Morning Report: Gas * Power * NGL * Crude * Products * Vols — Apr-22-2025

Apr 22, 2025

  

 

 

 

 

 

 

 

 

 

Prices as of 7:12 AM CST

 

 

 

 

 

 

 

Current Price

Previous Settle

% Change

Change

Volume

 

 

Natural Gas

$3.066

$3.016

1.66%

$0.050

9,562

 

 

WTI

$64.10

$63.08

1.62%

$1.02

889

 

 

Brent

$67.23

$66.26

1.46%

$0.97

7,772

 

 

ULSD

$2.147

$2.109

1.78%

$0.038

1,300

 

 

RBOB

$2.099

$2.065

1.62%

$0.033

2,390

 

 

 

 

Spreads

 

 

 

 

 

 

 

Current

Previous

% Change

Change

Contract

 

 

WTI-Brent

$3.77

$3.85

-2.08%

-$0.08

Jun-25

 

 

3:2:1 Crack

$24.52

$24.11

1.73%

$0.42

May-25

 

 

PJM West Spark

$39.97

$41.64

-4.03%

-$1.68

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 4/15/2025

Open Interest

Total Net Long

Total Net Short

Diff

 

 

PJM West On Peak

92,923

92,182

92,433

-251

 

 

PJM West Off Peak

84,524

83,841

83,769

72

 

 

Natural Gas Henry Hub

368,897

353,762

356,980

-3,218

 

 

WTI – Light Sweet Crude Futures

308,505

255,548

242,102

13,446

 

 

Brent Crude Last Day

202,255

194,952

194,125

827

 

 

NYM Ethanol

33,478

32,743

33,116

-373

 

 

Mt Belvieu LDH Propane Swap

157,199

156,232

156,278

-46

 

 

RBOB

421,556

400,501

399,908

593

 

 

HSC Basis

916,812

910,100

911,710

-1,610

 

 

 

 

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

4/21/25

4/17/25

% Change

Change

3/21/25

% Change

4/19/24

% Change

 

 

PJM West On Peak

May-25

$46.50

$48.10

-3.33%

-$1.60

$57.01

-18.44%

$47.06

-1.21%

 

 

ERCOT North On Peak

May-25

$41.72

$46.31

-9.92%

-$4.59

$51.58

-19.12%

$41.99

-0.64%

 

 

CAISO SP 15 On Peak

May-25

$7.31

$8.61

-15.09%

-$1.30

$7.00

4.45%

$13.25

-44.80%

 

 

MISO Indiana On Peak

May-25

$39.30

$43.60

-9.85%

-$4.29

$49.60

-20.76%

$46.55

-15.57%

 

 

NEISO Mass On Peak

May-25

$43.49

$41.25

5.43%

$2.24

$47.79

-8.99%

$40.56

7.24%

 

 

WECC Mid C On Peak

May-25

$21.57

$22.70

-4.98%

-$1.13

$25.69

-16.07%

$38.14

-43.46%

 

 

NYISO Zone G On Peak

May-25

$39.11

$43.65

-10.40%

-$4.54

$49.17

-20.46%

$42.38

-7.73%

 

 

 

 

 

Natural Gas & Basis

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

4/21/25

4/17/25

% Change

Change

3/21/25

% Change

4/19/24

% Change

 

 

NYMEX Henry Hub

May-25

$3.016

$3.245

-7.06%

-$0.23

$4.02

-25.05%

$3.09

-2.43%

 

 

Houston Ship Channel

May-25

-$0.451

-$0.415

8.57%

-$0.04

-$0.52

-12.75%

-$0.37

21.14%

 

 

Chicago

May-25

-$0.384

-$0.353

-8.01%

-$0.03

-$0.47

-18.40%

-$0.21

81.50%

 

 

Waha

May-25

-$2.048

-$2.241

-8.61%

$0.19

-$3.68

-44.40%

-$1.25

63.38%

 

 

Algonquin

May-25

-$0.477

-$0.430

-10.86%

-$0.05

-$0.49

-3.44%

-$0.16

207.35%

 

 

Aeco

May-25

-$1.471

-$1.561

-5.78%

$0.09

-$2.57

-42.69%

-$0.93

58.95%

 

 

Socal

May-25

-$1.346

-$1.245

8.13%

-$0.10

-$1.11

20.80%

-$0.30

342.46%

 

 

 

 

 

Natural Gas Liquids

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

4/21/25

4/17/25

% Change

Change

3/21/25

% Change

4/19/24

% Change

 

 

Mt. Belvieu Propane LST

May-25

$0.729

$0.738

-1.25%

-$0.01

$0.82

-10.89%

$0.72

0.92%

 

 

Mt. Belvieu Propane non LST

May-25

$0.733

$0.740

-0.97%

-$0.01

$0.83

-11.57%

$0.70

4.51%

 

 

Mt. Belview Ethane

May-25

$0.225

$0.227

-1.13%

$0.00

$0.28

-19.39%

$0.25

-10.50%

 

 

Mt. Belview Nat. Gasoline

May-25

$1.320

$1.350

-2.20%

-$0.03

$1.44

-8.62%

$1.49

-11.52%

 

 

Mt. Belvieu Butane LST

May-25

$0.845

$0.867

-2.55%

-$0.02

$0.91

-6.63%

$0.83

1.83%

 

 

Far East Propane

May-25

$5.153

$5.191

-0.72%

-$0.04

$5.82

-11.46%

$5.31

-2.94%

 

 

Saudi Propane

May-25

$5.970

$5.790

3.11%

$0.18

$5.86

1.88%

$5.00

19.31%

 

 

 

 

Crude Oil

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

4/21/25

4/17/25

% Change

Change

3/21/25

% Change

4/19/24

% Change

 

 

WTI

Jun-25

$62.41

$64.01

-2.56%

-$1.60

$67.89

-8.07%

$74.66

-16.41%

 

 

Brent

Jun-25

$66.26

$67.96

-2.57%

-$1.70

$71.61

-7.47%

$79.66

-16.82%

 

 

WCS

Jun-25

-$9.65

-$10.08

-4.46%

$0.43

-$10.87

-11.21%

-$12.50

-22.80%

 

 

LLS

Jun-25

$64.17

$65.60

-2.23%

-$1.43

$70.27

-8.68%

$76.88

-16.54%

 

 

Mars

Jun-25

$62.66

$63.70

-1.65%

-$1.04

$68.49

-8.51%

$74.46

-15.84%

 

 

Sour

Jun-25

$62.69

$63.78

-1.74%

-$1.09

$68.01

-7.82%

$75.41

-16.87%

 

 

ESPO

Jun-25

$64.26

$65.96

-2.65%

-$1.70

$69.61

-7.69%

$77.66

-17.25%

 

 

 

 

Refined Products

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

4/21/25

4/17/25

% Change

Change

3/21/25

% Change

4/19/24

% Change

 

 

NY Heating Oil

May-25

$2.12

$2.15

-1.49%

-$0.03

$2.21

-4.39%

$2.50

-15.30%

 

 

NY Gasoline

May-25

$2.07

$2.10

-1.38%

-$0.03

$2.20

-6.09%

$2.42

-14.59%

 

 

GC Gasoline

May-25

$1.97

$2.00

-1.45%

-$0.03

$2.10

-6.38%

$2.32

-15.22%

 

 

GC Jet

May-25

$1.94

$2.02

-3.91%

-$0.08

$2.16

-10.31%

$2.45

-20.69%

 

 

Chicago Ethanol

May-25

$1.77

$1.78

-0.45%

-$0.01

$1.82

-2.64%

$1.64

8.18%

 

 

Rotterdam Gasoil

May-25

$612.78

$622.02

-1.48%

-$9.24

$655.25

-6.48%

$712.32

-13.97%

 

 

Singapore Jet Kero

May-25

$80.15

$80.23

-0.10%

-$0.08

$85.99

-6.79%

$96.89

-17.28%

 

 

 

 

Implied Volatilities

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

4/21/25

4/17/25

% Change

Change

3/21/25

% Change

4/19/24

% Change

 

 

Henry Hub Straddle

Jun-25

73.30%

70.15%

4.49%

3.15%

59.76%

22.66%

32.07%

128.56%

 

 

Algonquin Straddle

Jun-25

75.04%

70.78%

6.02%

4.26%

56.32%

33.24%

33.44%

124.40%

 

 

Waha Straddle

Jun-25

320.85%

312.07%

2.81%

8.78%

240.92%

33.18%

40.58%

690.66%

 

 

Chicago Straddle

Jun-25

81.94%

78.60%

4.25%

3.34%

66.06%

24.04%

32.91%

148.98%

 

 

PJM West Straddle

Jun-25

46.07%

47.90%

-3.82%

-1.83%

47.75%

-3.52%

40.89%

12.67%

 

 

SP – 15 Straddle

Jun-25

105.89%

104.21%

1.61%

1.68%

145.03%

-26.99%

28.73%

268.57%

 

 

Mid. C Straddle

Jun-25

24.43%

29.79%

-17.99%

-5.36%

30.55%

-20.03%

89.07%

-72.57%

 

 

 

 

Euro Gas and Power/LNG

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

4/21/25

4/17/25

% Change

Change

3/21/25

% Change

4/19/24

% Change

 

 

Dutch TTF

Jun-25

EUR 35.75

EUR 35.49

0.72%

EUR 0.25

EUR 42.87

-16.61%

EUR 33.72

6.03%

 

 

NBP

Jun-25

GBP 87.24

GBP 86.60

0.74%

GBP 0.64

GBP 103.14

-15.42%

GBP 82.40

5.88%

 

 

German Base

Jun-25

EUR 72.82

EUR 72.50

0.44%

EUR 0.32

EUR 75.66

-3.76%

EUR 80.80

-9.87%

 

 

UK Base

Jun-25

GBP 75.80

GBP 73.27

3.45%

GBP 2.53

GBP 80.01

-5.27%

GBP 73.17

3.60%

 

 

French Base

Jun-25

EUR 32.43

EUR 31.76

2.10%

EUR 0.67

EUR 43.91

-26.14%

EUR 61.49

-47.26%

 

 

Italian Base

Jun-25

EUR 105.27

EUR 105.66

-0.37%

-EUR 0.39

EUR 120.65

-12.75%

EUR 97.82

7.61%

 

 

JKM LNG

Jun-25

$11.92

$12.14

-1.75%

-$0.21

$13.32

-10.51%

$11.68

2.12%

 

 

 

 

Freight Forwards (WET & DRY)

 

OTCGH/EOXLive Market Data

 

 

 

Contract

4/21/25

4/17/25

% Change

Change

3/21/25

% Change

4/19/24

% Change

 

 

TD3C FFA Middle East to China (WET)

Jun-25

$35.75

$35.49

0.72%

$0.25

$42.87

-16.61%

$33.72

6.03%

 

 

USGC-UK Continent Dirty (WET)

Jun-25

$87.24

$86.60

0.74%

$0.64

$103.14

-15.42%

$82.40

5.88%

 

 

TD20 West Africa to UK Continent (WET)

Jun-25

$72.82

$72.50

0.44%

$0.32

$75.66

-3.76%

$80.80

-9.87%

 

 

LPG FFA Middle East Gulf to East (WET)

Jun-25

$75.80

$73.27

3.45%

$2.53

$80.01

-5.27%

$73.17

3.60%

 

 

TC5 FFA Arabian Gulf to Japan (WET)

Jun-25

$32.43

$31.76

2.10%

$0.67

$43.91

-26.14%

$61.49

-47.26%

 

 

Supramax Timecharter (DRY)

Jun-25

$105.27

$105.66

-0.37%

-$0.39

$120.65

-12.75%

$97.82

7.61%

 

 

Capesize Timecharter (DRY)

Jun-25

$11.92

$12.14

-1.75%

-$0.21

$13.32

-10.51%

$11.68

2.12%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

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.