Morning Report: Gas * Power * NGL * Crude * Products * Vols — Apr-21-2025

Apr 21, 2025

  

 

 

 

 

 

 

 

 

 

Prices as of 7:13 AM CST

 

 

 

 

 

 

 

Current Price

Previous Settle

% Change

Change

Volume

 

 

Natural Gas

$3.198

$3.245

-1.45%

-$0.047

16,475

 

 

WTI

$63.20

$64.68

-2.29%

-$1.48

4,474

 

 

Brent

$66.52

$67.96

-2.12%

-$1.44

9,471

 

 

ULSD

$2.118

$2.152

-1.59%

-$0.034

1,250

 

 

RBOB

$2.063

$2.099

-1.72%

-$0.036

891

 

 

 

 

Spreads

 

 

 

 

 

 

 

Current

Previous

% Change

Change

Contract

 

 

WTI-Brent

$3.93

$3.95

-0.51%

-$0.02

Jun-25

 

 

3:2:1 Crack

$24.03

$24.10

-0.27%

-$0.07

May-25

 

 

PJM West Spark

$41.29

$40.82

1.14%

$0.47

May-25

 

 

 

 

Baker Hughes Rig Count

 

 

 

 

 

 

 

Date

Count

Change

1 Year Chg.

1 Year Date

 

 

U.S.

04/17/25

585

2

-34

04/19/24

 

 

Canada

04/17/25

134

-4

7

04/19/24

 

 

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

 

 

 

 

04/17/20

 

 

 

4/11/25

4/4/25

Net Change

% Change

4/12/24

% Change

5 Year Avg.

% Change

 

 

East

290

296

-6

-2.03%

379

-23.48%

341

-14.96%

 

 

Midwest

373

373

0

0.00%

528

-29.36%

439

-15.07%

 

 

Mountain

166

165

1

0.61%

167

-0.60%

111

49.82%

 

 

Pacific

213

206

7

3.40%

230

-7.39%

180

18.07%

 

 

South

804

789

15

1.90%

1,029

-21.87%

876

-8.20%

 

 

    Salt

242

233

9

3.86%

300

-19.33%

265

-8.61%

 

 

    Non_Salt

562

557

5

0.90%

729

-22.91%

611

-8.05%

 

 

Total

1,846

1,830

16

0.87%

2,333

-20.87%

1,947

-5.20%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Power Generation Additions/Retirements

 

 

  

 

Front Month Prices

 

 

 

 

 

 

 

 

 

 

 

 

 

Electricity

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

4/17/25

4/16/25

% Change

Change

3/20/25

% Change

4/18/24

% Change

 

 

PJM West On Peak

May-25

$48.10

$47.77

0.69%

$0.33

$57.82

-16.82%

$46.57

3.28%

 

 

ERCOT North On Peak

May-25

$46.31

$46.36

-0.10%

-$0.05

$53.65

-13.67%

$41.31

12.11%

 

 

CAISO SP 15 On Peak

May-25

$8.61

$8.52

1.14%

$0.10

$6.17

39.63%

$14.33

-39.87%

 

 

MISO Indiana On Peak

May-25

$43.60

$42.73

2.02%

$0.86

$50.00

-12.80%

$45.93

-5.08%

 

 

NEISO Mass On Peak

May-25

$41.25

$40.38

2.15%

$0.87

$48.87

-15.58%

$40.54

1.75%

 

 

WECC Mid C On Peak

May-25

$22.70

$21.00

8.07%

$1.70

$26.88

-15.57%

$37.43

-39.36%

 

 

NYISO Zone G On Peak

May-25

$43.65

$42.80

1.99%

$0.85

$49.64

-12.07%

$41.92

4.12%

 

 

 

 

 

Natural Gas & Basis

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

4/17/25

4/16/25

% Change

Change

3/20/25

% Change

4/18/24

% Change

 

 

NYMEX Henry Hub

May-25

$3.245

$3.247

-0.06%

$0.00

$4.04

-19.64%

$3.10

4.81%

 

 

Houston Ship Channel

May-25

-$0.415

-$0.415

0.02%

$0.00

-$0.56

-25.68%

-$0.37

11.28%

 

 

Chicago

May-25

-$0.353

-$0.357

1.28%

$0.00

-$0.51

-30.32%

-$0.21

67.28%

 

 

Waha

May-25

-$2.241

-$2.044

-9.65%

-$0.20

-$3.65

-38.68%

-$1.27

76.81%

 

 

Algonquin

May-25

-$0.430

-$0.423

-1.78%

-$0.01

-$0.53

-18.20%

-$0.16

166.25%

 

 

Aeco

May-25

-$1.561

-$1.601

-2.48%

$0.04

-$2.81

-44.38%

-$0.92

68.82%

 

 

Socal

May-25

-$1.245

-$1.253

-0.66%

$0.01

-$1.12

11.00%

-$0.30

309.87%

 

 

 

 

 

Natural Gas Liquids

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

4/17/25

4/16/25

% Change

Change

3/20/25

% Change

4/18/24

% Change

 

 

Mt. Belvieu Propane LST

May-25

$0.738

$0.742

-0.63%

$0.00

$0.82

-9.49%

$0.72

2.84%

 

 

Mt. Belvieu Propane non LST

May-25

$0.740

$0.735

0.65%

$0.00

$0.82

-9.75%

$0.72

2.86%

 

 

Mt. Belview Ethane

May-25

$0.227

$0.230

-1.15%

$0.00

$0.29

-20.93%

$0.25

-8.12%

 

 

Mt. Belview Nat. Gasoline

May-25

$1.350

$1.303

3.64%

$0.05

$1.44

-6.42%

$1.48

-9.03%

 

 

Mt. Belvieu Butane LST

May-25

$0.867

$0.860

0.88%

$0.01

$0.90

-4.15%

$0.83

4.50%

 

 

Far East Propane

May-25

$5.191

$5.095

1.87%

$0.10

$5.79

-10.36%

$5.39

-3.76%

 

 

Saudi Propane

May-25

$5.790

$5.720

1.22%

$0.07

$5.85

-1.03%

$5.12

13.17%

 

 

 

 

Crude Oil

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

4/17/25

4/16/25

% Change

Change

3/20/25

% Change

4/18/24

% Change

 

 

WTI

Jun-25

$64.01

$61.83

3.41%

$2.18

$67.70

-5.45%

$74.93

-14.57%

 

 

Brent

Jun-25

$67.96

$65.85

3.10%

$2.11

$71.47

-4.91%

$79.90

-14.94%

 

 

WCS

Jun-25

-$10.08

-$10.08

0.00%

$0.00

-$10.81

-6.80%

-$12.47

-19.16%

 

 

LLS

Jun-25

$65.60

$63.55

3.12%

$2.05

$69.81

-6.03%

$77.19

-15.02%

 

 

Mars

Jun-25

$63.70

$62.27

2.24%

$1.43

$68.29

-6.73%

$74.46

-14.45%

 

 

Sour

Jun-25

$63.78

$62.00

2.79%

$1.78

$67.88

-6.04%

$75.08

-15.05%

 

 

ESPO

Jun-25

$65.96

$63.85

3.20%

$2.11

$69.47

-5.05%

$77.90

-15.33%

 

 

 

 

Refined Products

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

4/17/25

4/16/25

% Change

Change

3/20/25

% Change

4/18/24

% Change

 

 

NY Heating Oil

May-25

$2.15

$2.12

1.47%

$0.03

$2.21

-2.72%

$2.49

-13.78%

 

 

NY Gasoline

May-25

$2.10

$2.05

2.44%

$0.05

$2.20

-4.60%

$2.38

-12.12%

 

 

GC Gasoline

May-25

$2.00

$1.95

2.57%

$0.05

$2.10

-4.82%

$2.28

-12.65%

 

 

GC Jet

May-25

$2.02

$1.98

1.92%

$0.04

$2.14

-5.65%

$2.36

-14.59%

 

 

Chicago Ethanol

May-25

$1.78

$1.78

0.00%

$0.00

$1.84

-3.10%

$1.63

9.47%

 

 

Rotterdam Gasoil

May-25

$622.02

$602.67

3.21%

$19.34

$656.98

-5.32%

$709.43

-12.32%

 

 

Singapore Jet Kero

May-25

$80.23

$81.07

-1.04%

-$0.84

$85.90

-6.59%

$97.76

-17.93%

 

 

 

 

Implied Volatilities

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

4/17/25

4/16/25

% Change

Change

3/20/25

% Change

4/18/24

% Change

 

 

Henry Hub Straddle

Jun-25

70.15%

74.16%

-5.41%

-4.01%

61.81%

13.49%

38.34%

82.97%

 

 

Algonquin Straddle

Jun-25

70.78%

75.87%

-6.71%

-5.09%

65.52%

8.03%

39.42%

79.55%

 

 

Waha Straddle

Jun-25

312.07%

291.29%

7.13%

20.78%

242.92%

28.47%

46.69%

568.39%

 

 

Chicago Straddle

Jun-25

78.60%

83.18%

-5.51%

-4.58%

69.02%

13.88%

39.93%

96.84%

 

 

PJM West Straddle

Jun-25

47.90%

45.04%

6.35%

2.86%

46.81%

2.33%

41.41%

15.67%

 

 

SP – 15 Straddle

Jun-25

104.21%

102.67%

1.50%

1.54%

143.70%

-27.48%

27.77%

275.26%

 

 

Mid. C Straddle

Jun-25

29.79%

22.65%

31.52%

7.14%

36.22%

-17.75%

89.21%

-66.61%

 

 

 

 

Euro Gas and Power/LNG

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

4/17/25

4/16/25

% Change

Change

3/20/25

% Change

4/18/24

% Change

 

 

Dutch TTF

Jun-25

EUR 35.49

EUR 35.43

0.17%

EUR 0.06

EUR 43.06

-17.56%

EUR 34.41

3.15%

 

 

NBP

Jun-25

GBP 86.60

GBP 87.24

-0.73%

-GBP 0.64

GBP 103.58

-16.39%

GBP 83.70

3.46%

 

 

German Base

Jun-25

EUR 72.50

EUR 72.96

-0.62%

-EUR 0.45

EUR 77.02

-5.86%

EUR 83.74

-13.42%

 

 

UK Base

Jun-25

GBP 73.27

GBP 70.59

3.80%

GBP 2.68

GBP 83.85

-12.62%

GBP 74.21

-1.27%

 

 

French Base

Jun-25

EUR 31.76

EUR 33.39

-4.88%

-EUR 1.63

EUR 45.61

-30.36%

EUR 60.29

-47.32%

 

 

Italian Base

Jun-25

EUR 105.66

EUR 104.63

0.98%

EUR 1.03

EUR 120.21

-12.10%

EUR 99.25

6.46%

 

 

JKM LNG

Jun-25

$12.14

$12.89

-5.85%

-$0.75

$13.63

-10.93%

$11.84

2.48%

 

 

 

 

Freight Forwards (WET & DRY)

 

OTCGH/EOXLive Market Data

 

 

 

Contract

4/17/25

4/16/25

% Change

Change

3/20/25

% Change

4/18/24

% Change

 

 

TD3C FFA Middle East to China (WET)

Jun-25

$35.49

$35.43

0.17%

$0.06

$43.06

-17.56%

$34.41

3.15%

 

 

USGC-UK Continent Dirty (WET)

Jun-25

$86.60

$87.24

-0.73%

-$0.64

$103.58

-16.39%

$83.70

3.46%

 

 

TD20 West Africa to UK Continent (WET)

Jun-25

$72.50

$72.96

-0.62%

-$0.45

$77.02

-5.86%

$83.74

-13.42%

 

 

LPG FFA Middle East Gulf to East (WET)

Jun-25

$73.27

$70.59

3.80%

$2.68

$83.85

-12.62%

$74.21

-1.27%

 

 

TC5 FFA Arabian Gulf to Japan (WET)

Jun-25

$31.76

$33.39

-4.88%

-$1.63

$45.61

-30.36%

$60.29

-47.32%

 

 

Supramax Timecharter (DRY)

Jun-25

$105.66

$104.63

0.98%

$1.03

$120.21

-12.10%

$99.25

6.46%

 

 

Capesize Timecharter (DRY)

Jun-25

$12.14

$12.89

-5.85%

-$0.75

$13.63

-10.93%

$11.84

2.48%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

 

 

 

 

 

 

 

 

 

 

 

 

Cooling Degree Days

 

 

 

 

 

 

04/19/2025

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

-1

0

-1

-1

NA

NA

 

 

W N Central

1

0

-6

1

-4

-6

NA

NA

 

 

South Atlantic

14

-1

-7

157

7

18

5.00%

13.00%

 

 

E S Central

9

4

-12

42

-2

11

NA

NA

 

 

W S Central

43

22

-3

191

62

30

48.00%

19.00%

 

 

Mountain

9

1

5

31

-1

24

NA

NA

 

 

Pacific

0

-3

0

0

-14

0

NA

NA

 

 

United States

9

2

-3

55

6

8

NA

NA

 

 

 

 

Heating Degree Days

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

04/19/2025

Week Tot

Dev Norm

Dev L YR

Cum Tot

CumD Norm

CumD L YR

CumD Norm

CumD L YR

 

 

New England

118

-17

9

5,782

-305

514

-5.00%

10.00%

 

 

Middle Atlantic

96

-19

20

5,074

-435

425

-8.00%

9.00%

 

 

E N Central

98

-19

41

5,565

-493

547

-8.00%

11.00%

 

 

W N Central

88

-20

27

5,810

-549

486

-9.00%

9.00%

 

 

South Atlantic

38

-3

22

2,533

-205

158

-7.00%

7.00%

 

 

E S Central

38

-11

18

3,102

-362

106

-10.00%

4.00%

 

 

W S Central

7

-13

-1

1,915

-334

-95

-15.00%

-5.00%

 

 

Mountain

92

-7

12

4,384

-378

-73

-8.00%

-2.00%

 

 

Pacific

70

1

-10

2,769

-107

3

-4.00%

0.00%

 

 

United States

68

-12

16

3,893

-333

229

-8.00%

6.00%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

Weather Forecast & Seasonal Outlook

 

 

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