Morning Report: Gas * Power * NGL * Crude * Products * Vols — Apr-11-2025

Apr 11, 2025

  

 

 

 

 

 

 

 

 

 

Prices as of 7:22 AM CST

 

 

 

 

 

 

 

Current Price

Previous Settle

% Change

Change

Volume

 

 

Natural Gas

$3.449

$3.557

-3.04%

-$0.108

15,718

 

 

WTI

$60.02

$60.07

-0.08%

-$0.05

78,160

 

 

Brent

$63.30

$63.33

-0.05%

-$0.03

21,793

 

 

ULSD

$2.042

$2.046

-0.23%

-$0.005

5,235

 

 

RBOB

$1.974

$1.961

0.63%

$0.012

7,142

 

 

 

 

Spreads

 

 

 

 

 

 

 

Current

Previous

% Change

Change

Contract

 

 

WTI-Brent

$3.85

$3.70

4.05%

$0.15

Jun-25

 

 

3:2:1 Crack

$23.68

$23.16

2.26%

$0.52

May-25

 

 

PJM West Spark

$41.32

$43.79

-5.64%

-$2.47

May-25

 

 

 

 

Baker Hughes Rig Count

 

 

 

 

 

 

 

Date

Count

Change

1 Year Chg.

1 Year Date

 

 

U.S.

04/04/25

590

-2

-30

04/05/24

 

 

Canada

04/04/25

153

-10

17

04/05/24

 

 

International

Mar

899

-6

-72

Mar

 

 

 

 

CFTC Net Positions

 

 

 

 

 

 

As of 4/1/2025

Open Interest

Total Net Long

Total Net Short

Diff

 

 

PJM West On Peak

97,623

96,890

97,136

-246

 

 

PJM West Off Peak

88,249

88,086

87,550

536

 

 

Natural Gas Henry Hub

355,936

340,861

344,019

-3,158

 

 

WTI – Light Sweet Crude Futures

298,358

244,306

231,635

12,671

 

 

Brent Crude Last Day

188,350

182,606

181,698

908

 

 

NYM Ethanol

31,200

30,200

30,761

-561

 

 

Mt Belvieu LDH Propane Swap

168,942

168,310

168,617

-307

 

 

RBOB

424,377

404,988

408,990

-4,002

 

 

HSC Basis

962,194

954,472

954,844

-372

 

 

 

 

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

 

 

 

 

04/10/20

 

 

 

4/4/25

3/28/25

Net Change

% Change

4/5/24

% Change

5 Year Avg.

% Change

 

 

East

296

284

12

4.23%

362

-18.23%

329

-10.14%

 

 

Midwest

373

364

9

2.47%

512

-27.15%

427

-12.56%

 

 

Mountain

165

165

0

0.00%

165

0.00%

110

50.55%

 

 

Pacific

206

202

4

1.98%

229

-10.04%

176

17.05%

 

 

South

789

758

31

4.09%

1,014

-22.19%

854

-7.61%

 

 

    Salt

233

218

15

6.88%

299

-22.07%

257

-9.20%

 

 

    Non_Salt

557

540

17

3.15%

714

-21.99%

597

-6.70%

 

 

Total

1,830

1,773

57

3.21%

2,283

-19.84%

1,895

-3.45%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Power Generation Additions/Retirements

 

 

  

 

Front Month Prices

 

 

 

 

 

 

 

 

 

 

 

 

 

Electricity

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

4/10/25

4/9/25

% Change

Change

3/13/25

% Change

4/11/24

% Change

 

 

PJM West On Peak

May-25

$48.75

$51.40

-5.16%

-$2.65

$56.65

-13.95%

$47.84

1.89%

 

 

ERCOT North On Peak

May-25

$47.58

$47.22

0.77%

$0.36

$51.21

-7.08%

$42.72

11.38%

 

 

CAISO SP 15 On Peak

May-25

$5.96

$5.70

4.50%

$0.26

$8.84

-32.60%

$16.60

-64.10%

 

 

MISO Indiana On Peak

May-25

$49.65

$44.53

11.50%

$5.12

$53.32

-6.88%

$47.49

4.55%

 

 

NEISO Mass On Peak

May-25

$39.88

$44.11

-9.59%

-$4.23

$50.22

-20.60%

$41.84

-4.69%

 

 

WECC Mid C On Peak

May-25

$18.00

$19.75

-8.86%

-$1.75

$30.79

-41.54%

$38.54

-53.29%

 

 

NYISO Zone G On Peak

May-25

$39.76

$47.06

-15.51%

-$7.30

$50.72

-21.60%

$43.68

-8.96%

 

 

 

 

 

Natural Gas & Basis

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

4/10/25

4/9/25

% Change

Change

3/13/25

% Change

4/11/24

% Change

 

 

NYMEX Henry Hub

May-25

$3.557

$3.816

-6.79%

-$0.26

$4.18

-14.97%

$3.10

14.59%

 

 

Houston Ship Channel

May-25

-$0.426

-$0.374

14.10%

-$0.05

-$0.53

-19.27%

-$0.35

22.88%

 

 

Chicago

May-25

-$0.396

-$0.351

-11.39%

-$0.05

-$0.47

-14.97%

-$0.19

103.08%

 

 

Waha

May-25

-$2.363

-$2.721

-13.17%

$0.36

-$3.35

-29.40%

-$1.21

95.24%

 

 

Algonquin

May-25

-$0.512

-$0.473

-8.11%

-$0.04

-$0.44

15.79%

-$0.16

214.18%

 

 

Aeco

May-25

-$1.935

-$1.988

-2.63%

$0.05

-$2.56

-24.43%

-$0.92

110.68%

 

 

Socal

May-25

-$1.454

-$1.403

3.63%

-$0.05

-$1.06

37.49%

-$0.35

311.11%

 

 

 

 

 

Natural Gas Liquids

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

4/10/25

4/9/25

% Change

Change

3/13/25

% Change

4/11/24

% Change

 

 

Mt. Belvieu Propane LST

May-25

$0.656

$0.630

4.12%

$0.03

$0.78

-15.97%

$0.71

-7.43%

 

 

Mt. Belvieu Propane non LST

May-25

$0.677

$0.636

6.58%

$0.04

$0.79

-14.19%

$0.71

-4.31%

 

 

Mt. Belview Ethane

May-25

$0.250

$0.252

-1.02%

$0.00

$0.30

-16.05%

$0.24

5.17%

 

 

Mt. Belview Nat. Gasoline

May-25

$1.230

$1.280

-3.96%

-$0.05

$1.39

-11.82%

$1.51

-18.72%

 

 

Mt. Belvieu Butane LST

May-25

$0.801

$0.825

-2.91%

-$0.02

$0.90

-10.64%

$0.84

-4.63%

 

 

Far East Propane

May-25

$4.609

$4.314

6.84%

$0.29

$5.72

-19.35%

$5.47

-15.81%

 

 

Saudi Propane

May-25

$5.600

$5.500

1.82%

$0.10

$5.72

-2.17%

$5.33

5.14%

 

 

 

 

Crude Oil

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

4/10/25

4/9/25

% Change

Change

3/13/25

% Change

4/11/24

% Change

 

 

WTI

Jun-25

$59.63

$61.97

-3.92%

-$2.34

$65.89

-9.50%

$76.05

-21.59%

 

 

Brent

Jun-25

$63.33

$65.48

-3.39%

-$2.15

$69.40

-8.75%

$81.13

-21.94%

 

 

WCS

Jun-25

-$10.28

-$10.97

-6.72%

$0.69

-$10.62

-3.16%

-$12.70

-19.05%

 

 

LLS

Jun-25

$61.63

$62.92

-2.08%

-$1.28

$68.65

-10.22%

$78.29

-21.27%

 

 

Mars

Jun-25

$60.15

$61.77

-2.69%

-$1.62

$66.46

-9.49%

$75.40

-20.22%

 

 

Sour

Jun-25

$59.90

$61.77

-3.12%

-$1.87

$65.92

-9.12%

$76.43

-21.62%

 

 

ESPO

Jun-25

$61.33

$63.48

-3.51%

-$2.15

$67.40

-9.01%

$79.13

-22.49%

 

 

 

 

Refined Products

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

4/10/25

4/9/25

% Change

Change

3/13/25

% Change

4/11/24

% Change

 

 

NY Heating Oil

May-25

$2.05

$1.93

6.54%

$0.13

$2.13

-3.57%

$2.55

-19.33%

 

 

NY Gasoline

May-25

$1.94

$1.98

-2.22%

-$0.04

$2.14

-9.60%

$2.42

-19.88%

 

 

GC Gasoline

May-25

$1.84

$1.88

-2.34%

-$0.04

$2.05

-10.07%

$2.32

-20.73%

 

 

GC Jet

May-25

$1.85

$1.94

-4.58%

-$0.09

$2.06

-9.87%

$2.44

-24.06%

 

 

Chicago Ethanol

May-25

$1.78

$1.78

0.00%

$0.00

$1.77

1.02%

$1.64

8.78%

 

 

Rotterdam Gasoil

May-25

$584.26

$600.31

-2.67%

-$16.05

$649.25

-10.01%

$722.29

-19.11%

 

 

Singapore Jet Kero

May-25

$79.03

$74.53

6.03%

$4.50

$83.64

-5.51%

$102.39

-22.82%

 

 

 

 

Implied Volatilities

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

4/10/25

4/9/25

% Change

Change

3/13/25

% Change

4/11/24

% Change

 

 

Henry Hub Straddle

May-25

67.79%

61.90%

9.52%

5.89%

55.34%

22.50%

40.96%

65.50%

 

 

Algonquin Straddle

May-25

82.18%

74.42%

10.43%

7.76%

59.84%

37.33%

42.07%

95.34%

 

 

Waha Straddle

May-25

1754.78%

1806.53%

-2.86%

-51.75%

291.16%

502.69%

51.09%

3334.68%

 

 

Chicago Straddle

May-25

79.86%

72.78%

9.73%

7.08%

61.13%

30.64%

42.34%

88.62%

 

 

PJM West Straddle

May-25

48.47%

49.46%

-2.00%

-0.99%

43.74%

10.81%

34.20%

41.73%

 

 

SP – 15 Straddle

May-25

257.16%

268.93%

-4.38%

-11.77%

522.43%

-50.78%

145.86%

76.31%

 

 

Mid. C Straddle

May-25

30.38%

38.80%

-21.70%

-8.42%

38.48%

-21.05%

74.69%

-59.33%

 

 

 

 

Euro Gas and Power/LNG

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

4/10/25

4/9/25

% Change

Change

3/13/25

% Change

4/11/24

% Change

 

 

Dutch TTF

May-25

EUR 33.38

EUR 33.47

-0.27%

-EUR 0.09

EUR 40.62

-17.82%

EUR 33.86

-1.43%

 

 

NBP

May-25

GBP 82.90

GBP 82.58

0.39%

GBP 0.32

GBP 98.23

-15.60%

GBP 84.02

-1.33%

 

 

German Base

May-25

EUR 60.96

EUR 61.01

-0.07%

-EUR 0.04

EUR 66.74

-8.66%

EUR 72.25

-15.62%

 

 

UK Base

May-25

GBP 69.99

GBP 71.17

-1.67%

-GBP 1.19

GBP 77.39

-9.56%

GBP 72.84

-3.92%

 

 

French Base

May-25

EUR 31.59

EUR 30.61

3.18%

EUR 0.98

EUR 43.18

-26.85%

EUR 55.06

-42.63%

 

 

Italian Base

May-25

EUR 94.57

EUR 94.36

0.22%

EUR 0.21

EUR 109.40

-13.56%

EUR 90.44

4.56%

 

 

JKM LNG

May-25

$12.43

$11.80

5.35%

$0.63

$13.60

-8.58%

$11.37

9.32%

 

 

 

 

Freight Forwards (WET & DRY)

 

OTCGH/EOXLive Market Data

 

 

 

Contract

4/10/25

4/9/25

% Change

Change

3/13/25

% Change

4/11/24

% Change

 

 

TD3C FFA Middle East to China (WET)

May-25

$33.38

$33.47

-0.27%

-$0.09

$40.62

-17.82%

$33.86

-1.43%

 

 

USGC-UK Continent Dirty (WET)

May-25

$82.90

$82.58

0.39%

$0.32

$98.23

-15.60%

$84.02

-1.33%

 

 

TD20 West Africa to UK Continent (WET)

May-25

$60.96

$61.01

-0.07%

-$0.04

$66.74

-8.66%

$72.25

-15.62%

 

 

LPG FFA Middle East Gulf to East (WET)

May-25

$69.99

$71.17

-1.67%

-$1.19

$77.39

-9.56%

$72.84

-3.92%

 

 

TC5 FFA Arabian Gulf to Japan (WET)

May-25

$31.59

$30.61

3.18%

$0.98

$43.18

-26.85%

$55.06

-42.63%

 

 

Supramax Timecharter (DRY)

May-25

$94.57

$94.36

0.22%

$0.21

$109.40

-13.56%

$90.44

4.56%

 

 

Capesize Timecharter (DRY)

May-25

$12.43

$11.80

5.35%

$0.63

$13.60

-8.58%

$11.37

9.32%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

 

 

 

 

 

 

 

 

 

 

 

 

Cooling Degree Days

 

 

 

 

 

 

04/05/2025

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

-4

0

NA

NA

 

 

South Atlantic

39

26

23

125

3

19

2.00%

19.00%

 

 

E S Central

25

20

17

32

-2

22

NA

NA

 

 

W S Central

38

23

16

132

41

42

NA

NA

 

 

Mountain

0

-5

0

11

-7

11

NA

NA

 

 

Pacific

0

-2

0

0

-9

0

NA

NA

 

 

United States

13

9

7

41

3

10

NA

NA

 

 

 

 

Heating Degree Days

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

04/05/2025

Week Tot

Dev Norm

Dev L YR

Cum Tot

CumD Norm

CumD L YR

CumD Norm

CumD L YR

 

 

New England

151

-17

-7

5,479

-321

462

-6.00%

9.00%

 

 

Middle Atlantic

104

-44

-39

4,803

-460

334

-9.00%

7.00%

 

 

E N Central

128

-24

-18

5,289

-517

436

-9.00%

9.00%

 

 

W N Central

159

12

20

5,586

-538

432

-9.00%

8.00%

 

 

South Atlantic

17

-42

-30

2,433

-215

124

-8.00%

5.00%

 

 

E S Central

22

-50

-28

2,976

-379

61

-11.00%

2.00%

 

 

W S Central

16

-21

-11

1,865

-336

-117

-15.00%

-6.00%

 

 

Mountain

153

33

29

4,218

-335

-29

-7.00%

-1.00%

 

 

Pacific

110

27

6

2,655

-75

64

-3.00%

2.00%

 

 

United States

87

-17

-13

3,719

-335

192

-8.00%

5.00%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gas * Power * NGL * Crude * Products * Vol * Freight * Spreads – Charts

 

 

 

 

 

Weather Forecast & Seasonal Outlook

 

 

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