Morning Report: Gas * Power * NGL * Crude * Products * Vols — Aug-07-2025

Aug 7, 2025

  

 

 

 

 

 

 

 

 

 

Prices as of 8:20 AM CST

 

 

 

 

 

 

 

Current Price

Previous Settle

% Change

Change

Volume

 

 

Natural Gas

$3.089

$3.077

0.39%

$0.012

27,931

 

 

WTI

$64.77

$64.35

0.65%

$0.42

83,095

 

 

Brent

$67.31

$66.89

0.63%

$0.42

16,394

 

 

ULSD

$2.288

$2.263

1.12%

$0.025

7,295

 

 

RBOB

$2.105

$2.090

0.70%

$0.015

8,050

 

 

 

 

Spreads

 

 

 

 

 

 

 

Current

Previous

% Change

Change

Contract

 

 

WTI-Brent

$3.48

$3.48

0.00%

$0.00

Oct-25

 

 

3:2:1 Crack

$22.76

$22.29

2.11%

$0.47

Sep-25

 

 

PJM West Spark

$47.29

$51.96

-9.00%

-$4.67

Sep-25

 

 

 

 

Baker Hughes Rig Count

 

 

 

 

 

 

 

Date

Count

Change

1 Year Chg.

1 Year Date

 

 

U.S.

08/01/25

540

-2

-46

08/02/24

 

 

Canada

08/01/25

177

-5

-42

08/02/24

 

 

International

July-2025

914

1

-20

July-2024

 

 

 

 

CFTC Net Positions

 

 

 

 

 

 

As of 7/29/2025

Open Interest

Total Net Long

Total Net Short

Diff

 

 

PJM West On Peak

102,650

102,336

102,107

229

 

 

PJM West Off Peak

91,362

91,205

90,658

547

 

 

Natural Gas Henry Hub

359,390

344,723

347,042

-2,319

 

 

WTI – Light Sweet Crude Futures

182,334

159,491

151,463

8,028

 

 

Brent Crude Last Day

216,532

208,388

208,649

-261

 

 

NYM Ethanol

34,953

34,213

34,469

-256

 

 

Mt Belvieu LDH Propane Swap

153,975

153,026

153,617

-591

 

 

RBOB

347,340

324,941

330,584

-5,643

 

 

HSC Basis

782,935

773,848

779,781

-5,933

 

 

 

 

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

 

 

 

 

07/31/20

 

 

 

7/25/25

7/18/25

Net Change

% Change

7/26/24

% Change

5 Year Avg.

% Change

 

 

East

651

634

17

2.68%

711

-8.44%

652

-0.21%

 

 

Midwest

765

746

19

2.55%

842

-9.14%

762

0.42%

 

 

Mountain

243

239

4

1.67%

253

-3.95%

195

24.36%

 

 

Pacific

302

297

5

1.68%

286

5.59%

265

14.05%

 

 

South

1,162

1,159

3

0.26%

1,157

0.43%

1,067

8.88%

 

 

    Salt

316

325

-9

-2.77%

307

2.93%

277

14.08%

 

 

    Non_Salt

846

834

12

1.44%

851

-0.59%

791

6.98%

 

 

Total

3,123

3,075

48

1.56%

3,249

-3.88%

2,942

6.17%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Power Generation Additions/Retirements

 

 

  

 

Front Month Prices

 

 

 

 

 

 

 

 

 

 

 

 

 

Electricity

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

8/6/25

8/5/25

% Change

Change

7/9/25

% Change

8/6/24

% Change

 

 

PJM West On Peak

Sep-25

$53.87

$58.54

-7.99%

-$4.68

$52.85

1.93%

$51.99

3.62%

 

 

ERCOT North On Peak

Sep-25

$48.95

$50.41

-2.89%

-$1.46

$56.20

-12.89%

$67.40

-27.37%

 

 

CAISO SP 15 On Peak

Sep-25

$38.86

$39.48

-1.57%

-$0.62

$48.89

-20.51%

$65.44

-40.62%

 

 

MISO Indiana On Peak

Sep-25

$49.86

$54.08

-7.80%

-$4.22

$48.90

1.95%

$51.99

-4.09%

 

 

NEISO Mass On Peak

Sep-25

$50.42

$50.25

0.33%

$0.16

$48.49

3.97%

$45.38

11.09%

 

 

WECC Mid C On Peak

Sep-25

$57.09

$58.20

-1.91%

-$1.11

$76.46

-25.34%

$100.08

-42.96%

 

 

NYISO Zone G On Peak

Sep-25

$51.99

$51.12

1.69%

$0.86

$49.60

4.81%

$44.57

16.64%

 

 

 

 

 

Natural Gas & Basis

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

8/6/25

8/5/25

% Change

Change

7/9/25

% Change

8/6/24

% Change

 

 

NYMEX Henry Hub

Sep-25

$3.077

$3.010

2.23%

$0.07

$3.25

-5.35%

$3.12

-1.50%

 

 

Houston Ship Channel

Sep-25

-$0.392

-$0.378

3.76%

-$0.01

-$0.38

4.48%

-$0.42

-6.98%

 

 

Chicago

Sep-25

-$0.343

-$0.343

0.20%

$0.00

-$0.36

-3.90%

-$0.43

-20.00%

 

 

Waha

Sep-25

-$2.245

-$2.253

-0.37%

$0.01

-$1.87

20.20%

-$1.06

111.52%

 

 

Algonquin

Sep-25

-$0.273

-$0.306

10.67%

$0.03

-$0.59

-53.83%

-$0.93

-70.66%

 

 

Aeco

Sep-25

-$2.489

-$2.394

3.97%

-$0.10

-$2.36

5.63%

-$1.39

79.59%

 

 

Socal

Sep-25

-$0.441

-$0.422

4.47%

-$0.02

-$0.05

880.67%

$0.88

-150.11%

 

 

 

 

 

Natural Gas Liquids

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

8/6/25

8/5/25

% Change

Change

7/9/25

% Change

8/6/24

% Change

 

 

Mt. Belvieu Propane LST

Sep-25

$0.679

$0.689

-1.47%

-$0.01

$0.76

-10.13%

$0.73

-6.87%

 

 

Mt. Belvieu Propane non LST

Sep-25

$0.679

$0.686

-1.10%

-$0.01

$0.75

-9.22%

$0.72

-5.34%

 

 

Mt. Belview Ethane

Sep-25

$0.214

$0.215

-0.77%

$0.00

$0.24

-10.46%

$0.24

-9.87%

 

 

Mt. Belview Nat. Gasoline

Sep-25

$1.305

$1.298

0.58%

$0.01

$1.34

-2.37%

$1.40

-6.78%

 

 

Mt. Belvieu Butane LST

Sep-25

$0.801

$0.790

1.42%

$0.01

$0.85

-6.11%

$0.81

-1.60%

 

 

Far East Propane

Sep-25

$5.315

$5.306

0.18%

$0.01

$5.53

-3.84%

$5.45

-2.49%

 

 

Saudi Propane

Sep-25

$5.251

$5.221

0.57%

$0.03

$5.62

-6.57%

$5.10

3.01%

 

 

 

 

Crude Oil

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

8/6/25

8/5/25

% Change

Change

7/9/25

% Change

8/6/24

% Change

 

 

WTI

Sep-25

$64.35

$65.16

-1.26%

-$0.81

$66.97

-3.91%

$68.48

-6.03%

 

 

Brent

Sep-25

$67.17

$67.94

-1.15%

-$0.77

$70.19

-4.31%

$73.23

-8.28%

 

 

WCS

Sep-25

-$11.61

-$11.56

0.43%

-$0.05

-$11.26

3.05%

-$14.19

-18.22%

 

 

LLS

Sep-25

$64.93

$66.04

-1.69%

-$1.10

$67.34

-3.57%

$71.17

-8.77%

 

 

Mars

Sep-25

$62.67

$64.01

-2.14%

-$1.34

$65.89

-4.88%

$68.41

-8.39%

 

 

Sour

Sep-25

$65.00

$65.99

-1.52%

-$0.99

$66.52

-2.28%

$69.12

-5.95%

 

 

ESPO

Sep-25

$65.17

$65.94

-1.18%

-$0.77

$68.19

-4.43%

$71.23

-8.51%

 

 

 

 

Refined Products

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

8/6/25

8/5/25

% Change

Change

7/9/25

% Change

8/6/24

% Change

 

 

NY Heating Oil

Sep-25

$2.29

$2.31

-1.04%

-$0.02

$2.37

-3.63%

$2.30

-0.74%

 

 

NY Gasoline

Sep-25

$1.96

$1.95

0.36%

$0.01

$2.16

-9.21%

$2.11

-6.97%

 

 

GC Gasoline

Sep-25

$1.82

$1.81

0.39%

$0.01

$2.02

-9.85%

$2.01

-9.31%

 

 

GC Jet

Sep-25

$2.05

$2.04

0.79%

$0.02

$2.15

-4.38%

$2.20

-6.68%

 

 

Chicago Ethanol

Sep-25

$1.76

$1.75

1.15%

$0.02

$1.73

2.32%

$1.59

11.01%

 

 

Rotterdam Gasoil

Sep-25

$640.71

$639.86

0.13%

$0.85

$645.27

-0.71%

$651.17

-1.61%

 

 

Singapore Jet Kero

Sep-25

$84.40

$85.45

-1.22%

-$1.04

$86.80

-2.76%

$89.99

-6.20%

 

 

 

 

Implied Volatilities

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

8/6/25

8/5/25

% Change

Change

7/9/25

% Change

8/6/24

% Change

 

 

Henry Hub Straddle

Sep-25

56.08%

57.92%

-3.18%

-1.84%

58.20%

-3.64%

39.46%

42.12%

 

 

Algonquin Straddle

Sep-25

65.67%

69.32%

-5.27%

-3.65%

67.84%

-3.20%

46.77%

40.41%

 

 

Waha Straddle

Sep-25

140.55%

149.91%

-6.24%

-9.36%

152.62%

-7.91%

60.88%

130.86%

 

 

Chicago Straddle

Sep-25

60.24%

65.21%

-7.62%

-4.97%

63.86%

-5.67%

42.49%

41.77%

 

 

PJM West Straddle

Sep-25

41.63%

43.19%

-3.61%

-1.56%

44.69%

-6.85%

40.68%

2.34%

 

 

SP – 15 Straddle

Sep-25

159.26%

253.51%

-37.18%

-94.25%

154.82%

2.87%

76.99%

106.86%

 

 

Mid. C Straddle

Sep-25

125.56%

86.81%

44.64%

38.75%

105.47%

19.05%

59.19%

112.13%

 

 

 

 

Euro Gas and Power/LNG

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

8/6/25

8/5/25

% Change

Change

7/9/25

% Change

8/6/24

% Change

 

 

Dutch TTF

Sep-25

EUR 33.12

EUR 34.40

-3.71%

-EUR 1.28

EUR 35.13

-5.71%

EUR 38.25

-13.41%

 

 

NBP

Sep-25

GBP 81.90

GBP 85.00

-3.64%

-GBP 3.10

GBP 85.92

-4.67%

GBP 97.03

-15.59%

 

 

German Base

Sep-25

EUR 85.68

EUR 87.13

-1.67%

-EUR 1.45

EUR 89.32

-4.08%

EUR 97.41

-12.04%

 

 

UK Base

Sep-25

GBP 78.37

GBP 79.47

-1.39%

-GBP 1.11

GBP 80.17

-2.24%

GBP 79.23

-1.08%

 

 

French Base

Sep-25

EUR 59.36

EUR 59.26

0.16%

EUR 0.10

EUR 56.67

4.74%

EUR 77.58

-23.48%

 

 

Italian Base

Sep-25

EUR 109.98

EUR 113.55

-3.14%

-EUR 3.57

EUR 117.34

-6.27%

EUR 119.29

-7.81%

 

 

JKM LNG

Sep-25

$11.85

$11.84

0.11%

$0.01

$12.45

-4.83%

$13.15

-9.89%

 

 

 

 

Freight Forwards (WET & DRY)

 

OTCGH/EOXLive Market Data

 

 

 

Contract

8/6/25

8/5/25

% Change

Change

7/9/25

% Change

8/6/24

% Change

 

 

TD3C FFA Middle East to China (WET)

Sep-25

$33.12

$34.40

-3.71%

-$1.28

$35.13

-5.71%

$38.25

-13.41%

 

 

USGC-UK Continent Dirty (WET)

Sep-25

$81.90

$85.00

-3.64%

-$3.10

$85.92

-4.67%

$97.03

-15.59%

 

 

TD20 West Africa to UK Continent (WET)

Sep-25

$85.68

$87.13

-1.67%

-$1.45

$89.32

-4.08%

$97.41

-12.04%

 

 

LPG FFA Middle East Gulf to East (WET)

Sep-25

$78.37

$79.47

-1.39%

-$1.11

$80.17

-2.24%

$79.23

-1.08%

 

 

TC5 FFA Arabian Gulf to Japan (WET)

Sep-25

$59.36

$59.26

0.16%

$0.10

$56.67

4.74%

$77.58

-23.48%

 

 

Supramax Timecharter (DRY)

Sep-25

$109.98

$113.55

-3.14%

-$3.57

$117.34

-6.27%

$119.29

-7.81%

 

 

Capesize Timecharter (DRY)

Sep-25

$11.85

$11.84

0.11%

$0.01

$12.45

-4.83%

$13.15

-9.89%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

 

 

 

 

 

 

 

 

 

 

 

 

Cooling Degree Days

 

 

 

 

 

 

08/02/2025

Week Tot

Dev Norm

Dev L YR

Cum Tot

CumD Norm

CumD L YR

CumD Norm

CumD L YR

 

 

New England

53

8

0

400

138

-35

53.00%

-8.00%

 

 

Middle Atlantic

75

16

4

568

164

-35

41.00%

-6.00%

 

 

E N Central

66

9

1

566

106

57

23.00%

11.00%

 

 

W N Central

72

1

-18

628

35

31

6.00%

5.00%

 

 

South Atlantic

117

20

14

1,345

214

24

19.00%

2.00%

 

 

E S Central

113

18

12

1,122

195

33

21.00%

3.00%

 

 

W S Central

132

6

7

1,619

180

-17

13.00%

-1.00%

 

 

Mountain

81

3

-3

772

35

-34

5.00%

-4.00%

 

 

Pacific

42

-5

-7

330

-28

-117

-8.00%

-26.00%

 

 

United States

84

9

2

836

119

-11

17.00%

-1.00%

 

 

 

 

Heating Degree Days

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

08/02/2025

Week Tot

Dev Norm

Dev L YR

Cum Tot

CumD Norm

CumD L YR

CumD Norm

CumD L YR

 

 

New England

2

-1

1

7

-5

4

NA

NA

 

 

Middle Atlantic

1

-2

1

2

-5

-1

NA

NA

 

 

E N Central

3

-1

3

5

-5

-6

NA

NA

 

 

W N Central

3

0

3

8

-8

0

NA

NA

 

 

South Atlantic

0

0

0

0

0

0

NA

NA

 

 

E S Central

0

0

0

0

0

0

NA

NA

 

 

W S Central

0

0

0

0

0

0

NA

NA

 

 

Mountain

0

-2

0

2

-17

-3

NA

NA

 

 

Pacific

0

-3

-2

5

-20

1

NA

NA

 

 

United States

1

-1

0

3

-7

-1

NA

NA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

Weather Forecast & Seasonal Outlook

 

Tropical Outlook

 

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