Morning Report: Gas * Power * NGL * Crude * Products * Vols — Apr-14-2025

Apr 14, 2025

  

 

 

 

 

 

 

 

 

 

Prices as of 7:12 AM CST

 

 

 

 

 

 

 

Current Price

Previous Settle

% Change

Change

Volume

 

 

Natural Gas

$3.508

$3.527

-0.54%

-$0.019

17,287

 

 

WTI

$62.36

$61.50

1.40%

$0.86

46,401

 

 

Brent

$65.61

$64.76

1.31%

$0.85

13,570

 

 

ULSD

$2.095

$2.065

1.41%

$0.029

3,382

 

 

RBOB

$2.035

$1.999

1.81%

$0.036

6,178

 

 

 

 

Spreads

 

 

 

 

 

 

 

Current

Previous

% Change

Change

Contract

 

 

WTI-Brent

$3.83

$3.86

-0.78%

-$0.03

Jun-25

 

 

3:2:1 Crack

$23.72

$23.29

1.83%

$0.43

May-25

 

 

PJM West Spark

$42.36

$41.20

2.81%

$1.16

May-25

 

 

 

 

Baker Hughes Rig Count

 

 

 

 

 

 

 

Date

Count

Change

1 Year Chg.

1 Year Date

 

 

U.S.

04/11/25

583

-7

-34

04/12/24

 

 

Canada

04/11/25

138

-15

-3

04/12/24

 

 

International

Mar

899

-6

-72

Mar

 

 

 

 

CFTC Net Positions

 

 

 

 

 

 

As of 4/8/2025

Open Interest

Total Net Long

Total Net Short

Diff

 

 

PJM West On Peak

89,654

88,920

89,186

-266

 

 

PJM West Off Peak

82,129

81,466

81,412

54

 

 

Natural Gas Henry Hub

363,475

348,400

351,558

-3,158

 

 

WTI – Light Sweet Crude Futures

451,148

369,209

349,373

19,836

 

 

Brent Crude Last Day

200,999

194,420

192,370

2,050

 

 

NYM Ethanol

32,361

31,577

31,975

-398

 

 

Mt Belvieu LDH Propane Swap

157,665

156,959

157,107

-148

 

 

RBOB

425,296

404,051

401,360

2,691

 

 

HSC Basis

910,444

901,956

901,738

218

 

 

 

 

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

4/11/25

4/10/25

% Change

Change

3/14/25

% Change

4/12/24

% Change

 

 

PJM West On Peak

May-25

$49.91

$48.75

2.39%

$1.17

$55.95

-10.79%

$48.16

3.63%

 

 

ERCOT North On Peak

May-25

$46.59

$47.58

-2.10%

-$1.00

$51.89

-10.21%

$42.85

8.72%

 

 

CAISO SP 15 On Peak

May-25

$5.87

$5.96

-1.54%

-$0.09

$9.54

-38.51%

$14.73

-60.16%

 

 

MISO Indiana On Peak

May-25

$44.99

$43.79

2.75%

$1.20

$52.26

-13.90%

$47.67

-5.62%

 

 

NEISO Mass On Peak

May-25

$44.81

$41.58

7.77%

$3.23

$50.24

-10.80%

$42.30

5.93%

 

 

WECC Mid C On Peak

May-25

$19.62

$18.00

9.03%

$1.62

$31.13

-36.95%

$36.32

-45.97%

 

 

NYISO Zone G On Peak

May-25

$46.86

$43.63

7.40%

$3.23

$50.73

-7.63%

$44.01

6.46%

 

 

 

 

 

Natural Gas & Basis

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

4/11/25

4/10/25

% Change

Change

3/14/25

% Change

4/12/24

% Change

 

 

NYMEX Henry Hub

May-25

$3.527

$3.557

-0.84%

-$0.03

$4.17

-15.46%

$3.13

12.50%

 

 

Houston Ship Channel

May-25

-$0.398

-$0.426

-6.78%

$0.03

-$0.49

-18.58%

-$0.35

12.45%

 

 

Chicago

May-25

-$0.350

-$0.396

13.18%

$0.05

-$0.45

-21.49%

-$0.20

73.82%

 

 

Waha

May-25

-$2.369

-$2.363

-0.29%

-$0.01

-$3.37

-29.70%

-$1.21

95.21%

 

 

Algonquin

May-25

-$0.442

-$0.512

13.58%

$0.07

-$0.47

-6.67%

-$0.16

169.20%

 

 

Aeco

May-25

-$1.874

-$1.935

-3.16%

$0.06

-$2.78

-32.58%

-$0.93

101.41%

 

 

Socal

May-25

-$1.380

-$1.454

-5.08%

$0.07

-$1.04

32.29%

-$0.36

286.61%

 

 

 

 

 

Natural Gas Liquids

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

4/11/25

4/10/25

% Change

Change

3/14/25

% Change

4/12/24

% Change

 

 

Mt. Belvieu Propane LST

May-25

$0.676

$0.656

2.91%

$0.02

$0.79

-14.22%

$0.73

-6.99%

 

 

Mt. Belvieu Propane non LST

May-25

$0.666

$0.677

-1.64%

-$0.01

$0.79

-16.00%

$0.73

-8.64%

 

 

Mt. Belview Ethane

May-25

$0.237

$0.250

-5.03%

-$0.01

$0.29

-17.12%

$0.24

-2.16%

 

 

Mt. Belview Nat. Gasoline

May-25

$1.248

$1.230

1.46%

$0.02

$1.40

-10.70%

$1.54

-18.87%

 

 

Mt. Belvieu Butane LST

May-25

$0.822

$0.801

2.64%

$0.02

$0.89

-8.13%

$0.85

-3.21%

 

 

Far East Propane

May-25

$4.755

$4.609

3.17%

$0.15

$5.71

-16.72%

$5.57

-14.65%

 

 

Saudi Propane

May-25

$5.600

$5.600

0.00%

$0.00

$5.72

-2.10%

$5.24

6.89%

 

 

 

 

Crude Oil

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

4/11/25

4/10/25

% Change

Change

3/14/25

% Change

4/12/24

% Change

 

 

WTI

Jun-25

$60.90

$59.63

2.09%

$1.27

$66.52

-8.45%

$76.52

-20.41%

 

 

Brent

Jun-25

$64.76

$63.33

2.21%

$1.43

$70.06

-7.56%

$81.74

-20.77%

 

 

WCS

Jun-25

-$10.60

-$10.28

3.06%

-$0.32

-$10.65

-0.42%

-$12.78

-17.01%

 

 

LLS

Jun-25

$62.87

$61.63

1.96%

$1.23

$68.71

-8.50%

$78.38

-19.80%

 

 

Mars

Jun-25

$61.43

$60.15

2.09%

$1.28

$67.09

-8.43%

$75.81

-18.96%

 

 

Sour

Jun-25

$61.13

$59.90

2.01%

$1.23

$66.58

-8.18%

$76.43

-20.01%

 

 

ESPO

Jun-25

$62.76

$61.33

2.28%

$1.43

$68.06

-7.79%

$79.74

-21.29%

 

 

 

 

Refined Products

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

4/11/25

4/10/25

% Change

Change

3/14/25

% Change

4/12/24

% Change

 

 

NY Heating Oil

May-25

$2.07

$2.05

0.93%

$0.02

$2.13

-2.95%

$2.59

-19.88%

 

 

NY Gasoline

May-25

$1.97

$1.94

1.60%

$0.03

$2.15

-8.41%

$2.46

-19.92%

 

 

GC Gasoline

May-25

$1.87

$1.84

1.69%

$0.03

$2.05

-8.82%

$2.36

-20.76%

 

 

GC Jet

May-25

$1.93

$1.85

4.21%

$0.08

$2.00

-3.55%

$2.50

-22.79%

 

 

Chicago Ethanol

May-25

$1.82

$1.78

1.68%

$0.03

$1.76

2.83%

$1.65

10.27%

 

 

Rotterdam Gasoil

May-25

$592.31

$584.26

1.38%

$8.04

$643.49

-7.95%

$748.93

-20.91%

 

 

Singapore Jet Kero

May-25

$78.78

$79.03

-0.32%

-$0.25

$82.91

-4.98%

$102.02

-22.79%

 

 

 

 

Implied Volatilities

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

4/11/25

4/10/25

% Change

Change

3/14/25

% Change

4/12/24

% Change

 

 

Henry Hub Straddle

May-25

71.01%

67.79%

4.75%

3.22%

58.21%

21.99%

38.21%

85.84%

 

 

Algonquin Straddle

May-25

84.89%

82.18%

3.30%

2.71%

63.71%

33.24%

39.06%

117.33%

 

 

Waha Straddle

May-25

1692.37%

1754.78%

-3.56%

-62.41%

279.75%

504.96%

48.48%

3390.86%

 

 

Chicago Straddle

May-25

80.30%

79.86%

0.55%

0.44%

62.37%

28.75%

39.10%

105.37%

 

 

PJM West Straddle

May-25

51.06%

48.47%

5.34%

2.59%

44.14%

15.68%

36.39%

40.31%

 

 

SP – 15 Straddle

May-25

283.97%

257.16%

10.43%

26.81%

259.85%

9.28%

152.92%

85.70%

 

 

Mid. C Straddle

May-25

40.48%

30.38%

33.25%

10.10%

65.24%

-37.95%

102.14%

-60.37%

 

 

 

 

Euro Gas and Power/LNG

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

4/11/25

4/10/25

% Change

Change

3/14/25

% Change

4/12/24

% Change

 

 

Dutch TTF

May-25

EUR 33.60

EUR 33.38

0.67%

EUR 0.22

EUR 42.15

-20.27%

EUR 34.98

-3.94%

 

 

NBP

May-25

GBP 83.68

GBP 82.90

0.94%

GBP 0.78

GBP 102.54

-18.39%

GBP 87.80

-4.69%

 

 

German Base

May-25

EUR 64.17

EUR 60.96

5.26%

EUR 3.21

EUR 69.70

-7.93%

EUR 77.58

-17.29%

 

 

UK Base

May-25

GBP 71.18

GBP 69.99

1.71%

GBP 1.20

GBP 80.70

-11.80%

GBP 75.73

-6.01%

 

 

French Base

May-25

EUR 28.33

EUR 31.59

-10.31%

-EUR 3.26

EUR 42.83

-33.84%

EUR 60.43

-53.12%

 

 

Italian Base

May-25

EUR 96.54

EUR 94.57

2.09%

EUR 1.97

EUR 106.33

-9.21%

EUR 94.59

2.07%

 

 

JKM LNG

May-25

$12.50

$12.43

0.56%

$0.07

$13.33

-6.17%

$11.65

7.38%

 

 

 

 

Freight Forwards (WET & DRY)

 

OTCGH/EOXLive Market Data

 

 

 

Contract

4/11/25

4/10/25

% Change

Change

3/14/25

% Change

4/12/24

% Change

 

 

TD3C FFA Middle East to China (WET)

May-25

$33.60

$33.38

0.67%

$0.22

$42.15

-20.27%

$34.98

-3.94%

 

 

USGC-UK Continent Dirty (WET)

May-25

$83.68

$82.90

0.94%

$0.78

$102.54

-18.39%

$87.80

-4.69%

 

 

TD20 West Africa to UK Continent (WET)

May-25

$64.17

$60.96

5.26%

$3.21

$69.70

-7.93%

$77.58

-17.29%

 

 

LPG FFA Middle East Gulf to East (WET)

May-25

$71.18

$69.99

1.71%

$1.20

$80.70

-11.80%

$75.73

-6.01%

 

 

TC5 FFA Arabian Gulf to Japan (WET)

May-25

$28.33

$31.59

-10.31%

-$3.26

$42.83

-33.84%

$60.43

-53.12%

 

 

Supramax Timecharter (DRY)

May-25

$96.54

$94.57

2.09%

$1.97

$106.33

-9.21%

$94.59

2.07%

 

 

Capesize Timecharter (DRY)

May-25

$12.50

$12.43

0.56%

$0.07

$13.33

-6.17%

$11.65

7.38%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

 

 

 

 

 

 

 

 

 

 

 

 

Cooling Degree Days

 

 

 

 

 

 

04/12/2025

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

19

6

6

143

8

25

6.00%

21.00%

 

 

E S Central

1

-4

1

33

-6

23

NA

NA

 

 

W S Central

15

-2

-9

147

39

33

36.00%

28.00%

 

 

Mountain

10

4

9

22

-2

20

NA

NA

 

 

Pacific

0

-2

0

0

-11

0

NA

NA

 

 

United States

6

1

1

47

4

11

NA

NA

 

 

 

 

Heating Degree Days

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

04/12/2025

Week Tot

Dev Norm

Dev L YR

Cum Tot

CumD Norm

CumD L YR

CumD Norm

CumD L YR

 

 

New England

184

32

43

5,664

-288

505

-5.00%

10.00%

 

 

Middle Atlantic

175

43

71

4,978

-417

405

-8.00%

9.00%

 

 

E N Central

178

43

70

5,467

-474

506

-8.00%

10.00%

 

 

W N Central

135

8

27

5,721

-530

459

-8.00%

9.00%

 

 

South Atlantic

62

12

12

2,496

-201

137

-7.00%

6.00%

 

 

E S Central

88

28

27

3,065

-350

88

-10.00%

3.00%

 

 

W S Central

43

15

22

1,908

-321

-95

-14.00%

-5.00%

 

 

Mountain

75

-35

-56

4,293

-370

-85

-8.00%

-2.00%

 

 

Pacific

44

-32

-51

2,699

-108

13

-4.00%

0.00%

 

 

United States

106

14

20

3,824

-322

212

-8.00%

6.00%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

Weather Forecast & Seasonal Outlook

 

 

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