Morning Report: Gas * Power * NGL * Crude * Products * Vols — Apr-16-2025

Apr 16, 2025

  

 

 

 

 

 

 

 

 

 

Prices as of 7:17 AM CST

 

 

 

 

 

 

 

Current Price

Previous Settle

% Change

Change

Volume

 

 

Natural Gas

$3.279

$3.329

-1.50%

-$0.050

12,820

 

 

WTI

$61.89

$61.33

0.91%

$0.56

44,229

 

 

Brent

$65.25

$64.67

0.90%

$0.58

13,713

 

 

ULSD

$2.099

$2.078

1.01%

$0.021

3,212

 

 

RBOB

$2.045

$2.024

1.03%

$0.021

2,700

 

 

 

 

Spreads

 

 

 

 

 

 

 

Current

Previous

% Change

Change

Contract

 

 

WTI-Brent

$3.97

$3.92

1.28%

$0.05

Jun-25

 

 

3:2:1 Crack

$24.49

$24.26

0.98%

$0.24

May-25

 

 

PJM West Spark

$42.29

$42.03

0.63%

$0.26

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

4/15/25

4/14/25

% Change

Change

3/18/25

% Change

4/16/24

% Change

 

 

PJM West On Peak

May-25

$49.31

$49.15

0.32%

$0.16

$58.32

-15.45%

$48.30

2.08%

 

 

ERCOT North On Peak

May-25

$48.42

$47.61

1.70%

$0.81

$54.23

-10.72%

$41.62

16.33%

 

 

CAISO SP 15 On Peak

May-25

$8.77

$6.70

30.88%

$2.07

$8.29

5.78%

$14.22

-38.34%

 

 

MISO Indiana On Peak

May-25

$43.99

$43.95

0.09%

$0.04

$51.71

-14.93%

$47.13

-6.65%

 

 

NEISO Mass On Peak

May-25

$41.99

$43.53

-3.54%

-$1.54

$49.08

-14.45%

$41.59

0.95%

 

 

WECC Mid C On Peak

May-25

$22.00

$18.79

17.10%

$3.21

$28.52

-22.86%

$38.19

-42.39%

 

 

NYISO Zone G On Peak

May-25

$43.71

$45.30

-3.51%

-$1.59

$50.94

-14.19%

$43.53

0.41%

 

 

 

 

 

Natural Gas & Basis

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

4/15/25

4/14/25

% Change

Change

3/18/25

% Change

4/16/24

% Change

 

 

NYMEX Henry Hub

May-25

$3.329

$3.325

0.12%

$0.00

$4.11

-18.98%

$3.13

6.46%

 

 

Houston Ship Channel

May-25

-$0.371

-$0.375

-0.99%

$0.00

-$0.56

-34.13%

-$0.36

2.43%

 

 

Chicago

May-25

-$0.312

-$0.325

4.30%

$0.01

-$0.50

-37.64%

-$0.20

52.15%

 

 

Waha

May-25

-$1.766

-$1.947

-9.30%

$0.18

-$3.54

-50.13%

-$1.29

37.00%

 

 

Algonquin

May-25

-$0.337

-$0.352

4.32%

$0.02

-$0.52

-34.89%

-$0.16

108.61%

 

 

Aeco

May-25

-$1.722

-$1.778

-3.16%

$0.06

-$2.76

-37.68%

-$0.95

82.11%

 

 

Socal

May-25

-$1.194

-$1.280

-6.71%

$0.09

-$1.09

9.87%

-$0.34

249.02%

 

 

 

 

 

Natural Gas Liquids

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

4/15/25

4/14/25

% Change

Change

3/18/25

% Change

4/16/24

% Change

 

 

Mt. Belvieu Propane LST

May-25

$0.701

$0.691

1.40%

$0.01

$0.79

-11.17%

$0.74

-5.11%

 

 

Mt. Belvieu Propane non LST

May-25

$0.705

$0.696

1.39%

$0.01

$0.79

-10.85%

$0.74

-4.21%

 

 

Mt. Belview Ethane

May-25

$0.229

$0.232

-1.64%

$0.00

$0.30

-22.77%

$0.24

-5.26%

 

 

Mt. Belview Nat. Gasoline

May-25

$1.283

$1.283

-0.01%

$0.00

$1.41

-9.36%

$1.54

-16.56%

 

 

Mt. Belvieu Butane LST

May-25

$0.841

$0.836

0.60%

$0.01

$0.89

-5.78%

$0.86

-1.68%

 

 

Far East Propane

May-25

$4.934

$4.927

0.15%

$0.01

$5.72

-13.81%

$5.54

-10.86%

 

 

Saudi Propane

May-25

$5.630

$5.650

-0.35%

-$0.02

$5.78

-2.59%

$5.21

8.09%

 

 

 

 

Crude Oil

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

4/15/25

4/14/25

% Change

Change

3/18/25

% Change

4/16/24

% Change

 

 

WTI

Jun-25

$60.75

$61.05

-0.49%

-$0.30

$66.48

-8.62%

$76.74

-20.84%

 

 

Brent

Jun-25

$64.67

$64.88

-0.32%

-$0.21

$70.12

-7.77%

$81.91

-21.05%

 

 

WCS

Jun-25

-$9.35

-$10.08

-7.86%

$0.74

-$10.35

-9.70%

-$12.60

-25.83%

 

 

LLS

Jun-25

$62.78

$62.86

-0.13%

-$0.08

$69.19

-9.27%

$78.63

-20.15%

 

 

Mars

Jun-25

$61.31

$61.26

0.09%

$0.05

$66.86

-8.30%

$76.30

-19.64%

 

 

Sour

Jun-25

$60.97

$61.15

-0.29%

-$0.18

$66.57

-8.41%

$77.15

-20.98%

 

 

ESPO

Jun-25

$62.67

$62.88

-0.34%

-$0.21

$68.12

-8.00%

$79.91

-21.57%

 

 

 

 

Refined Products

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

4/15/25

4/14/25

% Change

Change

3/18/25

% Change

4/16/24

% Change

 

 

NY Heating Oil

May-25

$2.09

$2.09

-0.14%

$0.00

$2.16

-3.24%

$2.57

-18.65%

 

 

NY Gasoline

May-25

$2.01

$2.03

-0.54%

-$0.01

$2.20

-8.37%

$2.45

-17.86%

 

 

GC Gasoline

May-25

$1.91

$1.92

-0.57%

-$0.01

$2.10

-8.77%

$2.35

-18.62%

 

 

GC Jet

May-25

$1.97

$1.97

0.10%

$0.00

$2.05

-3.62%

$2.49

-20.81%

 

 

Chicago Ethanol

May-25

$1.80

$1.82

-0.55%

-$0.01

$1.80

0.00%

$1.63

10.40%

 

 

Rotterdam Gasoil

May-25

$606.71

$605.75

0.16%

$0.97

$649.52

-6.59%

$736.88

-17.66%

 

 

Singapore Jet Kero

May-25

$79.61

$78.09

1.94%

$1.52

$84.55

-5.85%

$100.96

-21.15%

 

 

 

 

Implied Volatilities

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

4/15/25

4/14/25

% Change

Change

3/18/25

% Change

4/16/24

% Change

 

 

Henry Hub Straddle

Jun-25

68.73%

72.93%

-5.76%

-4.20%

53.04%

29.58%

36.41%

88.77%

 

 

Algonquin Straddle

Jun-25

68.41%

70.16%

-2.49%

-1.75%

52.66%

29.91%

38.70%

76.77%

 

 

Waha Straddle

Jun-25

296.55%

295.96%

0.20%

0.59%

251.69%

17.82%

43.52%

581.41%

 

 

Chicago Straddle

Jun-25

79.80%

81.56%

-2.16%

-1.76%

56.95%

40.12%

37.61%

112.18%

 

 

PJM West Straddle

Jun-25

49.31%

50.08%

-1.54%

-0.77%

47.95%

2.84%

40.83%

20.77%

 

 

SP – 15 Straddle

Jun-25

99.55%

102.61%

-2.98%

-3.06%

140.47%

-29.13%

20.88%

376.77%

 

 

Mid. C Straddle

Jun-25

21.70%

17.48%

24.14%

4.22%

41.11%

-47.21%

88.73%

-75.54%

 

 

 

 

Euro Gas and Power/LNG

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

4/15/25

4/14/25

% Change

Change

3/18/25

% Change

4/16/24

% Change

 

 

Dutch TTF

Jun-25

EUR 34.38

EUR 34.72

-1.01%

-EUR 0.35

EUR 40.65

-15.42%

EUR 35.70

-3.72%

 

 

NBP

Jun-25

GBP 84.11

GBP 85.77

-1.94%

-GBP 1.66

GBP 98.40

-14.52%

GBP 88.16

-4.59%

 

 

German Base

Jun-25

EUR 69.63

EUR 69.45

0.25%

EUR 0.18

EUR 75.89

-8.25%

EUR 84.70

-17.79%

 

 

UK Base

Jun-25

GBP 70.18

GBP 74.10

-5.29%

-GBP 3.92

GBP 77.83

-9.83%

GBP 77.96

-9.98%

 

 

French Base

Jun-25

EUR 31.13

EUR 31.36

-0.72%

-EUR 0.23

EUR 47.63

-34.63%

EUR 59.82

-47.95%

 

 

Italian Base

Jun-25

EUR 103.85

EUR 103.22

0.61%

EUR 0.63

EUR 115.25

-9.90%

EUR 103.10

0.73%

 

 

JKM LNG

Jun-25

$12.82

$12.86

-0.30%

-$0.04

$13.15

-2.49%

$11.98

7.04%

 

 

 

 

Freight Forwards (WET & DRY)

 

OTCGH/EOXLive Market Data

 

 

 

Contract

4/15/25

4/14/25

% Change

Change

3/18/25

% Change

4/16/24

% Change

 

 

TD3C FFA Middle East to China (WET)

Jun-25

$34.38

$34.72

-1.01%

-$0.35

$40.65

-15.42%

$35.70

-3.72%

 

 

USGC-UK Continent Dirty (WET)

Jun-25

$84.11

$85.77

-1.94%

-$1.66

$98.40

-14.52%

$88.16

-4.59%

 

 

TD20 West Africa to UK Continent (WET)

Jun-25

$69.63

$69.45

0.25%

$0.18

$75.89

-8.25%

$84.70

-17.79%

 

 

LPG FFA Middle East Gulf to East (WET)

Jun-25

$70.18

$74.10

-5.29%

-$3.92

$77.83

-9.83%

$77.96

-9.98%

 

 

TC5 FFA Arabian Gulf to Japan (WET)

Jun-25

$31.13

$31.36

-0.72%

-$0.23

$47.63

-34.63%

$59.82

-47.95%

 

 

Supramax Timecharter (DRY)

Jun-25

$103.85

$103.22

0.61%

$0.63

$115.25

-9.90%

$103.10

0.73%

 

 

Capesize Timecharter (DRY)

Jun-25

$12.82

$12.86

-0.30%

-$0.04

$13.15

-2.49%

$11.98

7.04%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

 

 

 

 

 

 

 

 

 

 

 

 

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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