Morning Report: Gas * Power * NGL * Crude * Products * Vols — Apr-24-2025

Apr 24, 2025

  

 

 

 

 

 

 

 

 

 

Prices as of 7:32 AM CST

 

 

 

 

 

 

 

Current Price

Previous Settle

% Change

Change

Volume

 

 

Natural Gas

$2.952

$3.022

-2.32%

-$0.070

5,051

 

 

WTI

$63.13

$62.27

1.38%

$0.86

62,745

 

 

Brent

$66.88

$66.12

1.15%

$0.76

10,881

 

 

ULSD

$2.144

$2.127

0.79%

$0.017

839

 

 

RBOB

$2.100

$2.084

0.78%

$0.016

1,312

 

 

 

 

Spreads

 

 

 

 

 

 

 

Current

Previous

% Change

Change

Contract

 

 

WTI-Brent

$3.83

$3.85

-0.52%

-$0.02

Jun-25

 

 

3:2:1 Crack

$24.74

$24.94

-0.81%

-$0.20

Jun-25

 

 

PJM West Spark

$40.82

$40.88

-0.16%

-$0.07

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

4/23/25

4/22/25

% Change

Change

3/25/25

% Change

4/23/24

% Change

 

 

PJM West On Peak

May-25

$47.15

$47.35

-0.42%

-$0.20

$55.95

-15.72%

$47.36

-0.43%

 

 

ERCOT North On Peak

May-25

$45.73

$46.13

-0.87%

-$0.40

$48.42

-5.56%

$41.91

9.12%

 

 

CAISO SP 15 On Peak

May-25

$7.32

$7.31

0.10%

$0.01

$6.28

16.44%

$13.36

-45.24%

 

 

MISO Indiana On Peak

May-25

$41.44

$41.98

-1.29%

-$0.54

$47.90

-13.50%

$46.49

-10.86%

 

 

NEISO Mass On Peak

May-25

$38.03

$38.42

-1.02%

-$0.39

$49.15

-22.62%

$40.35

-5.74%

 

 

WECC Mid C On Peak

May-25

$25.98

$23.90

8.71%

$2.08

$22.18

17.13%

$37.45

-30.63%

 

 

NYISO Zone G On Peak

May-25

$40.50

$40.23

0.65%

$0.26

$50.62

-20.00%

$42.67

-5.09%

 

 

 

 

 

Natural Gas & Basis

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

4/23/25

4/22/25

% Change

Change

3/25/25

% Change

4/23/24

% Change

 

 

NYMEX Henry Hub

May-25

$3.022

$3.007

0.50%

$0.02

$3.88

-22.05%

$3.15

-3.94%

 

 

Houston Ship Channel

May-25

-$0.408

-$0.430

-5.21%

$0.02

-$0.56

-26.75%

-$0.36

12.25%

 

 

Chicago

May-25

-$0.403

-$0.386

-4.36%

-$0.02

-$0.47

-14.97%

-$0.20

102.56%

 

 

Waha

May-25

-$2.308

-$2.237

-3.19%

-$0.07

-$3.89

-40.65%

-$1.20

91.61%

 

 

Algonquin

May-25

-$0.495

-$0.489

-1.17%

-$0.01

-$0.50

-0.78%

-$0.15

229.67%

 

 

Aeco

May-25

-$1.366

-$1.352

0.98%

-$0.01

-$2.53

-46.09%

-$0.89

53.07%

 

 

Socal

May-25

-$1.168

-$1.136

2.78%

-$0.03

-$1.45

-19.60%

-$0.32

262.93%

 

 

 

 

 

Natural Gas Liquids

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

4/23/25

4/22/25

% Change

Change

3/25/25

% Change

4/23/24

% Change

 

 

Mt. Belvieu Propane LST

May-25

$0.737

$0.743

-0.79%

-$0.01

$0.84

-11.97%

$0.71

4.09%

 

 

Mt. Belvieu Propane non LST

May-25

$0.740

$0.740

-0.01%

$0.00

$0.84

-12.20%

$0.71

4.17%

 

 

Mt. Belview Ethane

May-25

$0.226

$0.226

-0.02%

$0.00

$0.28

-19.20%

$0.25

-9.06%

 

 

Mt. Belview Nat. Gasoline

May-25

$1.330

$1.345

-1.10%

-$0.01

$1.46

-8.74%

$1.49

-10.51%

 

 

Mt. Belvieu Butane LST

May-25

$0.887

$0.871

1.89%

$0.02

$0.92

-3.95%

$0.82

8.61%

 

 

Far East Propane

May-25

$5.050

$5.110

-1.19%

-$0.06

$5.87

-13.91%

$5.37

-6.03%

 

 

Saudi Propane

May-25

$5.940

$5.940

0.00%

$0.00

$5.95

-0.17%

$5.05

17.65%

 

 

 

 

Crude Oil

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

4/23/25

4/22/25

% Change

Change

3/25/25

% Change

4/23/24

% Change

 

 

WTI

Jun-25

$62.27

$63.67

-2.25%

-$1.40

$68.60

-9.23%

$75.13

-17.12%

 

 

Brent

Jun-25

$66.12

$67.44

-2.00%

-$1.32

$72.39

-8.66%

$80.19

-17.55%

 

 

WCS

Jun-25

-$10.13

-$10.03

1.00%

-$0.10

-$10.76

-5.85%

-$12.80

-20.83%

 

 

LLS

Jun-25

$63.87

$64.79

-1.43%

-$0.91

$71.06

-10.11%

$76.43

-16.43%

 

 

Mars

Jun-25

$62.65

$63.43

-1.25%

-$0.78

$68.98

-9.19%

$73.66

-14.96%

 

 

Sour

Jun-25

$62.30

$63.44

-1.83%

-$1.14

$68.79

-9.44%

$73.59

-15.35%

 

 

ESPO

Jun-25

$64.12

$65.44

-2.06%

-$1.32

$70.39

-8.91%

$78.19

-17.99%

 

 

 

 

Refined Products

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

4/23/25

4/22/25

% Change

Change

3/25/25

% Change

4/23/24

% Change

 

 

NY Heating Oil

May-25

$2.13

$2.15

-0.84%

-$0.02

$2.25

-5.34%

$2.48

-14.12%

 

 

NY Gasoline

May-25

$2.07

$2.10

-1.24%

-$0.03

$2.20

-5.91%

$2.42

-14.64%

 

 

GC Gasoline

May-25

$1.97

$2.00

-1.30%

-$0.03

$2.10

-6.19%

$2.33

-15.27%

 

 

GC Jet

May-25

$1.90

$1.98

-3.99%

-$0.08

$2.14

-11.12%

$2.30

-17.45%

 

 

Chicago Ethanol

May-25

$1.75

$1.75

-0.11%

$0.00

$1.79

-1.96%

$1.67

5.22%

 

 

Rotterdam Gasoil

May-25

$621.98

$629.28

-1.16%

-$7.30

$664.50

-6.40%

$702.34

-11.44%

 

 

Singapore Jet Kero

May-25

$81.05

$80.75

0.37%

$0.30

$86.32

-6.11%

$99.39

-18.45%

 

 

 

 

Implied Volatilities

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

4/23/25

4/22/25

% Change

Change

3/25/25

% Change

4/23/24

% Change

 

 

Henry Hub Straddle

Jun-25

72.62%

71.21%

1.98%

1.41%

55.49%

30.87%

41.64%

74.40%

 

 

Algonquin Straddle

Jun-25

85.46%

74.64%

14.50%

10.82%

54.76%

56.06%

43.65%

95.78%

 

 

Waha Straddle

Jun-25

280.24%

267.30%

4.84%

12.94%

255.97%

9.48%

52.68%

431.97%

 

 

Chicago Straddle

Jun-25

93.96%

80.67%

16.47%

13.29%

61.30%

53.28%

43.19%

117.55%

 

 

PJM West Straddle

Jun-25

44.46%

49.55%

-10.27%

-5.09%

47.28%

-5.96%

40.57%

9.59%

 

 

SP – 15 Straddle

Jun-25

109.52%

109.62%

-0.09%

-0.10%

149.68%

-26.83%

21.65%

405.87%

 

 

Mid. C Straddle

Jun-25

31.92%

21.82%

46.29%

10.10%

25.53%

25.03%

90.51%

-64.73%

 

 

 

 

Euro Gas and Power/LNG

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

4/23/25

4/22/25

% Change

Change

3/25/25

% Change

4/23/24

% Change

 

 

Dutch TTF

Jun-25

EUR 34.13

EUR 34.39

-0.76%

-EUR 0.26

EUR 41.46

-17.67%

EUR 31.58

8.09%

 

 

NBP

Jun-25

GBP 83.60

GBP 84.03

-0.51%

-GBP 0.43

GBP 99.41

-15.90%

GBP 78.37

6.68%

 

 

German Base

Jun-25

EUR 74.52

EUR 71.77

3.83%

EUR 2.75

EUR 72.54

2.72%

EUR 76.61

-2.73%

 

 

UK Base

Jun-25

GBP 75.55

GBP 72.86

3.69%

GBP 2.69

GBP 78.40

-3.64%

GBP 70.42

7.29%

 

 

French Base

Jun-25

EUR 31.35

EUR 30.21

3.78%

EUR 1.14

EUR 40.75

-23.07%

EUR 57.69

-45.66%

 

 

Italian Base

Jun-25

EUR 103.25

EUR 102.16

1.07%

EUR 1.09

EUR 116.57

-11.42%

EUR 92.96

11.08%

 

 

JKM LNG

Jun-25

$11.46

$11.66

-1.74%

-$0.20

$13.27

-13.65%

$11.49

-0.27%

 

 

 

 

Freight Forwards (WET & DRY)

 

OTCGH/EOXLive Market Data

 

 

 

Contract

4/23/25

4/22/25

% Change

Change

3/25/25

% Change

4/23/24

% Change

 

 

TD3C FFA Middle East to China (WET)

Jun-25

$34.13

$34.39

-0.76%

-$0.26

$41.46

-17.67%

$31.58

8.09%

 

 

USGC-UK Continent Dirty (WET)

Jun-25

$83.60

$84.03

-0.51%

-$0.43

$99.41

-15.90%

$78.37

6.68%

 

 

TD20 West Africa to UK Continent (WET)

Jun-25

$74.52

$71.77

3.83%

$2.75

$72.54

2.72%

$76.61

-2.73%

 

 

LPG FFA Middle East Gulf to East (WET)

Jun-25

$75.55

$72.86

3.69%

$2.69

$78.40

-3.64%

$70.42

7.29%

 

 

TC5 FFA Arabian Gulf to Japan (WET)

Jun-25

$31.35

$30.21

3.78%

$1.14

$40.75

-23.07%

$57.69

-45.66%

 

 

Supramax Timecharter (DRY)

Jun-25

$103.25

$102.16

1.07%

$1.09

$116.57

-11.42%

$92.96

11.08%

 

 

Capesize Timecharter (DRY)

Jun-25

$11.46

$11.66

-1.74%

-$0.20

$13.27

-13.65%

$11.49

-0.27%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

 

 

 

 

 

 

 

 

 

 

 

 

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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