Morning Report: Gas * Power * NGL * Crude * Products * Vols — Apr-23-2025

Apr 23, 2025

  

 

 

 

 

 

 

 

 

 

Prices as of 7:12 AM CST

 

 

 

 

 

 

 

Current Price

Previous Settle

% Change

Change

Volume

 

 

Natural Gas

$3.032

$3.007

0.83%

$0.025

7,871

 

 

WTI

$63.85

$64.31

-0.72%

-$0.46

62,339

 

 

Brent

$67.64

$67.44

0.30%

$0.20

9,434

 

 

ULSD

$2.154

$2.149

0.23%

$0.005

1,868

 

 

RBOB

$2.112

$2.100

0.57%

$0.012

1,205

 

 

 

 

Spreads

 

 

 

 

 

 

 

Current

Previous

% Change

Change

Contract

 

 

WTI-Brent

$3.77

$3.77

0.00%

$0.00

Jun-25

 

 

3:2:1 Crack

$24.43

$24.32

0.44%

$0.11

Jun-25

 

 

PJM West Spark

$40.87

$40.06

2.03%

$0.81

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

4/22/25

4/21/25

% Change

Change

3/24/25

% Change

4/22/24

% Change

 

 

PJM West On Peak

May-25

$47.35

$46.50

1.83%

$0.85

$57.60

-17.79%

$47.58

-0.48%

 

 

ERCOT North On Peak

May-25

$46.13

$41.72

10.58%

$4.41

$49.37

-6.56%

$41.85

10.22%

 

 

CAISO SP 15 On Peak

May-25

$7.31

$7.31

-0.05%

$0.00

$7.24

1.03%

$12.59

-41.95%

 

 

MISO Indiana On Peak

May-25

$41.98

$39.30

6.82%

$2.68

$50.08

-16.16%

$47.12

-10.91%

 

 

NEISO Mass On Peak

May-25

$38.42

$43.49

-11.65%

-$5.07

$48.28

-20.41%

$40.65

-5.47%

 

 

WECC Mid C On Peak

May-25

$23.90

$21.57

10.81%

$2.33

$22.88

4.43%

$33.85

-29.39%

 

 

NYISO Zone G On Peak

May-25

$40.23

$39.11

2.88%

$1.12

$49.99

-19.51%

$42.86

-6.12%

 

 

 

 

 

Natural Gas & Basis

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

4/22/25

4/21/25

% Change

Change

3/24/25

% Change

4/22/24

% Change

 

 

NYMEX Henry Hub

May-25

$3.007

$3.016

-0.30%

-$0.01

$3.95

-23.95%

$3.12

-3.50%

 

 

Houston Ship Channel

May-25

-$0.430

-$0.451

-4.61%

$0.02

-$0.55

-21.80%

-$0.38

12.42%

 

 

Chicago

May-25

-$0.386

-$0.384

-0.57%

$0.00

-$0.47

-18.34%

-$0.21

79.65%

 

 

Waha

May-25

-$2.237

-$2.048

-9.21%

-$0.19

-$3.77

-40.71%

-$1.25

78.78%

 

 

Algonquin

May-25

-$0.489

-$0.477

-2.54%

-$0.01

-$0.47

3.45%

-$0.16

207.61%

 

 

Aeco

May-25

-$1.352

-$1.471

-8.06%

$0.12

-$2.55

-46.96%

-$0.94

44.34%

 

 

Socal

May-25

-$1.136

-$1.346

-15.60%

$0.21

-$1.28

-11.57%

-$0.30

279.15%

 

 

 

 

 

Natural Gas Liquids

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

4/22/25

4/21/25

% Change

Change

3/24/25

% Change

4/22/24

% Change

 

 

Mt. Belvieu Propane LST

May-25

$0.743

$0.729

2.01%

$0.01

$0.83

-10.88%

$0.71

4.66%

 

 

Mt. Belvieu Propane non LST

May-25

$0.740

$0.733

1.01%

$0.01

$0.84

-11.74%

$0.70

5.32%

 

 

Mt. Belview Ethane

May-25

$0.226

$0.225

0.66%

$0.00

$0.28

-18.81%

$0.25

-9.94%

 

 

Mt. Belview Nat. Gasoline

May-25

$1.345

$1.320

1.87%

$0.02

$1.45

-7.09%

$1.47

-8.38%

 

 

Mt. Belvieu Butane LST

May-25

$0.871

$0.845

3.03%

$0.03

$0.91

-4.70%

$0.81

7.46%

 

 

Far East Propane

May-25

$5.110

$5.153

-0.84%

-$0.04

$5.86

-12.80%

$5.35

-4.40%

 

 

Saudi Propane

May-25

$5.940

$5.970

-0.50%

-$0.03

$5.96

-0.33%

$5.03

18.00%

 

 

 

 

Crude Oil

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

4/22/25

4/21/25

% Change

Change

3/24/25

% Change

4/22/24

% Change

 

 

WTI

Jun-25

$63.67

$62.41

1.98%

$1.26

$68.66

-7.27%

$74.37

-14.39%

 

 

Brent

Jun-25

$67.44

$66.26

1.75%

$1.18

$72.37

-6.81%

$79.32

-14.98%

 

 

WCS

Jun-25

-$10.03

-$9.65

3.81%

-$0.38

-$10.76

-6.79%

-$12.50

-19.74%

 

 

LLS

Jun-25

$64.79

$64.17

0.95%

$0.62

$70.98

-8.73%

$76.88

-15.74%

 

 

Mars

Jun-25

$63.43

$62.66

1.21%

$0.77

$69.20

-8.34%

$74.46

-14.81%

 

 

Sour

Jun-25

$63.44

$62.69

1.18%

$0.75

$68.74

-7.70%

$75.41

-15.87%

 

 

ESPO

Jun-25

$65.44

$64.26

1.80%

$1.18

$70.37

-7.01%

$77.32

-15.36%

 

 

 

 

Refined Products

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

4/22/25

4/21/25

% Change

Change

3/24/25

% Change

4/22/24

% Change

 

 

NY Heating Oil

May-25

$2.15

$2.12

1.47%

$0.03

$2.22

-3.51%

$2.49

-13.68%

 

 

NY Gasoline

May-25

$2.10

$2.07

1.45%

$0.03

$2.21

-5.16%

$2.38

-11.93%

 

 

GC Gasoline

May-25

$2.00

$1.97

1.53%

$0.03

$2.11

-5.40%

$2.28

-12.46%

 

 

GC Jet

May-25

$1.98

$1.94

2.11%

$0.04

$2.10

-5.62%

$2.51

-21.08%

 

 

Chicago Ethanol

May-25

$1.75

$1.77

-0.96%

-$0.02

$1.83

-3.84%

$1.65

6.04%

 

 

Rotterdam Gasoil

May-25

$629.28

$612.78

2.69%

$16.50

$663.49

-5.16%

$702.92

-10.48%

 

 

Singapore Jet Kero

May-25

$80.75

$80.15

0.75%

$0.60

$87.07

-7.26%

$97.87

-17.49%

 

 

 

 

Implied Volatilities

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

4/22/25

4/21/25

% Change

Change

3/24/25

% Change

4/22/24

% Change

 

 

Henry Hub Straddle

Jun-25

71.21%

73.30%

-2.85%

-2.09%

64.55%

10.32%

39.54%

80.10%

 

 

Algonquin Straddle

Jun-25

74.64%

75.04%

-0.53%

-0.40%

63.12%

18.25%

41.13%

81.47%

 

 

Waha Straddle

Jun-25

267.30%

320.85%

-16.69%

-53.55%

237.45%

12.57%

44.01%

507.36%

 

 

Chicago Straddle

Jun-25

80.67%

81.94%

-1.55%

-1.27%

71.73%

12.46%

40.74%

98.01%

 

 

PJM West Straddle

Jun-25

49.55%

46.07%

7.55%

3.48%

48.63%

1.89%

40.80%

21.45%

 

 

SP – 15 Straddle

Jun-25

109.62%

105.89%

3.52%

3.73%

145.11%

-24.46%

21.36%

413.20%

 

 

Mid. C Straddle

Jun-25

21.82%

24.43%

-10.68%

-2.61%

25.85%

-15.59%

93.70%

-76.71%

 

 

 

 

Euro Gas and Power/LNG

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

4/22/25

4/21/25

% Change

Change

3/24/25

% Change

4/22/24

% Change

 

 

Dutch TTF

Jun-25

EUR 34.39

EUR 35.75

-3.79%

-EUR 1.36

EUR 42.61

-19.28%

EUR 31.87

7.93%

 

 

NBP

Jun-25

GBP 84.03

GBP 87.24

-3.68%

-GBP 3.21

GBP 102.63

-18.12%

GBP 79.69

5.45%

 

 

German Base

Jun-25

EUR 71.77

EUR 72.82

-1.44%

-EUR 1.05

EUR 74.52

-3.69%

EUR 77.93

-7.90%

 

 

UK Base

Jun-25

GBP 72.86

GBP 75.80

-3.88%

-GBP 2.94

GBP 79.86

-8.77%

GBP 71.74

1.56%

 

 

French Base

Jun-25

EUR 30.21

EUR 32.43

-6.85%

-EUR 2.22

EUR 42.77

-29.38%

EUR 58.86

-48.68%

 

 

Italian Base

Jun-25

EUR 102.16

EUR 105.27

-2.96%

-EUR 3.11

EUR 119.36

-14.41%

EUR 94.28

8.36%

 

 

JKM LNG

Jun-25

$11.66

$11.92

-2.17%

-$0.26

$13.36

-12.70%

$11.83

-1.40%

 

 

 

 

Freight Forwards (WET & DRY)

 

OTCGH/EOXLive Market Data

 

 

 

Contract

4/22/25

4/21/25

% Change

Change

3/24/25

% Change

4/22/24

% Change

 

 

TD3C FFA Middle East to China (WET)

Jun-25

$34.39

$35.75

-3.79%

-$1.36

$42.61

-19.28%

$31.87

7.93%

 

 

USGC-UK Continent Dirty (WET)

Jun-25

$84.03

$87.24

-3.68%

-$3.21

$102.63

-18.12%

$79.69

5.45%

 

 

TD20 West Africa to UK Continent (WET)

Jun-25

$71.77

$72.82

-1.44%

-$1.05

$74.52

-3.69%

$77.93

-7.90%

 

 

LPG FFA Middle East Gulf to East (WET)

Jun-25

$72.86

$75.80

-3.88%

-$2.94

$79.86

-8.77%

$71.74

1.56%

 

 

TC5 FFA Arabian Gulf to Japan (WET)

Jun-25

$30.21

$32.43

-6.85%

-$2.22

$42.77

-29.38%

$58.86

-48.68%

 

 

Supramax Timecharter (DRY)

Jun-25

$102.16

$105.27

-2.96%

-$3.11

$119.36

-14.41%

$94.28

8.36%

 

 

Capesize Timecharter (DRY)

Jun-25

$11.66

$11.92

-2.17%

-$0.26

$13.36

-12.70%

$11.83

-1.40%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

 

 

 

 

 

 

 

 

 

 

 

 

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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