25/25

% Change

Change

2/26/25

% Change

3/26/24

% Change

 

 

Henry Hub Straddle

May-25

56.44%

56.99%

-0.97%

-0.55%

54.22%

4.09%

36.31%

55.44%

 

 

Algonquin Straddle

May-25

63.08%

63.16%

-0.13%

-0.08%

55.79%

13.07%

38.80%

62.58%

 

 

Waha Straddle

May-25

1365.10%

1139.68%

19.78%

225.42%

154.50%

783.56%

46.96%

2806.94%

 

 

Chicago Straddle

May-25

62.55%

62.43%

0.19%

0.12%

58.25%

7.38%

37.65%

66.14%

 

 

PJM West Straddle

May-25

44.26%

43.26%

2.31%

1.00%

36.34%

21.79%

36.83%

20.17%

 

 

SP – 15 Straddle

May-25

345.74%

304.19%

13.66%

41.55%

86.86%

298.04%

62.64%

451.95%

 

 

Mid. C Straddle

May-25

57.12%

0.00%

#DIV/0!

57.12%

20.18%

183.05%

93.22%

-38.73%

 

 

 

 

Euro Gas and Power/LNG

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

3/26/25

3/25/25

% Change

Change

2/26/25

% Change

3/26/24

% Change

 

 

Dutch TTF

May-25

EUR 40.92

EUR 41.26

-0.83%

-EUR 0.34

EUR 41.78

-2.07%

EUR 30.15

35.73%

 

 

NBP

May-25

GBP 98.61

GBP 98.89

-0.28%

-GBP 0.28

GBP 98.89

-0.29%

GBP 76.79

28.41%

 

 

German Base

May-25

EUR 69.45

EUR 68.32

1.65%

EUR 1.13

EUR 69.79

-0.49%

EUR 69.16

0.43%

 

 

UK Base

May-25

GBP 82.24

GBP 78.86

4.29%

GBP 3.38

GBP 76.04

8.16%

GBP 68.02

20.92%

 

 

French Base

May-25

EUR 36.93

EUR 36.21

2.00%

EUR 0.72

EUR 41.97

-12.00%

EUR 59.18

-37.59%

 

 

Italian Base

May-25

EUR 104.93

EUR 105.98

-0.99%

-EUR 1.05

EUR 107.94

-2.79%

EUR 85.78

22.33%

 

 

JKM LNG

May-25

$13.37

$13.23

1.07%

$0.14

$13.35

0.12%

$10.49

27.40%

 

 

 

 

Freight Forwards (WET & DRY)

 

OTCGH/EOXLive Market Data

 

 

 

Contract

3/26/25

3/25/25

% Change

Change

2/26/25

% Change

3/26/24

% Change

 

 

TD3C FFA Middle East to China (WET)

May-25

$40.92

$41.26

-0.83%

-$0.34

$41.78

-2.07%

$30.15

35.73%

 

 

USGC-UK Continent Dirty (WET)

May-25

$98.61

$98.89

-0.28%

-$0.28

$98.89

-0.29%

$76.79

28.41%

 

 

TD20 West Africa to UK Continent (WET)

May-25

$69.45

$68.32

1.65%

$1.13

$69.79

-0.49%

$69.16

0.43%

 

 

LPG FFA Middle East Gulf to East (WET)

May-25

$82.24

$78.86

4.29%

$3.38

$76.04

8.16%

$68.02

20.92%

 

 

TC5 FFA Arabian Gulf to Japan (WET)

May-25

$36.93

$36.21

2.00%

$0.72

$41.97

-12.00%

$59.18

-37.59%

 

 

Supramax Timecharter (DRY)

May-25

$104.93

$105.98

-0.99%

-$1.05

$107.94

-2.79%

$85.78

22.33%

 

 

Capesize Timecharter (DRY)

May-25

$13.37

$13.23

1.07%

$0.14

$13.35

0.12%

$10.49

27.40%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

 

 

 

 

 

 

 

 

 

 

 

 

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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