Morning Report: Gas * Power * NGL * Crude * Products * Vols — Apr-29-2026

Apr 29, 2026

  

 

 

 

 

 

 

 

 

 

Prices as of 6:53 AM CST

 

 

 

 

 

 

 

Current Price

Previous Settle

% Change

Change

Volume

 

 

Natural Gas

$2.647

$2.559

3.44%

$0.088

12,664

 

 

WTI

$103.11

$99.93

3.18%

$3.18

76,235

 

 

Brent

$114.54

$111.26

2.95%

$3.28

3,922

 

 

ULSD

$4.094

$3.971

3.08%

$0.123

331

 

 

RBOB

$3.650

$3.560

2.52%

$0.090

982

 

 

 

 

Spreads

 

 

 

 

 

 

 

Current

Previous

% Change

Change

Contract

 

 

WTI-Brent

$11.46

$11.33

1.15%

$0.13

Jun-26

 

 

3:2:1 Crack

$51.31

$50.53

1.54%

$0.78

Jun-26

 

 

PJM West Spark

NA

NA

NA

NA

May-26

 

 

 

 

Baker Hughes Rig Count

 

 

 

 

 

 

 

Date

Count

Change

1 Year Chg.

1 Year Date

 

 

U.S.

04/24/26

544

1

-43

04/25/25

 

 

Canada

04/24/26

130

0

2

04/25/25

 

 

International

Mar-2026

1058

-54

-37

Mar-2025

 

 

 

 

CFTC Net Positions

 

 

 

 

 

 

As of 4/21/2026

Open Interest

Total Net Long

Total Net Short

Diff

 

 

PJM West On Peak

126,418

126,063

125,837

226

 

 

PJM West Off Peak

122,722

122,339

122,174

165

 

 

Natural Gas Henry Hub

394,267

377,993

374,100

3,893

 

 

WTI – Light Sweet Crude Futures

232,833

203,464

197,140

6,324

 

 

Brent Crude Last Day

377,019

365,827

368,307

-2,480

 

 

NYM Ethanol

52,780

52,132

52,008

124

 

 

Mt Belvieu LDH Propane Swap

114,678

114,110

113,860

250

 

 

RBOB

332,531

304,539

319,066

-14,527

 

 

HSC Basis

916,873

909,478

911,532

-2,054

 

 

 

 

EIA Short Term Energy Outlook

 

 

 

 

 

 

 

2023

2024

2025 Projected

2026 Projected

 

 

Brent

$82.00

$81.00

$66.00

$59.00

 

 

Gasoline

$3.50

$3.30

$3.10

$3.10

 

 

Crude Oil Production

$12.90

$13.20

$13.40

$13.50

 

 

Natural Gas Spot

$2.50

$2.20

$4.10

$4.80

 

 

LNG Exports

12.00

12.00

15.00

16.00

 

 

 

 

 

 

 

 

 

 

Electrical Generation %

2023

2024

2025 Projected

2026 Projected

 

 

Natural gas

42.00%

42.00%

40.00%

40.00%

 

 

Coal

17.00%

16.00%

16.00%

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

 

 

 

 

04/23/21

 

 

 

4/17/26

4/10/26

Net Change

% Change

4/18/25

% Change

5 Year Avg.

% Change

 

 

East

309

283

26

9.19%

295

4.75%

330

-6.36%

 

 

Midwest

404

371

33

8.89%

396

2.02%

430

-6.09%

 

 

Mountain

202

210

-8

-3.81%

171

18.13%

129

57.08%

 

 

Pacific

269

267

2

0.75%

221

21.72%

187

44.00%

 

 

South

879

839

40

4.77%

851

3.29%

875

0.43%

 

 

    Salt

263

243

20

8.23%

266

-1.13%

265

-0.60%

 

 

    Non_Salt

616

596

20

3.36%

585

5.30%

611

0.85%

 

 

Total

2,063

1,970

93

4.72%

1,934

6.67%

1,951

5.73%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Power Generation Additions/Retirements

 

 

  

 

Front Month Prices

 

 

 

 

 

 

 

 

 

 

 

 

 

Electricity

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

4/28/26

4/27/26

% Change

Change

3/30/26

% Change

4/28/25

% Change

 

 

PJM West On Peak

May-26

$60.72

$57.19

6.17%

$3.53

$58.60

3.61%

$52.27

16.17%

 

 

ERCOT North On Peak

May-26

$33.63

$38.05

-11.62%

-$4.42

$34.73

-3.17%

$42.58

-21.02%

 

 

CAISO SP 15 On Peak

May-26

$4.02

$4.12

-2.43%

-$0.10

$9.62

-58.19%

$9.95

-59.58%

 

 

MISO Indiana On Peak

May-26

$47.95

$45.29

5.87%

$2.66

$48.02

-0.15%

$50.81

-5.63%

 

 

NEISO Mass On Peak

May-26

$44.90

$41.22

8.93%

$3.68

$41.16

9.07%

$41.12

9.18%

 

 

WECC Mid C On Peak

May-26

$11.85

$12.33

-3.90%

-$0.48

$17.72

-33.10%

$28.05

-57.75%

 

 

NYISO Zone G On Peak

May-26

$42.60

$39.74

7.19%

$2.86

$44.30

-3.83%

$41.19

3.43%

 

 

 

 

 

Natural Gas & Basis

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

4/28/26

4/27/26

% Change

Change

3/30/26

% Change

4/28/25

% Change

 

 

NYMEX Henry Hub

Jun-26

$2.691

$2.729

-1.39%

-$0.04

$3.04

-11.33%

$3.86

-30.27%

 

 

Houston Ship Channel

Jun-26

-$0.375

-$0.367

2.26%

-$0.01

-$0.37

0.24%

-$0.41

-8.00%

 

 

Chicago

Jun-26

-$0.359

-$0.380

5.82%

$0.02

-$0.39

-6.72%

-$0.41

-13.02%

 

 

Waha

Jun-26

-$5.831

-$5.812

-0.33%

-$0.02

-$4.54

28.38%

-$2.54

129.54%

 

 

Algonquin

Jun-26

$0.042

$0.012

250.83%

$0.03

$0.24

-82.75%

-$0.32

-113.08%

 

 

Aeco

Jun-26

-$1.813

-$1.793

1.14%

-$0.02

-$1.89

-4.00%

-$1.70

6.78%

 

 

Socal

Jun-26

-$1.491

-$1.539

-3.09%

$0.05

-$1.45

2.97%

-$0.27

457.38%

 

 

 

 

 

Natural Gas Liquids

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

4/28/26

4/27/26

% Change

Change

3/30/26

% Change

4/28/25

% Change

 

 

Mt. Belvieu Propane LST

May-26

$0.863

$0.856

0.73%

$0.01

$0.88

-2.06%

$0.69

25.64%

 

 

Mt. Belvieu Propane non LST

May-26

$0.820

$0.820

0.00%

$0.00

$0.87

-5.75%

$0.69

18.61%

 

 

Mt. Belview Ethane

May-26

$0.206

$0.210

-1.79%

$0.00

$0.24

-12.70%

$0.27

-22.57%

 

 

Mt. Belview Nat. Gasoline

May-26

$2.110

$2.085

1.20%

$0.02

$2.20

-3.87%

$1.21

74.84%

 

 

Mt. Belvieu Butane LST

May-26

$1.086

$1.074

1.15%

$0.01

$1.12

-3.37%

$0.79

37.49%

 

 

Far East Propane

May-26

$8.096

$7.800

3.79%

$0.30

$8.22

-1.51%

$4.94

63.93%

 

 

Saudi Propane

May-26

$7.370

$7.350

0.27%

$0.02

$6.65

10.83%

$4.84

52.19%

 

 

 

 

Crude Oil

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

4/28/26

4/27/26

% Change

Change

3/30/26

% Change

4/28/25

% Change

 

 

WTI

Jun-26

$99.93

$96.37

3.56%

$3.56

$96.02

4.07%

$60.22

65.94%

 

 

Brent

Jun-26

$111.26

$108.23

2.72%

$3.03

$107.39

3.60%

$64.05

73.71%

 

 

WCS

Jun-26

-$15.49

-$14.79

4.49%

-$0.70

-$12.69

22.00%

-$13.25

16.89%

 

 

LLS

Jun-26

$94.70

$92.97

1.82%

$1.73

$93.13

1.68%

$62.99

50.34%

 

 

Mars

Jun-26

$96.13

$93.90

2.32%

$2.23

$92.89

3.49%

$61.13

57.26%

 

 

Sour

Jun-26

$98.61

$94.38

4.29%

$4.23

$96.43

2.26%

$60.88

61.96%

 

 

ESPO

Jun-26

$109.26

$106.23

2.77%

$3.03

$105.39

3.67%

$62.05

76.08%

 

 

 

 

Refined Products

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

4/28/26

4/27/26

% Change

Change

3/30/26

% Change

4/28/25

% Change

 

 

NY Heating Oil

May-26

$3.85

$3.96

-2.88%

-$0.11

$4.49

-14.28%

$2.06

87.20%

 

 

NY Gasoline

May-26

$3.56

$3.47

2.59%

$0.09

$3.24

10.07%

$2.00

77.79%

 

 

GC Gasoline

May-26

$3.42

$3.33

2.70%

$0.09

$3.10

10.53%

$1.90

79.78%

 

 

GC Jet

May-26

$3.96

$4.01

-1.25%

-$0.05

$4.15

-4.53%

$1.92

105.82%

 

 

Chicago Ethanol

May-26

$1.99

$2.01

-1.00%

-$0.02

$2.01

-1.24%

$1.64

21.04%

 

 

Rotterdam Gasoil

May-26

$1,042.00

$1,025.25

1.63%

$16.75

$970.00

7.42%

$599.98

73.67%

 

 

Singapore Jet Kero

May-26

$163.30

$171.20

-4.61%

-$7.90

$161.01

1.42%

$80.23

103.54%

 

 

 

 

Implied Volatilities

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

4/28/26

4/27/26

% Change

Change

3/30/26

% Change

4/28/25

% Change

 

 

Henry Hub Straddle

Jun-26

48.66%

47.77%

1.86%

0.89%

64.16%

-24.16%

40.13%

21.26%

 

 

Algonquin Straddle

Jun-26

69.51%

67.65%

2.75%

1.86%

105.65%

-34.21%

42.61%

63.13%

 

 

Waha Straddle

Jun-26

165.30%

160.90%

2.73%

4.40%

326.55%

-49.38%

347.08%

-52.37%

 

 

Chicago Straddle

Jun-26

50.67%

50.47%

0.40%

0.20%

68.19%

-25.69%

42.70%

18.67%

 

 

PJM West Straddle

Jun-26

46.58%

51.19%

-9.01%

-4.61%

51.65%

-9.82%

36.81%

26.54%

 

 

SP – 15 Straddle

Jun-26

93.28%

93.57%

-0.31%

-0.29%

265.04%

-64.81%

102.56%

-9.05%

 

 

Mid. C Straddle

Jun-26

39.94%

47.52%

-15.95%

-7.58%

27.63%

44.55%

44.80%

-10.85%

 

 

 

 

Euro Gas and Power/LNG

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

4/28/26

4/27/26

% Change

Change

3/30/26

% Change

4/28/25

% Change

 

 

Dutch TTF

Jun-26

EUR 43.35

EUR 44.35

-2.28%

-EUR 1.01

EUR 55.05

-21.26%

EUR 29.10

48.93%

 

 

NBP

Jun-26

GBP 107.03

GBP 109.00

-1.81%

-GBP 1.97

GBP 136.47

-21.57%

GBP 71.25

50.22%

 

 

German Base

Jun-26

EUR 83.96

EUR 84.51

-0.65%

-EUR 0.55

EUR 94.57

-11.22%

EUR 63.79

31.63%

 

 

UK Base

Jun-26

GBP 89.86

GBP 92.57

-2.93%

-GBP 2.71

GBP 103.76

-13.40%

GBP 65.50

37.19%

 

 

French Base

Jun-26

EUR 27.66

EUR 28.96

-4.49%

-EUR 1.30

EUR 26.69

3.63%

EUR 33.50

-17.43%

 

 

Italian Base

Jun-26

EUR 123.91

EUR 122.15

1.44%

EUR 1.76

EUR 143.92

-13.90%

EUR 84.27

47.03%

 

 

JKM LNG

Jun-26

$16.77

$16.64

0.82%

$0.14

$19.07

-12.06%

$10.45

60.48%

 

 

 

 

Freight Forwards (WET & DRY)

 

OTCGH/EOXLive Market Data

 

 

 

Contract

4/28/26

4/27/26

% Change

Change

3/30/26

% Change

4/28/25

% Change

 

 

TD3C FFA Middle East to China (WET)

Jun-26

$43.35

$44.35

-2.28%

-$1.01

$55.05

-21.26%

$29.10

48.93%

 

 

USGC-UK Continent Dirty (WET)

Jun-26

$107.03

$109.00

-1.81%

-$1.97

$136.47

-21.57%

$71.25

50.22%

 

 

TD20 West Africa to UK Continent (WET)

Jun-26

$83.96

$84.51

-0.65%

-$0.55

$94.57

-11.22%

$63.79

31.63%

 

 

LPG FFA Middle East Gulf to East (WET)

Jun-26

$89.86

$92.57

-2.93%

-$2.71

$103.76

-13.40%

$65.50

37.19%

 

 

TC5 FFA Arabian Gulf to Japan (WET)

Jun-26

$27.66

$28.96

-4.49%

-$1.30

$26.69

3.63%

$33.50

-17.43%

 

 

Supramax Timecharter (DRY)

Jun-26

$123.91

$122.15

1.44%

$1.76

$143.92

-13.90%

$84.27

47.03%

 

 

Capesize Timecharter (DRY)

Jun-26

$16.77

$16.64

0.82%

$0.14

$19.07

-12.06%

$10.45

60.48%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

 

 

 

 

 

 

 

 

 

 

 

 

Cooling Degree Days

 

 

 

 

 

 

04/25/2026

Week Tot

Dev Norm

Dev L YR

Cum Tot

CumD Norm

CumD L YR

CumD Norm

CumD L YR

 

 

New England

0

0

0

1

1

1

NA

NA

 

 

Middle Atlantic

0

0

0

18

18

18

NA

NA

 

 

E N Central

1

1

1

14

13

14

NA

NA

 

 

W N Central

3

2

2

23

17

22

NA

NA

 

 

South Atlantic

19

0

-15

208

42

21

25.00%

11.00%

 

 

E S Central

5

-1

-23

101

52

38

NA

NA

 

 

W S Central

32

6

-16

321

170

91

113.00%

39.00%

 

 

Mountain

8

-2

3

81

40

45

NA

NA

 

 

Pacific

0

-4

0

29

12

29

NA

NA

 

 

United States

8

-1

-5

97

40

30

NA

NA

 

 

 

 

Heating Degree Days

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

04/25/2026

Week Tot

Dev Norm

Dev L YR

Cum Tot

CumD Norm

CumD L YR

CumD Norm

CumD L YR

 

 

New England

152

32

80

6,210

21

364

0.00%

6.00%

 

 

Middle Atlantic

117

17

78

5,469

-125

359

-2.00%

7.00%

 

 

E N Central

76

-27

18

5,731

-414

116

-7.00%

2.00%

 

 

W N Central

71

-21

-11

5,577

-860

-297

-13.00%

-5.00%

 

 

South Atlantic

32

-1

27

2,603

-163

65

-6.00%

3.00%

 

 

E S Central

34

-6

27

3,033

-465

-76

-13.00%

-2.00%

 

 

W S Central

22

7

18

1,667

-595

-251

-26.00%

-13.00%

 

 

Mountain

71

-18

-19

3,652

-1,185

-800

-24.00%

-18.00%

 

 

Pacific

68

5

-1

2,195

-734

-633

-25.00%

-22.00%

 

 

United States

67

-2

24

3,825

-459

-103

-11.00%

-3.00%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gas * Power * NGL * Crude * Products * Vol * Freight * Spreads – Charts

 

 

 

 

 

Weather Forecast & Seasonal Outlook

 

 

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