Morning Report: Gas * Power * NGL * Crude * Products * Vols — May-25-2023

May 25, 2023

  

 

 

 

 

 

 

 

 

 

Prices as of 8:36 AM CST

 

 

 

 

 

 

 

Current Price

Previous Settle

% Change

Change

Volume

 

 

Natural Gas

$2.380

$2.398

-0.75%

-$0.018

6,724

 

 

WTI

$72.40

$74.34

-2.61%

-$1.94

122,537

 

 

Brent

$76.56

$78.36

-2.30%

-$1.80

11,685

 

 

ULSD

$2.361

$2.414

-2.17%

-$0.052

1,167

 

 

RBOB

$2.660

$2.721

-2.25%

-$0.061

2,431

 

 

 

 

Spreads

 

 

 

 

 

 

 

Current

Previous

% Change

Change

Contract

 

 

WTI-Brent

$4.13

$4.02

2.74%

$0.11

Jul-23

 

 

3:2:1 Crack

$32.10

$32.65

-1.67%

-$0.55

Jul-23

 

 

PJM West Spark

$34.85

$34.90

-0.14%

-$0.05

Jun-23

 

 

 

 

Baker Hughes Rig Count

 

 

 

 

 

 

 

Date

Count

Change

1 Year Chg.

1 Year Date

 

 

U.S.

05/19/23

720

-11

-8

05/20/22

 

 

Canada

05/19/23

85

-9

-3

05/20/22

 

 

International

Apr

947

17

141

Apr

 

 

 

 

CFTC Net Positions

 

 

 

 

 

 

As of 5/16/2023

Open Interest

Total Net Long

Total Net Short

Diff

 

 

PJM West On Peak

104,099

103,713

103,848

-135

 

 

PJM West Off Peak

88,593

87,882

88,141

-259

 

 

Natural Gas Henry Hub

452,029

423,773

438,801

-15,028

 

 

WTI – Light Sweet Crude Futures

127,977

95,526

92,624

2,902

 

 

Brent Crude Last Day

142,564

133,882

135,988

-2,106

 

 

NYM Ethanol

35,049

34,616

34,615

1

 

 

Mt Belvieu LDH Propane Swap

146,547

145,395

146,197

-802

 

 

RBOB

306,848

285,236

289,860

-4,624

 

 

HSC Basis

553,444

548,873

544,297

4,576

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

 

 

 

 

 

 

 

 

 

 

 

 

EIA Lower 48 Natural Gas Storage

 

 

 

 

05/18/18

 

 

 

5/12/23

5/5/23

Net Change

% Change

5/13/22

% Change

5 Year Avg.

% Change

 

 

East

458

422

36

8.53%

296

54.73%

355

29.01%

 

 

Midwest

520

497

23

4.63%

364

42.86%

413

25.97%

 

 

Mountain

112

104

8

7.69%

103

8.74%

112

0.36%

 

 

Pacific

127

114

13

11.40%

187

-32.09%

217

-41.53%

 

 

South

1,023

1,002

21

2.10%

781

30.99%

847

20.81%

 

 

    Salt

290

287

3

1.05%

251

15.54%

270

7.33%

 

 

    Non_Salt

734

715

19

2.66%

531

38.23%

577

27.21%

 

 

Total

2,240

2,141

99

4.62%

1,732

29.33%

1,943

15.26%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Power Generation Additions/Retirements

 

 

  

 

Front Month Prices

 

 

 

 

 

 

 

 

 

 

 

 

 

Electricity

 

 

 

EOXLive Market Data

 

 

 

Contract

5/24/23

5/23/23

% Change

Change

4/26/23

% Change

5/24/22

% Change

 

 

PJM West On Peak

Jun-23

$39.95

$40.03

-0.20%

-$0.08

$40.23

-0.70%

$66.69

-40.10%

 

 

ERCOT North On Peak

Jun-23

$45.44

$42.62

6.62%

$2.82

$44.17

2.88%

$69.39

-34.51%

 

 

CAISO SP 15 On Peak

Jun-23

$47.01

$44.83

4.88%

$2.19

$52.82

-10.99%

$65.82

-28.57%

 

 

MISO Indiana On Peak

Jun-23

$44.80

$44.68

0.25%

$0.11

$44.62

0.40%

$68.94

-35.02%

 

 

NEISO Mass On Peak

Jun-23

$44.59

$44.48

0.26%

$0.11

$48.31

-7.69%

$56.83

-21.54%

 

 

WECC Mid C On Peak

Jun-23

$67.72

$58.96

14.85%

$8.76

$55.87

21.21%

$53.30

27.04%

 

 

NYISO Zone G On Peak

Jun-23

$39.09

$37.50

4.24%

$1.59

$42.71

-8.47%

$56.05

-30.26%

 

 

 

 

 

Natural Gas & Basis

 

 

 

EOXLive Market Data

 

 

 

Contract

5/24/23

5/23/23

% Change

Change

4/26/23

% Change

5/24/22

% Change

 

 

NYMEX Henry Hub

Jun-23

$2.398

$2.321

3.32%

$0.08

$2.31

4.03%

$4.98

-51.89%

 

 

Houston Ship Channel

Jun-23

-$0.136

-$0.126

7.36%

-$0.01

-$0.24

-43.10%

-$0.17

-22.34%

 

 

Chicago

Jun-23

-$0.177

-$0.152

-14.07%

-$0.02

-$0.14

22.24%

-$0.27

-34.37%

 

 

Waha

Jun-23

-$0.940

-$0.903

-4.03%

-$0.04

-$1.25

-24.75%

-$2.07

-54.67%

 

 

Algonquin

Jun-23

$0.511

$0.580

-11.85%

-$0.07

$0.85

-39.56%

-$0.70

-173.36%

 

 

Aeco

Jun-23

-$0.762

-$0.664

14.76%

-$0.10

-$0.71

7.17%

-$1.30

-41.44%

 

 

Socal

Jun-23

$0.508

$0.377

34.78%

$0.13

$0.51

-0.16%

-$0.31

-262.85%

 

 

 

 

 

Natural Gas Liquids

 

 

 

EOXLive Market Data

 

 

 

Contract

5/24/23

5/23/23

% Change

Change

4/26/23

% Change

5/24/22

% Change

 

 

Mt. Belvieu Propane LST

Jun-23

$0.646

$0.645

0.18%

$0.00

$0.76

-14.63%

$1.04

-37.60%

 

 

Mt. Belvieu Propane non LST

Jun-23

$0.644

$0.640

0.58%

$0.00

$0.77

-16.09%

$1.03

-37.58%

 

 

Mt. Belview Ethane

Jun-23

$0.211

$0.204

3.35%

$0.01

$0.21

-1.02%

$0.38

-45.06%

 

 

Mt. Belview Nat. Gasoline

Jun-23

$1.473

$1.460

0.89%

$0.01

$1.53

-3.68%

$1.86

-20.79%

 

 

Mt. Belvieu Butane LST

Jun-23

$0.720

$0.719

0.15%

$0.00

$0.88

-18.48%

$1.15

-37.44%

 

 

Conway Propane

Jun-23

$0.643

$0.635

1.18%

$0.01

$0.75

-14.01%

$1.02

-37.09%

 

 

Conway Nat. Gasoline

Jun-23

$1.514

$1.523

-0.64%

-$0.01

$1.56

-2.69%

$1.88

-19.56%

 

 

 

 

Crude Oil

 

 

 

EOXLive Market Data

 

 

 

Contract

5/24/23

5/23/23

% Change

Change

4/26/23

% Change

5/24/22

% Change

 

 

WTI

Jul-23

$74.34

$72.91

1.92%

$1.43

$74.19

0.20%

$89.10

-16.57%

 

 

Brent

Jul-23

$78.36

$76.84

1.94%

$1.52

$77.72

0.82%

$94.00

-16.64%

 

 

WCS

Jul-23

-$12.51

-$12.71

-1.58%

$0.20

-$13.05

-4.14%

-$14.35

-12.83%

 

 

LLS

Jul-23

$75.56

$74.68

1.16%

$0.88

$76.56

-1.31%

$89.29

-15.38%

 

 

Mars

Jul-23

$72.17

$71.24

1.29%

$0.93

$72.01

0.22%

$87.31

-17.33%

 

 

Sour

Jul-23

$72.36

$71.53

1.15%

$0.83

$72.59

-0.32%

$88.31

-18.06%

 

 

ESPO

Jul-23

$76.64

$75.90

0.97%

$0.74

$76.25

0.51%

$90.30

-15.13%

 

 

 

 

Refined Products

 

 

 

EOXLive Market Data

 

 

 

Contract

5/24/23

5/23/23

% Change

Change

4/26/23

% Change

5/24/22

% Change

 

 

NY Heating Oil

Jun-23

$2.41

$2.38

1.43%

$0.03

$2.39

1.00%

$3.01

-19.79%

 

 

NY Gasoline

Jun-23

$2.73

$2.67

2.10%

$0.06

$2.53

7.78%

$2.49

9.60%

 

 

GC Gasoline

Jun-23

$2.63

$2.57

2.18%

$0.06

$2.43

8.10%

$2.39

10.00%

 

 

GC Jet

Jun-23

$2.20

$2.18

0.82%

$0.02

$2.02

9.23%

$2.83

-22.14%

 

 

Chicago Ethanol

Jun-23

$2.46

$2.42

1.57%

$0.04

$2.38

3.24%

$2.53

-2.92%

 

 

Rotterdam Gasoil

Jun-23

$653.11

$644.48

1.34%

$8.63

$657.73

-0.70%

$812.31

-19.60%

 

 

Singapore Jet Kero

Jun-23

$89.50

$90.07

-0.63%

-$0.57

$93.55

-4.33%

$110.38

-18.92%

 

 

 

 

Implied Volatilities

 

 

 

EOXLive Market Data

 

 

 

Contract

5/24/23

5/23/23

% Change

Change

4/26/23

% Change

5/24/22

% Change

 

 

Henry Hub Straddle

Jul-23

63.84%

75.04%

-14.93%

-11.20%

64.35%

-0.79%

48.55%

31.49%

 

 

Algonquin Straddle

Jul-23

95.35%

110.89%

-14.01%

-15.54%

160.53%

-40.60%

53.68%

77.63%

 

 

Waha Straddle

Jul-23

98.20%

107.15%

-8.35%

-8.95%

117.52%

-16.44%

81.30%

20.79%

 

 

Chicago Straddle

Jul-23

65.78%

82.84%

-20.59%

-17.06%

71.12%

-7.51%

50.73%

29.67%

 

 

PJM West Straddle

Jul-23

79.43%

79.01%

0.53%

0.42%

81.20%

-2.18%

60.12%

32.12%

 

 

SP – 15 Straddle

Jul-23

154.14%

194.57%

-20.78%

-40.43%

143.33%

7.54%

62.35%

147.22%

 

 

Mid. C Straddle

Jul-23

223.19%

219.64%

1.62%

3.55%

167.52%

33.23%

90.91%

145.51%

 

 

 

 

Euro Gas and Power/LNG

 

 

EOXLive Market Data

 

 

 

Contract

5/24/23

5/23/23

% Change

Change

4/26/23

% Change

5/24/22

% Change

 

 

Dutch TTF

Jul-23

EUR 28.50

EUR 30.25

-5.79%

-EUR 1.75

EUR 39.15

-27.20%

EUR 68.45

-58.36%

 

 

NBP

Jul-23

GBP 64.00

GBP 66.60

-3.90%

-GBP 2.60

GBP 91.75

-30.25%

GBP 154.34

-58.53%

 

 

German Base

Jul-23

EUR 87.65

EUR 89.87

-2.47%

-EUR 2.22

EUR 105.02

-16.54%

EUR 182.85

-52.06%

 

 

UK Base

Jul-23

GBP 81.21

GBP 83.30

-2.52%

-GBP 2.10

GBP 99.90

-18.71%

GBP 153.15

-46.97%

 

 

French Base

Jul-23

EUR 85.23

EUR 87.59

-2.70%

-EUR 2.36

EUR 115.23

-26.04%

EUR 171.16

-50.21%

 

 

Italian Base

Jul-23

EUR 109.57

EUR 111.85

-2.04%

-EUR 2.28

EUR 139.77

-21.61%

EUR 171.80

-36.23%

 

 

JKM LNG

Jul-23

$10.94

$10.92

0.21%

$0.02

$11.24

-2.63%

$20.16

-45.73%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

 

 

 

 

 

 

 

 

 

 

 

 

Cooling Degree Days

 

 

 

 

 

 

05/20/2023

Week Tot

Dev Norm

Dev L YR

Cum Tot

CumD Norm

CumD L YR

CumD Norm

CumD L YR

 

 

New England

0

-1

-12

5

4

-9

NA

NA

 

 

Middle Atlantic

0

-5

-8

14

6

5

NA

NA

 

 

E N Central

0

-12

-20

9

-15

-47

NA

NA

 

 

W N Central

9

-6

-16

46

9

-27

NA

NA

 

 

South Atlantic

48

7

-15

355

76

-6

27.00%

-2.00%

 

 

E S Central

52

21

-8

153

28

-27

22.00%

-15.00%

 

 

W S Central

61

3

-46

388

74

-104

24.00%

-21.00%

 

 

Mountain

27

6

-7

70

-27

-40

NA

NA

 

 

Pacific

16

9

9

19

-20

4

NA

NA

 

 

United States

24

2

-13

133

18

-26

16.00%

-16.00%

 

 

 

 

Heating Degree Days

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

05/20/2023

Week Tot

Dev Norm

Dev L YR

Cum Tot

CumD Norm

CumD L YR

CumD Norm

CumD L YR

 

 

New England

77

17

45

5,595

-884

-286

-14.00%

-5.00%

 

 

Middle Atlantic

54

8

34

5,004

-820

-181

-14.00%

-3.00%

 

 

E N Central

51

0

29

5,758

-633

-81

-10.00%

-1.00%

 

 

W N Central

38

-7

13

6,496

-156

227

-2.00%

4.00%

 

 

South Atlantic

8

-5

7

2,410

-424

1

-15.00%

0.00%

 

 

E S Central

3

-13

2

3,081

-501

-45

-14.00%

-1.00%

 

 

W S Central

2

-1

2

2,098

-186

160

-8.00%

8.00%

 

 

Mountain

31

-20

-2

5,417

350

769

7.00%

17.00%

 

 

Pacific

0

-40

-27

3,514

412

571

13.00%

19.00%

 

 

United States

26

-8

10

4,130

-318

116

-7.00%

3.00%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gas * Power * NGL * Crude * Products * Vol Charts

 

 

 

 

 

Weather Forecast & Seasonal Outlook

 

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