Morning Report: Gas * Power * NGL * Crude * Products * Vols — Apr-28-2025

Apr 28, 2025

  

 

 

 

 

 

 

 

 

 

Prices as of 7:13 AM CST

 

 

 

 

 

 

 

Current Price

Previous Settle

% Change

Change

Volume

 

 

Natural Gas

$2.918

$2.937

-0.65%

-$0.019

212

 

 

WTI

$62.84

$63.02

-0.29%

-$0.18

46,860

 

 

Brent

$66.71

$66.87

-0.24%

-$0.16

3,843

 

 

ULSD

$2.166

$2.167

-0.04%

-$0.001

756

 

 

RBOB

$2.113

$2.119

-0.28%

-$0.006

1,128

 

 

 

 

Spreads

 

 

 

 

 

 

 

Current

Previous

% Change

Change

Contract

 

 

WTI-Brent

$3.88

$3.85

0.78%

$0.03

Jun-25

 

 

3:2:1 Crack

$25.64

$25.55

0.36%

$0.09

Jun-25

 

 

PJM West Spark

$42.32

$40.78

3.79%

$1.54

May-25

 

 

 

 

Baker Hughes Rig Count

 

 

 

 

 

 

 

Date

Count

Change

1 Year Chg.

1 Year Date

 

 

U.S.

04/25/25

587

2

-26

04/26/24

 

 

Canada

04/25/25

128

-6

10

04/26/24

 

 

International

Mar

899

-6

-72

Mar

 

 

 

 

CFTC Net Positions

 

 

 

 

 

 

As of 4/22/2025

Open Interest

Total Net Long

Total Net Short

Diff

 

 

PJM West On Peak

95,837

95,078

95,349

-271

 

 

PJM West Off Peak

86,323

85,638

85,591

47

 

 

Natural Gas Henry Hub

371,084

355,075

358,435

-3,360

 

 

WTI – Light Sweet Crude Futures

312,419

259,765

247,799

11,966

 

 

Brent Crude Last Day

207,876

201,563

200,288

1,275

 

 

NYM Ethanol

33,896

33,194

33,450

-256

 

 

Mt Belvieu LDH Propane Swap

158,525

157,894

157,691

203

 

 

RBOB

412,306

392,577

391,811

766

 

 

HSC Basis

924,374

917,723

919,920

-2,197

 

 

 

 

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

4/25/25

4/24/25

% Change

Change

3/27/25

% Change

4/25/24

% Change

 

 

PJM West On Peak

May-25

$48.49

$47.06

3.04%

$1.43

$53.58

-9.49%

$46.83

3.55%

 

 

ERCOT North On Peak

May-25

$46.23

$43.81

5.51%

$2.42

$47.90

-3.51%

$42.43

8.93%

 

 

CAISO SP 15 On Peak

May-25

$8.32

$8.25

0.91%

$0.07

$5.37

55.00%

$10.88

-23.50%

 

 

MISO Indiana On Peak

May-25

$42.06

$39.55

6.35%

$2.51

$46.22

-9.00%

$46.42

-9.40%

 

 

NEISO Mass On Peak

May-25

$38.76

$36.40

6.48%

$2.36

$46.24

-16.17%

$40.14

-3.44%

 

 

WECC Mid C On Peak

May-25

$25.92

$26.00

-0.31%

-$0.08

$18.10

43.22%

$34.74

-25.39%

 

 

NYISO Zone G On Peak

May-25

$40.03

$38.08

5.13%

$1.95

$46.48

-13.87%

$42.41

-5.61%

 

 

 

 

 

Natural Gas & Basis

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

4/25/25

4/24/25

% Change

Change

3/27/25

% Change

4/25/24

% Change

 

 

NYMEX Henry Hub

May-25

$2.937

$2.930

0.24%

$0.01

$3.92

-25.17%

$3.13

-6.05%

 

 

Houston Ship Channel

May-25

-$0.426

-$0.426

-0.19%

$0.00

-$0.53

-19.88%

-$0.39

8.05%

 

 

Chicago

May-25

-$0.441

-$0.421

-4.36%

-$0.02

-$0.51

-12.89%

-$0.22

99.82%

 

 

Waha

May-25

-$2.311

-$2.379

-2.85%

$0.07

-$3.97

-41.78%

-$1.24

86.14%

 

 

Algonquin

May-25

-$0.520

-$0.544

4.29%

$0.02

-$0.53

-1.61%

-$0.16

226.82%

 

 

Aeco

May-25

-$1.322

-$1.368

-3.37%

$0.05

-$2.55

-48.17%

-$0.98

35.14%

 

 

Socal

May-25

-$1.121

-$1.137

-1.40%

$0.02

-$1.63

-31.15%

-$0.30

275.82%

 

 

 

 

 

Natural Gas Liquids

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

4/25/25

4/24/25

% Change

Change

3/27/25

% Change

4/25/24

% Change

 

 

Mt. Belvieu Propane LST

May-25

$0.771

$0.750

2.69%

$0.02

$0.85

-8.94%

$0.72

7.23%

 

 

Mt. Belvieu Propane non LST

May-25

$0.770

$0.754

2.16%

$0.02

$0.85

-9.36%

$0.71

8.31%

 

 

Mt. Belview Ethane

May-25

$0.238

$0.226

5.06%

$0.01

$0.28

-15.90%

$0.24

-2.56%

 

 

Mt. Belview Nat. Gasoline

May-25

$1.345

$1.352

-0.54%

-$0.01

$1.48

-9.04%

$1.49

-9.48%

 

 

Mt. Belvieu Butane LST

May-25

$0.924

$0.898

2.88%

$0.03

$0.93

-0.63%

$0.82

12.21%

 

 

Far East Propane

May-25

$5.346

$5.212

2.57%

$0.13

$5.95

-10.08%

$5.39

-0.78%

 

 

Saudi Propane

May-25

$5.930

$5.920

0.17%

$0.01

$6.00

-1.17%

$5.18

14.58%

 

 

 

 

Crude Oil

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

4/25/25

4/24/25

% Change

Change

3/27/25

% Change

4/25/24

% Change

 

 

WTI

Jun-25

$63.02

$62.79

0.36%

$0.23

$69.49

-9.31%

$75.49

-16.52%

 

 

Brent

Jun-25

$66.87

$66.55

0.48%

$0.32

$73.34

-8.82%

$80.64

-17.08%

 

 

WCS

Jun-25

-$9.43

-$10.03

-6.36%

$0.60

-$9.83

-4.11%

-$12.95

-27.20%

 

 

LLS

Jun-25

$64.48

$64.10

0.58%

$0.37

$72.09

-10.56%

$77.15

-16.43%

 

 

Mars

Jun-25

$63.57

$62.95

0.98%

$0.62

$69.83

-8.96%

$74.20

-14.33%

 

 

Sour

Jun-25

$63.06

$62.60

0.73%

$0.46

$69.52

-9.29%

$75.17

-16.12%

 

 

ESPO

Jun-25

$64.87

$64.55

0.49%

$0.32

$71.34

-9.07%

$78.64

-17.51%

 

 

 

 

Refined Products

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

4/25/25

4/24/25

% Change

Change

3/27/25

% Change

4/25/24

% Change

 

 

NY Heating Oil

May-25

$2.17

$2.15

1.30%

$0.03

$2.25

-3.50%

$2.50

-13.10%

 

 

NY Gasoline

May-25

$2.12

$2.10

0.90%

$0.02

$2.23

-4.98%

$2.41

-12.11%

 

 

GC Gasoline

May-25

$2.02

$2.00

0.95%

$0.02

$2.13

-5.21%

$2.31

-12.64%

 

 

GC Jet

May-25

$1.98

$1.98

-0.15%

$0.00

$2.17

-8.67%

$2.37

-16.42%

 

 

Chicago Ethanol

May-25

$1.80

$1.78

0.84%

$0.01

$1.74

3.27%

$1.66

8.24%

 

 

Rotterdam Gasoil

May-25

$630.47

$623.24

1.16%

$7.23

$675.50

-6.67%

$720.70

-12.52%

 

 

Singapore Jet Kero

May-25

$81.15

$80.40

0.93%

$0.75

$87.79

-7.56%

$96.64

-16.03%

 

 

 

 

Implied Volatilities

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

4/25/25

4/24/25

% Change

Change

3/27/25

% Change

4/25/24

% Change

 

 

Henry Hub Straddle

Jun-25

63.85%

64.26%

-0.64%

-0.41%

53.75%

18.79%

37.25%

71.41%

 

 

Algonquin Straddle

Jun-25

67.44%

68.50%

-1.55%

-1.06%

52.15%

29.32%

37.52%

79.74%

 

 

Waha Straddle

Jun-25

242.46%

279.17%

-13.15%

-36.71%

244.67%

-0.90%

47.31%

412.49%

 

 

Chicago Straddle

Jun-25

73.19%

75.73%

-3.35%

-2.54%

59.34%

23.34%

39.37%

85.90%

 

 

PJM West Straddle

Jun-25

46.77%

44.82%

4.35%

1.95%

45.20%

3.47%

41.02%

14.02%

 

 

SP – 15 Straddle

Jun-25

107.26%

108.84%

-1.45%

-1.58%

154.61%

-30.63%

20.87%

413.94%

 

 

Mid. C Straddle

Jun-25

26.03%

25.90%

0.50%

0.13%

18.42%

41.31%

100.36%

-74.06%

 

 

 

 

Euro Gas and Power/LNG

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

4/25/25

4/24/25

% Change

Change

3/27/25

% Change

4/25/24

% Change

 

 

Dutch TTF

Jun-25

EUR 32.07

EUR 33.70

-4.82%

-EUR 1.62

EUR 41.32

-22.38%

EUR 32.72

-1.99%

 

 

NBP

Jun-25

GBP 77.57

GBP 81.72

-5.09%

-GBP 4.16

GBP 98.74

-21.44%

GBP 81.15

-4.42%

 

 

German Base

Jun-25

EUR 73.40

EUR 75.05

-2.20%

-EUR 1.65

EUR 72.32

1.49%

EUR 79.97

-8.21%

 

 

UK Base

Jun-25

GBP 70.38

GBP 74.02

-4.92%

-GBP 3.64

GBP 78.73

-10.60%

GBP 72.45

-2.85%

 

 

French Base

Jun-25

EUR 30.75

EUR 31.83

-3.41%

-EUR 1.09

EUR 41.55

-25.99%

EUR 60.36

-49.06%

 

 

Italian Base

Jun-25

EUR 99.18

EUR 99.72

-0.54%

-EUR 0.54

EUR 115.57

-14.18%

EUR 94.32

5.15%

 

 

JKM LNG

Jun-25

$11.11

$11.35

-2.10%

-$0.24

$12.70

-12.54%

$11.49

-3.33%

 

 

 

 

Freight Forwards (WET & DRY)

 

OTCGH/EOXLive Market Data

 

 

 

Contract

4/25/25

4/24/25

% Change

Change

3/27/25

% Change

4/25/24

% Change

 

 

TD3C FFA Middle East to China (WET)

Jun-25

$32.07

$33.70

-4.82%

-$1.62

$41.32

-22.38%

$32.72

-1.99%

 

 

USGC-UK Continent Dirty (WET)

Jun-25

$77.57

$81.72

-5.09%

-$4.16

$98.74

-21.44%

$81.15

-4.42%

 

 

TD20 West Africa to UK Continent (WET)

Jun-25

$73.40

$75.05

-2.20%

-$1.65

$72.32

1.49%

$79.97

-8.21%

 

 

LPG FFA Middle East Gulf to East (WET)

Jun-25

$70.38

$74.02

-4.92%

-$3.64

$78.73

-10.60%

$72.45

-2.85%

 

 

TC5 FFA Arabian Gulf to Japan (WET)

Jun-25

$30.75

$31.83

-3.41%

-$1.09

$41.55

-25.99%

$60.36

-49.06%

 

 

Supramax Timecharter (DRY)

Jun-25

$99.18

$99.72

-0.54%

-$0.54

$115.57

-14.18%

$94.32

5.15%

 

 

Capesize Timecharter (DRY)

Jun-25

$11.11

$11.35

-2.10%

-$0.24

$12.70

-12.54%

$11.49

-3.33%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

 

 

 

 

 

 

 

 

 

 

 

 

Cooling Degree Days

 

 

 

 

 

 

04/26/2025

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

0

0

-1

-1

NA

NA

 

 

W N Central

1

-1

1

2

-5

-5

NA

NA

 

 

South Atlantic

37

17

16

194

25

34

15.00%

22.00%

 

 

E S Central

25

19

21

67

17

32

NA

NA

 

 

W S Central

48

21

24

238

82

54

53.00%

29.00%

 

 

Mountain

6

-4

-6

37

-5

19

NA

NA

 

 

Pacific

0

-4

0

0

-18

0

NA

NA

 

 

United States

14

5

7

69

11

15

NA

NA

 

 

 

 

Heating Degree Days

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

04/26/2025

Week Tot

Dev Norm

Dev L YR

Cum Tot

CumD Norm

CumD L YR

CumD Norm

CumD L YR

 

 

New England

73

-45

-59

5,855

-350

455

-6.00%

8.00%

 

 

Middle Atlantic

41

-57

-72

5,114

-493

353

-9.00%

7.00%

 

 

E N Central

63

-38

-63

5,628

-531

484

-9.00%

9.00%

 

 

W N Central

77

-13

-37

5,886

-563

449

-9.00%

8.00%

 

 

South Atlantic

5

-27

-37

2,538

-232

122

-8.00%

5.00%

 

 

E S Central

8

-31

-46

3,111

-392

60

-11.00%

2.00%

 

 

W S Central

4

-10

-22

1,919

-344

-117

-15.00%

-6.00%

 

 

Mountain

76

-11

5

4,461

-388

-68

-8.00%

-2.00%

 

 

Pacific

75

13

20

2,844

-94

23

-3.00%

1.00%

 

 

United States

43

-24

-35

3,936

-357

194

-8.00%

5.00%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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.