Morning Report: Gas * Power * NGL * Crude * Products * Vols — Mar-28-2025

Mar 28, 2025

  

 

 

 

 

 

 

 

 

 

Prices as of 7:43 AM CST

 

 

 

 

 

 

 

Current Price

Previous Settle

% Change

Change

Volume

 

 

Natural Gas

$3.893

$3.950

-1.44%

-$0.057

19,616

 

 

WTI

$70.03

$69.92

0.16%

$0.11

51,828

 

 

Brent

$74.14

$74.03

0.15%

$0.11

2,816

 

 

ULSD

$2.283

$2.285

-0.07%

-$0.002

465

 

 

RBOB

$2.253

$2.246

0.30%

$0.007

1,769

 

 

 

 

Spreads

 

 

 

 

 

 

 

Current

Previous

% Change

Change

Contract

 

 

WTI-Brent

$4.11

$4.11

0.00%

$0.00

May-25

 

 

3:2:1 Crack

$24.88

$24.76

0.47%

$0.12

May-25

 

 

PJM West Spark

NA

NA

NA

NA

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

 

 

 

 

03/27/20

 

 

 

3/21/25

3/14/25

Net Change

% Change

3/22/24

% Change

5 Year Avg.

% Change

 

 

East

298

295

3

1.02%

387

-23.00%

337

-11.68%

 

 

Midwest

367

366

1

0.27%

528

-30.49%

432

-15.01%

 

 

Mountain

163

165

-2

-1.21%

166

-1.81%

108

50.65%

 

 

Pacific

192

193

-1

-0.52%

223

-13.90%

170

13.21%

 

 

South

725

688

37

5.38%

991

-26.84%

816

-11.11%

 

 

    Salt

202

181

21

11.60%

294

-31.29%

241

-16.32%

 

 

    Non_Salt

523

508

15

2.95%

698

-25.07%

575

-8.98%

 

 

Total

1,744

1,707

37

2.17%

2,296

-24.04%

1,863

-6.38%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Power Generation Additions/Retirements

 

 

  

 

Front Month Prices

 

 

 

 

 

 

 

 

 

 

 

 

 

Electricity

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

3/27/25

3/26/25

% Change

Change

2/27/25

% Change

3/27/24

% Change

 

 

PJM West On Peak

Apr-25

$50.19

$51.56

-2.65%

-$1.37

$54.38

-7.71%

$45.46

10.41%

 

 

ERCOT North On Peak

Apr-25

$39.30

$40.17

-2.14%

-$0.86

$40.11

-2.01%

$35.79

9.82%

 

 

CAISO SP 15 On Peak

Apr-25

$6.13

$6.74

-9.02%

-$0.61

$4.79

27.90%

$23.19

-73.58%

 

 

MISO Indiana On Peak

Apr-25

$43.94

$44.70

-1.69%

-$0.76

$51.80

-15.17%

$45.15

-2.68%

 

 

NEISO Mass On Peak

Apr-25

$46.03

$48.21

-4.52%

-$2.18

$53.23

-13.52%

$51.12

-9.96%

 

 

WECC Mid C On Peak

Apr-25

$20.11

$22.00

-8.57%

-$1.89

$43.66

-53.93%

$52.17

-61.44%

 

 

NYISO Zone G On Peak

Apr-25

$46.03

$48.46

-5.02%

-$2.43

$50.18

-8.26%

$43.25

6.43%

 

 

 

 

 

Natural Gas & Basis

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

3/27/25

3/26/25

% Change

Change

2/27/25

% Change

3/27/24

% Change

 

 

NYMEX Henry Hub

May-25

$3.925

$3.872

1.37%

$0.05

$3.98

-1.48%

$3.02

29.79%

 

 

Houston Ship Channel

May-25

-$0.531

-$0.528

0.68%

$0.00

-$0.61

-13.07%

-$0.28

90.53%

 

 

Chicago

May-25

-$0.506

-$0.470

-7.06%

-$0.04

-$0.39

29.66%

-$0.18

186.73%

 

 

Waha

May-25

-$3.970

-$3.965

-0.13%

-$0.01

-$3.20

23.99%

-$1.04

281.98%

 

 

Algonquin

May-25

-$0.529

-$0.491

-7.72%

-$0.04

-$0.28

92.01%

-$0.15

243.15%

 

 

Aeco

May-25

-$2.551

-$2.432

4.91%

-$0.12

-$2.75

-7.35%

-$0.94

172.01%

 

 

Socal

May-25

-$1.628

-$1.496

8.80%

-$0.13

-$0.91

78.10%

-$0.36

347.20%

 

 

 

 

 

Natural Gas Liquids

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

3/27/25

3/26/25

% Change

Change

2/27/25

% Change

3/27/24

% Change

 

 

Mt. Belvieu Propane LST

Apr-25

$0.884

$0.885

-0.11%

$0.00

$0.84

4.92%

$0.75

17.92%

 

 

Mt. Belvieu Propane non LST

Apr-25

$0.889

$0.891

-0.25%

$0.00

$0.85

4.29%

$0.74

19.66%

 

 

Mt. Belview Ethane

Apr-25

$0.294

$0.285

3.05%

$0.01

$0.27

8.76%

$0.23

29.79%

 

 

Mt. Belview Nat. Gasoline

Apr-25

$1.505

$1.497

0.51%

$0.01

$1.48

1.35%

$1.49

1.12%

 

 

Mt. Belvieu Butane LST

Apr-25

$0.935

$0.940

-0.49%

$0.00

$0.95

-1.70%

$0.87

7.30%

 

 

Far East Propane

Apr-25

$6.139

$6.128

0.19%

$0.01

$5.93

3.58%

$5.53

10.92%

 

 

Saudi Propane

Apr-25

$6.157

$6.144

0.20%

$0.01

$5.96

3.35%

$5.26

17.16%

 

 

 

 

Crude Oil

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

3/27/25

3/26/25

% Change

Change

2/27/25

% Change

3/27/24

% Change

 

 

WTI

May-25

$69.92

$69.65

0.39%

$0.27

$69.95

-0.04%

$74.24

-5.82%

 

 

Brent

May-25

$74.03

$73.79

0.32%

$0.24

$73.57

0.63%

$78.95

-6.23%

 

 

WCS

May-25

-$9.83

-$10.66

-8.40%

$0.83

-$12.07

-18.56%

-$13.76

-28.53%

 

 

LLS

May-25

$72.52

$72.03

0.69%

$0.50

$72.06

0.64%

$76.18

-4.81%

 

 

Mars

May-25

$70.27

$70.02

0.35%

$0.24

$70.46

-0.28%

$73.44

-4.32%

 

 

Sour

May-25

$69.95

$69.74

0.30%

$0.21

$69.66

0.42%

$73.92

-5.37%

 

 

ESPO

May-25

$72.03

$71.79

0.33%

$0.24

$71.57

0.64%

$76.95

-6.39%

 

 

 

 

Refined Products

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

3/27/25

3/26/25

% Change

Change

2/27/25

% Change

3/27/24

% Change

 

 

NY Heating Oil

Apr-25

$2.29

$2.29

-0.13%

$0.00

$2.35

-2.56%

$2.49

-8.31%

 

 

NY Gasoline

Apr-25

$2.22

$2.23

-0.45%

-$0.01

$2.23

-0.45%

$2.35

-5.45%

 

 

GC Gasoline

Apr-25

$2.12

$2.13

-0.47%

-$0.01

$2.13

-0.47%

$2.25

-5.69%

 

 

GC Jet

Apr-25

$2.19

$2.14

2.34%

$0.05

$2.13

2.91%

$2.41

-9.17%

 

 

Chicago Ethanol

Apr-25

$1.71

$1.74

-1.72%

-$0.03

$1.73

-1.15%

$1.52

12.34%

 

 

Rotterdam Gasoil

Apr-25

$670.75

$673.83

-0.46%

-$3.07

$676.97

-0.92%

$702.97

-4.58%

 

 

Singapore Jet Kero

Apr-25

$87.98

$87.19

0.91%

$0.80

$86.75

1.42%

$98.46

-10.64%

 

 

 

 

Implied Volatilities

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

3/27/25

3/26/25

% Change

Change

2/27/25

% Change

3/27/24

% Change

 

 

Henry Hub Straddle

May-25

54.24%

56.44%

-3.90%

-2.20%

50.71%

6.96%

37.93%

43.00%

 

 

Algonquin Straddle

May-25

59.48%

63.08%

-5.71%

-3.60%

55.45%

7.27%

40.85%

45.61%

 

 

Waha Straddle

May-25

1351.34%

1365.10%

-1.01%

-13.76%

154.87%

772.56%

49.59%

2625.03%

 

 

Chicago Straddle

May-25

59.71%

62.55%

-4.54%

-2.84%

56.63%

5.44%

40.20%

48.53%

 

 

PJM West Straddle

May-25

44.56%

44.26%

0.68%

0.30%

37.67%

18.29%

36.10%

23.43%

 

 

SP – 15 Straddle

May-25

320.92%

345.74%

-7.18%

-24.82%

172.14%

86.43%

44.43%

622.30%

 

 

Mid. C Straddle

May-25

47.41%

57.12%

-17.00%

-9.71%

20.41%

132.29%

93.66%

-49.38%

 

 

 

 

Euro Gas and Power/LNG

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

3/27/25

3/26/25

% Change

Change

2/27/25

% Change

3/27/24

% Change

 

 

Dutch TTF

May-25

EUR 41.11

EUR 40.92

0.46%

EUR 0.19

EUR 45.30

-9.26%

EUR 30.58

34.43%

 

 

NBP

May-25

GBP 98.40

GBP 98.61

-0.21%

-GBP 0.21

GBP 107.51

-8.47%

GBP 77.21

27.45%

 

 

German Base

May-25

EUR 68.98

EUR 69.45

-0.68%

-EUR 0.47

EUR 74.67

-7.61%

EUR 68.34

0.94%

 

 

UK Base

May-25

GBP 79.43

GBP 82.24

-3.42%

-GBP 2.81

GBP 81.72

-2.81%

GBP 68.86

15.35%

 

 

French Base

May-25

EUR 38.24

EUR 36.93

3.53%

EUR 1.30

EUR 44.08

-13.26%

EUR 58.08

-34.16%

 

 

Italian Base

May-25

EUR 106.63

EUR 104.93

1.62%

EUR 1.70

EUR 114.60

-6.96%

EUR 84.87

25.64%

 

 

JKM LNG

May-25

$12.95

$13.37

-3.13%

-$0.42

$14.24

-9.05%

$10.40

24.50%

 

 

 

 

Freight Forwards (WET & DRY)

 

OTCGH/EOXLive Market Data

 

 

 

Contract

3/27/25

3/26/25

% Change

Change

2/27/25

% Change

3/27/24

% Change

 

 

TD3C FFA Middle East to China (WET)

May-25

$41.11

$40.92

0.46%

$0.19

$45.30

-9.26%

$30.58

34.43%

 

 

USGC-UK Continent Dirty (WET)

May-25

$98.40

$98.61

-0.21%

-$0.21

$107.51

-8.47%

$77.21

27.45%

 

 

TD20 West Africa to UK Continent (WET)

May-25

$68.98

$69.45

-0.68%

-$0.47

$74.67

-7.61%

$68.34

0.94%

 

 

LPG FFA Middle East Gulf to East (WET)

May-25

$79.43

$82.24

-3.42%

-$2.81

$81.72

-2.81%

$68.86

15.35%

 

 

TC5 FFA Arabian Gulf to Japan (WET)

May-25

$38.24

$36.93

3.53%

$1.30

$44.08

-13.26%

$58.08

-34.16%

 

 

Supramax Timecharter (DRY)

May-25

$106.63

$104.93

1.62%

$1.70

$114.60

-6.96%

$84.87

25.64%

 

 

Capesize Timecharter (DRY)

May-25

$12.95

$13.37

-3.13%

-$0.42

$14.24

-9.05%

$10.40

24.50%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

To opt out of this email please follow this
link.

Campbell Faulkner | OTC Global Holdings

Quality Data – Reliable Service – Affordable Price

5151 San Felipe Suite 2200
Houston, TX 77056
faulkner.c@otcgh.com
eoxlive.com/market-data

 

This email, any information contained herein and any files transmitted with it (collectively, the Material) are the sole property of OTC Global Holdings LP and its affiliates (OTCGH); are confidential, may be legally privileged and are intended solely for
the use of the individual or entity to whom they are addressed. Unauthorized disclosure, copying or distribution of the Material, is strictly prohibited and the recipient shall not redistribute the Material in any form to a third party. Please notify the sender
immediately by email if you have received this email by mistake, delete this email from your system and destroy any hard copies. OTCGH waives no privilege or confidentiality due to any mistaken transmission of this email.