Morning Report: Gas * Power * NGL * Crude * Products * Vols — Apr-25-2025

Apr 25, 2025

  

 

 

 

 

 

 

 

 

 

Prices as of 8:02 AM CST

 

 

 

 

 

 

 

Current Price

Previous Settle

% Change

Change

Volume

 

 

Natural Gas

$2.882

$2.930

-1.64%

-$0.048

6,030

 

 

WTI

$61.91

$62.79

-1.40%

-$0.88

77,296

 

 

Brent

$65.62

$66.55

-1.40%

-$0.93

9,205

 

 

ULSD

$2.134

$2.144

-0.44%

-$0.009

1,516

 

 

RBOB

$2.090

$2.106

-0.75%

-$0.016

1,279

 

 

 

 

Spreads

 

 

 

 

 

 

 

Current

Previous

% Change

Change

Contract

 

 

WTI-Brent

$3.74

$3.76

-0.53%

-$0.02

Jun-25

 

 

3:2:1 Crack

$25.71

$25.28

1.72%

$0.44

Jun-25

 

 

PJM West Spark

$40.86

$40.88

-0.06%

-$0.03

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

 

 

 

 

04/24/20

 

 

 

4/18/25

4/11/25

Net Change

% Change

4/19/24

% Change

5 Year Avg.

% Change

 

 

East

295

290

5

1.72%

408

-27.70%

352

-16.19%

 

 

Midwest

396

373

23

6.17%

551

-28.13%

452

-12.43%

 

 

Mountain

171

166

5

3.01%

173

-1.16%

115

48.70%

 

 

Pacific

221

213

8

3.76%

235

-5.96%

186

18.69%

 

 

South

851

804

47

5.85%

1,057

-19.49%

901

-5.53%

 

 

    Salt

266

242

24

9.92%

309

-13.92%

274

-2.99%

 

 

    Non_Salt

585

562

23

4.09%

749

-21.90%

627

-6.64%

 

 

Total

1,934

1,846

88

4.77%

2,425

-20.25%

2,006

-3.61%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Power Generation Additions/Retirements

 

 

  

 

Front Month Prices

 

 

 

 

 

 

 

 

 

 

 

 

 

Electricity

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

4/24/25

4/23/25

% Change

Change

3/26/25

% Change

4/24/24

% Change

 

 

PJM West On Peak

May-25

$47.06

$47.15

-0.19%

-$0.09

$55.08

-14.57%

$46.65

0.87%

 

 

ERCOT North On Peak

May-25

$43.81

$45.73

-4.20%

-$1.92

$48.06

-8.85%

$43.23

1.34%

 

 

CAISO SP 15 On Peak

May-25

$8.25

$7.32

12.75%

$0.93

$5.45

51.35%

$13.10

-37.03%

 

 

MISO Indiana On Peak

May-25

$39.55

$41.44

-4.57%

-$1.89

$47.08

-16.00%

$46.65

-15.23%

 

 

NEISO Mass On Peak

May-25

$36.40

$38.03

-4.29%

-$1.63

$47.62

-23.56%

$41.42

-12.11%

 

 

WECC Mid C On Peak

May-25

$26.00

$25.98

0.08%

$0.02

$18.24

42.57%

$37.58

-30.82%

 

 

NYISO Zone G On Peak

May-25

$38.08

$40.50

-5.98%

-$2.42

$49.08

-22.41%

$42.29

-9.96%

 

 

 

 

 

Natural Gas & Basis

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

4/24/25

4/23/25

% Change

Change

3/26/25

% Change

4/24/24

% Change

 

 

NYMEX Henry Hub

May-25

$2.930

$3.022

-3.04%

-$0.09

$3.87

-24.33%

$3.13

-6.42%

 

 

Houston Ship Channel

May-25

-$0.426

-$0.408

4.59%

-$0.02

-$0.53

-19.18%

-$0.38

13.07%

 

 

Chicago

May-25

-$0.421

-$0.403

-4.30%

-$0.02

-$0.47

-10.36%

-$0.22

94.46%

 

 

Waha

May-25

-$2.379

-$2.308

-3.08%

-$0.07

-$3.96

-39.99%

-$1.22

94.24%

 

 

Algonquin

May-25

-$0.544

-$0.495

-9.93%

-$0.05

-$0.49

10.74%

-$0.15

251.39%

 

 

Aeco

May-25

-$1.368

-$1.366

0.19%

$0.00

-$2.43

-43.73%

-$0.94

45.22%

 

 

Socal

May-25

-$1.137

-$1.168

-2.68%

$0.03

-$1.50

-24.03%

-$0.31

268.31%

 

 

 

 

 

Natural Gas Liquids

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

4/24/25

4/23/25

% Change

Change

3/26/25

% Change

4/24/24

% Change

 

 

Mt. Belvieu Propane LST

May-25

$0.750

$0.737

1.78%

$0.01

$0.85

-11.46%

$0.71

5.39%

 

 

Mt. Belvieu Propane non LST

May-25

$0.754

$0.740

1.87%

$0.01

$0.85

-11.28%

$0.71

6.65%

 

 

Mt. Belview Ethane

May-25

$0.226

$0.226

-0.04%

$0.00

$0.28

-19.23%

$0.24

-7.25%

 

 

Mt. Belview Nat. Gasoline

May-25

$1.352

$1.330

1.67%

$0.02

$1.48

-8.39%

$1.49

-9.29%

 

 

Mt. Belvieu Butane LST

May-25

$0.898

$0.887

1.27%

$0.01

$0.93

-3.65%

$0.81

10.33%

 

 

Far East Propane

May-25

$5.212

$5.050

3.21%

$0.16

$5.95

-12.41%

$5.46

-4.49%

 

 

Saudi Propane

May-25

$5.920

$5.940

-0.34%

-$0.02

$5.98

-1.00%

$5.11

15.80%

 

 

 

 

Crude Oil

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

4/24/25

4/23/25

% Change

Change

3/26/25

% Change

4/24/24

% Change

 

 

WTI

Jun-25

$62.79

$62.27

0.83%

$0.52

$69.21

-9.28%

$75.14

-16.44%

 

 

Brent

Jun-25

$66.55

$66.12

0.65%

$0.43

$73.06

-8.91%

$80.25

-17.07%

 

 

WCS

Jun-25

-$10.03

-$10.13

-1.05%

$0.11

-$10.76

-6.82%

-$12.85

-21.97%

 

 

LLS

Jun-25

$64.10

$63.87

0.36%

$0.23

$71.53

-10.39%

$77.07

-16.82%

 

 

Mars

Jun-25

$62.95

$62.65

0.48%

$0.30

$69.50

-9.43%

$74.17

-15.13%

 

 

Sour

Jun-25

$62.60

$62.30

0.47%

$0.30

$69.29

-9.66%

$75.16

-16.71%

 

 

ESPO

Jun-25

$64.55

$64.12

0.67%

$0.43

$71.06

-9.16%

$78.25

-17.51%

 

 

 

 

Refined Products

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

4/24/25

4/23/25

% Change

Change

3/26/25

% Change

4/24/24

% Change

 

 

NY Heating Oil

May-25

$2.15

$2.13

0.89%

$0.02

$2.25

-4.62%

$2.48

-13.46%

 

 

NY Gasoline

May-25

$2.10

$2.07

1.45%

$0.03

$2.25

-6.58%

$2.40

-12.46%

 

 

GC Gasoline

May-25

$2.00

$1.97

1.52%

$0.03

$2.15

-6.89%

$2.30

-13.01%

 

 

GC Jet

May-25

$1.98

$1.90

4.26%

$0.08

$2.11

-5.80%

$2.38

-16.72%

 

 

Chicago Ethanol

May-25

$1.78

$1.75

1.83%

$0.03

$1.77

0.85%

$1.66

7.47%

 

 

Rotterdam Gasoil

May-25

$623.24

$621.98

0.20%

$1.26

$675.73

-7.77%

$710.39

-12.27%

 

 

Singapore Jet Kero

May-25

$80.40

$81.05

-0.80%

-$0.65

$86.90

-7.48%

$98.47

-18.35%

 

 

 

 

Implied Volatilities

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

4/24/25

4/23/25

% Change

Change

3/26/25

% Change

4/24/24

% Change

 

 

Henry Hub Straddle

Jun-25

64.26%

72.62%

-11.51%

-8.36%

55.49%

15.80%

39.07%

64.47%

 

 

Algonquin Straddle

Jun-25

68.50%

85.46%

-19.85%

-16.96%

53.91%

27.06%

41.84%

63.72%

 

 

Waha Straddle

Jun-25

279.17%

280.24%

-0.38%

-1.07%

253.43%

10.16%

49.20%

467.42%

 

 

Chicago Straddle

Jun-25

75.73%

93.96%

-19.40%

-18.23%

61.66%

22.82%

41.54%

82.31%

 

 

PJM West Straddle

Jun-25

44.82%

44.46%

0.81%

0.36%

46.69%

-4.01%

40.72%

10.07%

 

 

SP – 15 Straddle

Jun-25

108.84%

109.52%

-0.62%

-0.68%

152.98%

-28.85%

20.61%

428.09%

 

 

Mid. C Straddle

Jun-25

25.90%

31.92%

-18.86%

-6.02%

20.25%

27.90%

90.03%

-71.23%

 

 

 

 

Euro Gas and Power/LNG

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

4/24/25

4/23/25

% Change

Change

3/26/25

% Change

4/24/24

% Change

 

 

Dutch TTF

Jun-25

EUR 33.70

EUR 34.13

-1.27%

-EUR 0.43

EUR 41.17

-18.15%

EUR 31.95

5.45%

 

 

NBP

Jun-25

GBP 81.72

GBP 83.60

-2.25%

-GBP 1.88

GBP 98.99

-17.44%

GBP 79.22

3.16%

 

 

German Base

Jun-25

EUR 75.05

EUR 74.52

0.71%

EUR 0.53

EUR 73.17

2.57%

EUR 78.41

-4.29%

 

 

UK Base

Jun-25

GBP 74.02

GBP 75.55

-2.03%

-GBP 1.53

GBP 81.80

-9.51%

GBP 71.03

4.21%

 

 

French Base

Jun-25

EUR 31.83

EUR 31.35

1.54%

EUR 0.48

EUR 40.62

-21.64%

EUR 57.81

-44.94%

 

 

Italian Base

Jun-25

EUR 99.72

EUR 103.25

-3.42%

-EUR 3.53

EUR 113.79

-12.36%

EUR 94.55

5.47%

 

 

JKM LNG

Jun-25

$11.35

$11.46

-1.01%

-$0.12

$12.95

-12.42%

$10.74

5.68%

 

 

 

 

Freight Forwards (WET & DRY)

 

OTCGH/EOXLive Market Data

 

 

 

Contract

4/24/25

4/23/25

% Change

Change

3/26/25

% Change

4/24/24

% Change

 

 

TD3C FFA Middle East to China (WET)

Jun-25

$33.70

$34.13

-1.27%

-$0.43

$41.17

-18.15%

$31.95

5.45%

 

 

USGC-UK Continent Dirty (WET)

Jun-25

$81.72

$83.60

-2.25%

-$1.88

$98.99

-17.44%

$79.22

3.16%

 

 

TD20 West Africa to UK Continent (WET)

Jun-25

$75.05

$74.52

0.71%

$0.53

$73.17

2.57%

$78.41

-4.29%

 

 

LPG FFA Middle East Gulf to East (WET)

Jun-25

$74.02

$75.55

-2.03%

-$1.53

$81.80

-9.51%

$71.03

4.21%

 

 

TC5 FFA Arabian Gulf to Japan (WET)

Jun-25

$31.83

$31.35

1.54%

$0.48

$40.62

-21.64%

$57.81

-44.94%

 

 

Supramax Timecharter (DRY)

Jun-25

$99.72

$103.25

-3.42%

-$3.53

$113.79

-12.36%

$94.55

5.47%

 

 

Capesize Timecharter (DRY)

Jun-25

$11.35

$11.46

-1.01%

-$0.12

$12.95

-12.42%

$10.74

5.68%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

 

 

 

 

 

 

 

 

 

 

 

 

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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