Morning Report: Gas * Power * NGL * Crude * Products * Vols — Apr-17-2025

Apr 17, 2025

  

 

 

 

 

 

 

 

 

 

Prices as of 7:12 AM CST

 

 

 

 

 

 

 

Current Price

Previous Settle

% Change

Change

Volume

 

 

Natural Gas

$3.225

$3.247

-0.68%

-$0.022

10,072

 

 

WTI

$63.28

$62.47

1.30%

$0.81

16,761

 

 

Brent

$66.58

$65.85

1.11%

$0.73

10,526

 

 

ULSD

$2.130

$2.115

0.69%

$0.015

2,587

 

 

RBOB

$2.060

$2.043

0.83%

$0.017

2,149

 

 

 

 

Spreads

 

 

 

 

 

 

 

Current

Previous

% Change

Change

Contract

 

 

WTI-Brent

$3.99

$4.02

-0.75%

-$0.03

Jun-25

 

 

3:2:1 Crack

$24.15

$24.16

-0.03%

-$0.01

May-25

 

 

PJM West Spark

$40.88

$42.36

-3.50%

-$1.48

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

4/16/25

4/15/25

% Change

Change

3/19/25

% Change

4/17/24

% Change

 

 

PJM West On Peak

May-25

$47.77

$49.31

-3.12%

-$1.54

$60.99

-21.68%

$47.26

1.07%

 

 

ERCOT North On Peak

May-25

$46.36

$48.42

-4.25%

-$2.06

$56.20

-17.51%

$41.45

11.84%

 

 

CAISO SP 15 On Peak

May-25

$8.52

$8.77

-2.84%

-$0.25

$8.10

5.14%

$14.31

-40.48%

 

 

MISO Indiana On Peak

May-25

$42.73

$43.99

-2.85%

-$1.26

$53.47

-20.09%

$46.28

-7.67%

 

 

NEISO Mass On Peak

May-25

$40.38

$41.99

-3.82%

-$1.60

$51.33

-21.32%

$38.58

4.69%

 

 

WECC Mid C On Peak

May-25

$21.00

$22.00

-4.55%

-$1.00

$28.32

-25.85%

$38.34

-45.23%

 

 

NYISO Zone G On Peak

May-25

$42.80

$43.71

-2.08%

-$0.91

$52.65

-18.71%

$42.11

1.62%

 

 

 

 

 

Natural Gas & Basis

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

4/16/25

4/15/25

% Change

Change

3/19/25

% Change

4/17/24

% Change

 

 

NYMEX Henry Hub

May-25

$3.247

$3.329

-2.46%

-$0.08

$4.31

-24.72%

$3.09

5.08%

 

 

Houston Ship Channel

May-25

-$0.415

-$0.371

11.76%

-$0.04

-$0.55

-24.66%

-$0.36

15.08%

 

 

Chicago

May-25

-$0.357

-$0.312

-12.79%

-$0.05

-$0.49

-27.58%

-$0.20

75.66%

 

 

Waha

May-25

-$2.044

-$1.766

-15.71%

-$0.28

-$3.66

-44.13%

-$1.27

60.62%

 

 

Algonquin

May-25

-$0.423

-$0.337

-25.41%

-$0.09

-$0.52

-18.62%

-$0.16

167.74%

 

 

Aeco

May-25

-$1.601

-$1.722

-6.99%

$0.12

-$2.70

-40.74%

-$0.94

70.29%

 

 

Socal

May-25

-$1.253

-$1.194

4.98%

-$0.06

-$1.08

16.25%

-$0.34

264.50%

 

 

 

 

 

Natural Gas Liquids

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

4/16/25

4/15/25

% Change

Change

3/19/25

% Change

4/17/24

% Change

 

 

Mt. Belvieu Propane LST

May-25

$0.742

$0.701

5.97%

$0.04

$0.79

-6.17%

$0.72

2.82%

 

 

Mt. Belvieu Propane non LST

May-25

$0.735

$0.705

4.23%

$0.03

$0.79

-7.22%

$0.72

2.69%

 

 

Mt. Belview Ethane

May-25

$0.230

$0.229

0.67%

$0.00

$0.30

-22.02%

$0.24

-5.19%

 

 

Mt. Belview Nat. Gasoline

May-25

$1.303

$1.283

1.57%

$0.02

$1.43

-9.02%

$1.51

-13.46%

 

 

Mt. Belvieu Butane LST

May-25

$0.860

$0.841

2.20%

$0.02

$0.89

-3.69%

$0.85

1.45%

 

 

Far East Propane

May-25

$5.095

$4.934

3.26%

$0.16

$5.73

-11.08%

$5.51

-7.59%

 

 

Saudi Propane

May-25

$5.720

$5.630

1.60%

$0.09

$5.77

-0.87%

$5.12

11.81%

 

 

 

 

Crude Oil

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

4/16/25

4/15/25

% Change

Change

3/19/25

% Change

4/17/24

% Change

 

 

WTI

Jun-25

$61.83

$60.75

1.75%

$1.08

$66.62

-7.19%

$75.09

-17.66%

 

 

Brent

Jun-25

$65.85

$64.67

1.79%

$1.18

$70.32

-6.36%

$80.10

-17.79%

 

 

WCS

Jun-25

-$10.08

-$9.35

7.28%

-$0.73

-$10.81

-6.80%

-$12.48

-19.21%

 

 

LLS

Jun-25

$63.55

$62.78

1.21%

$0.77

$68.71

-7.51%

$75.96

-16.34%

 

 

Mars

Jun-25

$62.27

$61.31

1.54%

$0.96

$67.36

-7.55%

$74.40

-16.30%

 

 

Sour

Jun-25

$62.00

$60.97

1.66%

$1.03

$66.87

-7.28%

$76.93

-19.40%

 

 

ESPO

Jun-25

$63.85

$62.67

1.85%

$1.18

$68.32

-6.54%

$78.10

-18.25%

 

 

 

 

Refined Products

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

4/16/25

4/15/25

% Change

Change

3/19/25

% Change

4/17/24

% Change

 

 

NY Heating Oil

May-25

$2.12

$2.09

1.24%

$0.03

$2.19

-3.42%

$2.51

-15.66%

 

 

NY Gasoline

May-25

$2.05

$2.01

1.54%

$0.03

$2.17

-5.80%

$2.38

-13.89%

 

 

GC Gasoline

May-25

$1.95

$1.91

1.62%

$0.03

$2.07

-6.08%

$2.28

-14.51%

 

 

GC Jet

May-25

$1.98

$1.97

0.51%

$0.01

$2.05

-3.51%

$2.40

-17.49%

 

 

Chicago Ethanol

May-25

$1.78

$1.80

-1.39%

-$0.02

$1.82

-2.20%

$1.64

8.80%

 

 

Rotterdam Gasoil

May-25

$602.67

$606.71

-0.67%

-$4.04

$650.99

-7.42%

$724.32

-16.79%

 

 

Singapore Jet Kero

May-25

$81.07

$79.61

1.84%

$1.47

$83.75

-3.20%

$100.39

-19.24%

 

 

 

 

Implied Volatilities

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

4/16/25

4/15/25

% Change

Change

3/19/25

% Change

4/17/24

% Change

 

 

Henry Hub Straddle

Jun-25

74.16%

68.73%

7.90%

5.43%

53.11%

39.63%

40.04%

85.21%

 

 

Algonquin Straddle

Jun-25

75.87%

68.41%

10.90%

7.46%

54.04%

40.40%

41.52%

82.73%

 

 

Waha Straddle

Jun-25

291.29%

296.55%

-1.77%

-5.26%

244.41%

19.18%

46.61%

524.95%

 

 

Chicago Straddle

Jun-25

83.18%

79.80%

4.24%

3.38%

57.30%

45.17%

40.90%

103.37%

 

 

PJM West Straddle

Jun-25

45.04%

49.31%

-8.66%

-4.27%

49.55%

-9.10%

39.83%

13.08%

 

 

SP – 15 Straddle

Jun-25

102.67%

99.55%

3.13%

3.12%

139.80%

-26.56%

24.54%

318.38%

 

 

Mid. C Straddle

Jun-25

22.65%

21.70%

4.38%

0.95%

45.70%

-50.44%

86.42%

-73.79%

 

 

 

 

Euro Gas and Power/LNG

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

4/16/25

4/15/25

% Change

Change

3/19/25

% Change

4/17/24

% Change

 

 

Dutch TTF

Jun-25

EUR 35.43

EUR 34.38

3.07%

EUR 1.06

EUR 43.99

-19.46%

EUR 34.49

2.74%

 

 

NBP

Jun-25

GBP 87.24

GBP 84.11

3.72%

GBP 3.13

GBP 106.54

-18.11%

GBP 84.89

2.77%

 

 

German Base

Jun-25

EUR 72.96

EUR 69.63

4.78%

EUR 3.33

EUR 79.18

-7.86%

EUR 83.04

-12.15%

 

 

UK Base

Jun-25

GBP 70.59

GBP 70.18

0.58%

GBP 0.41

GBP 80.83

-12.67%

GBP 75.24

-6.19%

 

 

French Base

Jun-25

EUR 33.39

EUR 31.13

7.25%

EUR 2.26

EUR 47.54

-29.76%

EUR 57.64

-42.07%

 

 

Italian Base

Jun-25

EUR 104.63

EUR 103.85

0.76%

EUR 0.79

EUR 122.19

-14.37%

EUR 99.72

4.93%

 

 

JKM LNG

Jun-25

$12.89

$12.82

0.55%

$0.07

$13.61

-5.26%

$11.73

9.93%

 

 

 

 

Freight Forwards (WET & DRY)

 

OTCGH/EOXLive Market Data

 

 

 

Contract

4/16/25

4/15/25

% Change

Change

3/19/25

% Change

4/17/24

% Change

 

 

TD3C FFA Middle East to China (WET)

Jun-25

$35.43

$34.38

3.07%

$1.06

$43.99

-19.46%

$34.49

2.74%

 

 

USGC-UK Continent Dirty (WET)

Jun-25

$87.24

$84.11

3.72%

$3.13

$106.54

-18.11%

$84.89

2.77%

 

 

TD20 West Africa to UK Continent (WET)

Jun-25

$72.96

$69.63

4.78%

$3.33

$79.18

-7.86%

$83.04

-12.15%

 

 

LPG FFA Middle East Gulf to East (WET)

Jun-25

$70.59

$70.18

0.58%

$0.41

$80.83

-12.67%

$75.24

-6.19%

 

 

TC5 FFA Arabian Gulf to Japan (WET)

Jun-25

$33.39

$31.13

7.25%

$2.26

$47.54

-29.76%

$57.64

-42.07%

 

 

Supramax Timecharter (DRY)

Jun-25

$104.63

$103.85

0.76%

$0.79

$122.19

-14.37%

$99.72

4.93%

 

 

Capesize Timecharter (DRY)

Jun-25

$12.89

$12.82

0.55%

$0.07

$13.61

-5.26%

$11.73

9.93%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

To opt out of this email please follow this
link.

Campbell Faulkner | OTC Global Holdings

Quality Data – Reliable Service – Affordable Price

5151 San Felipe Suite 2200
Houston, TX 77056
faulkner.c@otcgh.com
eoxlive.com/market-data

 

This email, any information contained herein and any files transmitted with it (collectively, the Material) are the sole property of OTC Global Holdings LP and its affiliates (OTCGH); are confidential, may be legally privileged and are intended solely for
the use of the individual or entity to whom they are addressed. Unauthorized disclosure, copying or distribution of the Material, is strictly prohibited and the recipient shall not redistribute the Material in any form to a third party. Please notify the sender
immediately by email if you have received this email by mistake, delete this email from your system and destroy any hard copies. OTCGH waives no privilege or confidentiality due to any mistaken transmission of this email.