Morning Report: Gas * Power * NGL * Crude * Products * Vols — Apr-15-2025

Apr 15, 2025

  

 

 

 

 

 

 

 

 

 

Prices as of 7:22 AM CST

 

 

 

 

 

 

 

Current Price

Previous Settle

% Change

Change

Volume

 

 

Natural Gas

$3.274

$3.325

-1.53%

-$0.051

17,477

 

 

WTI

$61.15

$61.53

-0.62%

-$0.38

36,792

 

 

Brent

$64.50

$64.88

-0.59%

-$0.38

11,899

 

 

ULSD

$2.088

$2.092

-0.16%

-$0.003

3,610

 

 

RBOB

$2.020

$2.022

-0.12%

-$0.002

4,036

 

 

 

 

Spreads

 

 

 

 

 

 

 

Current

Previous

% Change

Change

Contract

 

 

WTI-Brent

$3.79

$3.83

-1.04%

-$0.04

Jun-25

 

 

3:2:1 Crack

$24.23

$24.06

0.69%

$0.16

May-25

 

 

PJM West Spark

$42.22

$42.80

-1.35%

-$0.58

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

4/14/25

4/11/25

% Change

Change

3/17/25

% Change

4/15/24

% Change

 

 

PJM West On Peak

May-25

$49.15

$49.91

-1.53%

-$0.76

$57.13

-13.97%

$47.86

2.70%

 

 

ERCOT North On Peak

May-25

$47.61

$46.59

2.20%

$1.02

$53.29

-10.67%

$42.51

11.99%

 

 

CAISO SP 15 On Peak

May-25

$6.70

$5.87

14.13%

$0.83

$8.89

-24.63%

$14.06

-52.35%

 

 

MISO Indiana On Peak

May-25

$43.95

$44.99

-2.31%

-$1.04

$52.07

-15.59%

$46.95

-6.38%

 

 

NEISO Mass On Peak

May-25

$43.53

$44.81

-2.87%

-$1.28

$50.70

-14.15%

$40.72

6.89%

 

 

WECC Mid C On Peak

May-25

$18.79

$19.62

-4.26%

-$0.84

$27.86

-32.56%

$38.62

-51.35%

 

 

NYISO Zone G On Peak

May-25

$45.30

$46.86

-3.33%

-$1.56

$50.95

-11.09%

$43.51

4.11%

 

 

 

 

 

Natural Gas & Basis

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

4/14/25

4/11/25

% Change

Change

3/17/25

% Change

4/15/24

% Change

 

 

NYMEX Henry Hub

May-25

$3.325

$3.527

-5.73%

-$0.20

$4.09

-18.62%

$3.10

7.26%

 

 

Houston Ship Channel

May-25

-$0.375

-$0.398

-5.61%

$0.02

-$0.53

-28.86%

-$0.38

-0.69%

 

 

Chicago

May-25

-$0.325

-$0.350

7.66%

$0.02

-$0.45

-28.48%

-$0.20

61.93%

 

 

Waha

May-25

-$1.947

-$2.369

-17.81%

$0.42

-$3.40

-42.77%

-$1.22

59.36%

 

 

Algonquin

May-25

-$0.352

-$0.442

20.39%

$0.09

-$0.47

-24.47%

-$0.16

118.15%

 

 

Aeco

May-25

-$1.778

-$1.874

-5.14%

$0.10

-$2.67

-33.48%

-$0.93

90.97%

 

 

Socal

May-25

-$1.280

-$1.380

-7.24%

$0.10

-$1.03

23.88%

-$0.36

258.01%

 

 

 

 

 

Natural Gas Liquids

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

4/14/25

4/11/25

% Change

Change

3/17/25

% Change

4/15/24

% Change

 

 

Mt. Belvieu Propane LST

May-25

$0.691

$0.676

2.27%

$0.02

$0.79

-12.96%

$0.73

-4.82%

 

 

Mt. Belvieu Propane non LST

May-25

$0.696

$0.666

4.42%

$0.03

$0.80

-13.03%

$0.73

-4.57%

 

 

Mt. Belview Ethane

May-25

$0.232

$0.237

-2.05%

$0.00

$0.29

-20.92%

$0.24

-4.47%

 

 

Mt. Belview Nat. Gasoline

May-25

$1.283

$1.248

2.80%

$0.03

$1.43

-10.23%

$1.52

-15.67%

 

 

Mt. Belvieu Butane LST

May-25

$0.836

$0.822

1.69%

$0.01

$0.91

-7.74%

$0.84

-1.05%

 

 

Far East Propane

May-25

$4.927

$4.755

3.61%

$0.17

$5.74

-14.16%

$5.58

-11.68%

 

 

Saudi Propane

May-25

$5.650

$5.600

0.89%

$0.05

$5.77

-2.08%

$5.22

8.20%

 

 

 

 

Crude Oil

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

4/14/25

4/11/25

% Change

Change

3/17/25

% Change

4/15/24

% Change

 

 

WTI

Jun-25

$61.05

$60.90

0.25%

$0.15

$67.03

-8.92%

$76.57

-20.27%

 

 

Brent

Jun-25

$64.88

$64.76

0.18%

$0.12

$70.60

-8.10%

$81.74

-20.63%

 

 

WCS

Jun-25

-$10.08

-$10.60

-5.20%

$0.52

-$10.40

-3.07%

-$12.60

-19.99%

 

 

LLS

Jun-25

$62.86

$62.87

0.00%

$0.00

$68.98

-8.87%

$78.63

-20.05%

 

 

Mars

Jun-25

$61.26

$61.43

-0.29%

-$0.18

$67.46

-9.19%

$76.30

-19.71%

 

 

Sour

Jun-25

$61.15

$61.13

0.03%

$0.02

$67.04

-8.80%

$77.15

-20.75%

 

 

ESPO

Jun-25

$62.88

$62.76

0.19%

$0.12

$68.60

-8.34%

$79.74

-21.14%

 

 

 

 

Refined Products

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

4/14/25

4/11/25

% Change

Change

3/17/25

% Change

4/15/24

% Change

 

 

NY Heating Oil

May-25

$2.09

$2.07

1.01%

$0.02

$2.16

-3.10%

$2.54

-17.66%

 

 

NY Gasoline

May-25

$2.03

$1.97

2.79%

$0.06

$2.18

-7.11%

$2.42

-16.18%

 

 

GC Gasoline

May-25

$1.92

$1.87

2.94%

$0.05

$2.08

-7.45%

$2.32

-16.88%

 

 

GC Jet

May-25

$1.97

$1.93

1.97%

$0.04

$2.05

-4.14%

$2.45

-19.73%

 

 

Chicago Ethanol

May-25

$1.82

$1.82

0.00%

$0.00

$1.78

1.68%

$1.63

11.42%

 

 

Rotterdam Gasoil

May-25

$605.75

$592.31

2.27%

$13.44

$653.97

-7.37%

$731.16

-17.15%

 

 

Singapore Jet Kero

May-25

$78.09

$78.78

-0.87%

-$0.69

$85.18

-8.32%

$98.79

-20.95%

 

 

 

 

Implied Volatilities

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

4/14/25

4/11/25

% Change

Change

3/17/25

% Change

4/15/24

% Change

 

 

Henry Hub Straddle

May-25

73.88%

71.01%

4.04%

2.87%

59.17%

24.86%

40.46%

82.60%

 

 

Algonquin Straddle

May-25

84.36%

84.89%

-0.62%

-0.53%

64.83%

30.12%

40.64%

107.58%

 

 

Waha Straddle

May-25

1649.58%

1692.37%

-2.53%

-42.79%

276.89%

495.75%

49.21%

3252.12%

 

 

Chicago Straddle

May-25

84.28%

80.30%

4.96%

3.98%

64.41%

30.85%

41.50%

103.08%

 

 

PJM West Straddle

May-25

48.31%

51.06%

-5.39%

-2.75%

46.73%

3.38%

40.43%

19.49%

 

 

SP – 15 Straddle

May-25

294.45%

283.97%

3.69%

10.48%

265.06%

11.09%

195.58%

50.55%

 

 

Mid. C Straddle

May-25

44.61%

40.48%

10.20%

4.13%

38.87%

14.77%

81.34%

-45.16%

 

 

 

 

Euro Gas and Power/LNG

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

4/14/25

4/11/25

% Change

Change

3/17/25

% Change

4/15/24

% Change

 

 

Dutch TTF

May-25

EUR 34.64

EUR 33.60

3.07%

EUR 1.03

EUR 41.25

-16.04%

EUR 34.85

-0.62%

 

 

NBP

May-25

GBP 85.69

GBP 83.68

2.40%

GBP 2.01

GBP 99.53

-13.91%

GBP 88.01

-2.63%

 

 

German Base

May-25

EUR 67.69

EUR 64.17

5.48%

EUR 3.52

EUR 69.84

-3.08%

EUR 78.44

-13.71%

 

 

UK Base

May-25

GBP 73.87

GBP 71.18

3.78%

GBP 2.69

GBP 78.74

-6.18%

GBP 75.73

-2.45%

 

 

French Base

May-25

EUR 28.28

EUR 28.33

-0.17%

-EUR 0.05

EUR 43.12

-34.40%

EUR 55.00

-48.57%

 

 

Italian Base

May-25

EUR 98.12

EUR 96.54

1.63%

EUR 1.58

EUR 106.09

-7.51%

EUR 96.16

2.04%

 

 

JKM LNG

May-25

$12.86

$12.50

2.85%

$0.36

$13.25

-2.93%

$11.69

10.00%

 

 

 

 

Freight Forwards (WET & DRY)

 

OTCGH/EOXLive Market Data

 

 

 

Contract

4/14/25

4/11/25

% Change

Change

3/17/25

% Change

4/15/24

% Change

 

 

TD3C FFA Middle East to China (WET)

May-25

$34.64

$33.60

3.07%

$1.03

$41.25

-16.04%

$34.85

-0.62%

 

 

USGC-UK Continent Dirty (WET)

May-25

$85.69

$83.68

2.40%

$2.01

$99.53

-13.91%

$88.01

-2.63%

 

 

TD20 West Africa to UK Continent (WET)

May-25

$67.69

$64.17

5.48%

$3.52

$69.84

-3.08%

$78.44

-13.71%

 

 

LPG FFA Middle East Gulf to East (WET)

May-25

$73.87

$71.18

3.78%

$2.69

$78.74

-6.18%

$75.73

-2.45%

 

 

TC5 FFA Arabian Gulf to Japan (WET)

May-25

$28.28

$28.33

-0.17%

-$0.05

$43.12

-34.40%

$55.00

-48.57%

 

 

Supramax Timecharter (DRY)

May-25

$98.12

$96.54

1.63%

$1.58

$106.09

-7.51%

$96.16

2.04%

 

 

Capesize Timecharter (DRY)

May-25

$12.86

$12.50

2.85%

$0.36

$13.25

-2.93%

$11.69

10.00%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

 

 

 

 

 

 

 

 

 

 

 

 

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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