Morning Report: Gas * Power * NGL * Crude * Products * Vols — Aug-11-2025

Aug 11, 2025

  

 

 

 

 

 

 

 

 

 

Prices as of 7:31 AM CST

 

 

 

 

 

 

 

Current Price

Previous Settle

% Change

Change

Volume

 

 

Natural Gas

$2.945

$2.990

-1.51%

-$0.045

24,671

 

 

WTI

$64.20

$63.88

0.50%

$0.32

52,332

 

 

Brent

$66.92

$66.59

0.50%

$0.33

9,522

 

 

ULSD

$2.280

$2.279

0.02%

$0.000

5,091

 

 

RBOB

$2.094

$2.086

0.36%

$0.008

5,323

 

 

 

 

Spreads

 

 

 

 

 

 

 

Current

Previous

% Change

Change

Contract

 

 

WTI-Brent

$3.61

$3.59

0.56%

$0.02

Oct-25

 

 

3:2:1 Crack

$22.59

$22.76

-0.75%

-$0.17

Sep-25

 

 

PJM West Spark

$44.83

$49.66

-9.71%

-$4.82

Sep-25

 

 

 

 

Baker Hughes Rig Count

 

 

 

 

 

 

 

Date

Count

Change

1 Year Chg.

1 Year Date

 

 

U.S.

08/08/25

539

-1

-49

08/09/24

 

 

Canada

08/08/25

180

3

-37

08/09/24

 

 

International

July-2025

914

1

-20

July-2024

 

 

 

 

CFTC Net Positions

 

 

 

 

 

 

As of 8/5/2025

Open Interest

Total Net Long

Total Net Short

Diff

 

 

PJM West On Peak

93,148

92,890

92,634

256

 

 

PJM West Off Peak

86,233

86,087

85,612

475

 

 

Natural Gas Henry Hub

345,329

331,244

333,465

-2,221

 

 

WTI – Light Sweet Crude Futures

329,953

273,894

259,807

14,087

 

 

Brent Crude Last Day

199,499

192,306

193,859

-1,553

 

 

NYM Ethanol

33,006

32,387

32,593

-206

 

 

Mt Belvieu LDH Propane Swap

142,114

141,265

141,773

-508

 

 

RBOB

335,343

314,111

319,907

-5,796

 

 

HSC Basis

722,586

713,649

719,721

-6,072

 

 

 

 

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

 

 

 

 

08/07/20

 

 

 

8/1/25

7/25/25

Net Change

% Change

8/2/24

% Change

5 Year Avg.

% Change

 

 

East

656

651

5

0.77%

719

-8.76%

670

-2.09%

 

 

Midwest

775

765

10

1.31%

854

-9.25%

781

-0.82%

 

 

Mountain

249

243

6

2.47%

257

-3.11%

198

25.50%

 

 

Pacific

305

302

3

0.99%

289

5.54%

266

14.75%

 

 

South

1,145

1,162

-17

-1.46%

1,152

-0.61%

1,066

7.37%

 

 

    Salt

296

316

-20

-6.33%

300

-1.33%

272

8.74%

 

 

    Non_Salt

849

846

3

0.35%

851

-0.24%

794

6.90%

 

 

Total

3,130

3,123

7

0.22%

3,270

-4.28%

2,982

4.97%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Power Generation Additions/Retirements

 

 

  

 

Front Month Prices

 

 

 

 

 

 

 

 

 

 

 

 

 

Electricity

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

8/8/25

8/7/25

% Change

Change

7/11/25

% Change

8/8/24

% Change

 

 

PJM West On Peak

Sep-25

$51.16

$56.05

-8.73%

-$4.89

$54.66

-6.40%

$53.44

-4.26%

 

 

ERCOT North On Peak

Sep-25

$43.03

$46.64

-7.73%

-$3.61

$60.06

-28.35%

$65.46

-34.27%

 

 

CAISO SP 15 On Peak

Sep-25

$36.25

$36.75

-1.37%

-$0.50

$47.08

-23.02%

$62.60

-42.10%

 

 

MISO Indiana On Peak

Sep-25

$47.76

$52.06

-8.27%

-$4.30

$51.42

-7.12%

$53.44

-10.63%

 

 

NEISO Mass On Peak

Sep-25

$51.16

$51.87

-1.37%

-$0.71

$50.78

0.75%

$46.22

10.70%

 

 

WECC Mid C On Peak

Sep-25

$52.71

$53.78

-1.99%

-$1.07

$73.72

-28.49%

$99.89

-47.23%

 

 

NYISO Zone G On Peak

Sep-25

$51.74

$53.48

-3.26%

-$1.74

$51.38

0.71%

$48.75

6.14%

 

 

 

 

 

Natural Gas & Basis

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

8/8/25

8/7/25

% Change

Change

7/11/25

% Change

8/8/24

% Change

 

 

NYMEX Henry Hub

Sep-25

$2.990

$3.067

-2.51%

-$0.08

$3.35

-10.80%

$3.27

-8.56%

 

 

Houston Ship Channel

Sep-25

-$0.384

-$0.394

-2.74%

$0.01

-$0.40

-4.77%

-$0.41

-5.45%

 

 

Chicago

Sep-25

-$0.346

-$0.360

4.08%

$0.01

-$0.36

-4.66%

-$0.44

-21.89%

 

 

Waha

Sep-25

-$2.120

-$2.266

-6.42%

$0.15

-$1.94

9.27%

-$0.99

113.63%

 

 

Algonquin

Sep-25

-$0.203

-$0.256

20.64%

$0.05

-$0.53

-61.46%

-$0.92

-77.91%

 

 

Aeco

Sep-25

-$2.500

-$2.553

-2.10%

$0.05

-$2.50

0.06%

-$1.48

68.82%

 

 

Socal

Sep-25

-$0.504

-$0.484

4.28%

-$0.02

-$0.05

909.00%

$0.71

-170.89%

 

 

 

 

 

Natural Gas Liquids

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

8/8/25

8/7/25

% Change

Change

7/11/25

% Change

8/8/24

% Change

 

 

Mt. Belvieu Propane LST

Sep-25

$0.660

$0.667

-1.10%

-$0.01

$0.75

-11.88%

$0.72

-8.45%

 

 

Mt. Belvieu Propane non LST

Sep-25

$0.655

$0.670

-2.23%

-$0.01

$0.74

-11.81%

$0.73

-10.00%

 

 

Mt. Belview Ethane

Sep-25

$0.214

$0.215

-0.74%

$0.00

$0.24

-11.33%

$0.24

-12.13%

 

 

Mt. Belview Nat. Gasoline

Sep-25

$1.293

$1.295

-0.19%

$0.00

$1.34

-3.24%

$1.41

-8.29%

 

 

Mt. Belvieu Butane LST

Sep-25

$0.779

$0.779

-0.04%

$0.00

$0.86

-9.55%

$0.84

-6.87%

 

 

Far East Propane

Sep-25

$5.326

$5.251

1.44%

$0.08

$5.51

-3.33%

$5.49

-2.98%

 

 

Saudi Propane

Sep-25

$5.201

$5.191

0.19%

$0.01

$5.58

-6.80%

$5.02

3.64%

 

 

 

 

Crude Oil

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

8/8/25

8/7/25

% Change

Change

7/11/25

% Change

8/8/24

% Change

 

 

WTI

Sep-25

$63.88

$63.88

0.00%

$0.00

$67.04

-4.71%

$70.47

-9.35%

 

 

Brent

Sep-25

$66.88

$66.66

0.32%

$0.21

$70.36

-4.95%

$75.14

-11.00%

 

 

WCS

Sep-25

-$11.71

-$11.71

0.01%

$0.00

-$11.26

4.00%

-$12.56

-6.74%

 

 

LLS

Sep-25

$64.88

$64.39

0.76%

$0.49

$67.63

-4.06%

$72.66

-10.71%

 

 

Mars

Sep-25

$63.13

$62.31

1.30%

$0.82

$65.94

-4.27%

$69.65

-9.37%

 

 

Sour

Sep-25

$65.16

$65.36

-0.32%

-$0.21

$66.93

-2.64%

$70.56

-7.65%

 

 

ESPO

Sep-25

$64.88

$64.66

0.33%

$0.21

$68.36

-5.10%

$73.14

-11.30%

 

 

 

 

Refined Products

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

8/8/25

8/7/25

% Change

Change

7/11/25

% Change

8/8/24

% Change

 

 

NY Heating Oil

Sep-25

$2.28

$2.26

0.62%

$0.01

$2.42

-6.03%

$2.35

-3.11%

 

 

NY Gasoline

Sep-25

$2.10

$2.08

0.87%

$0.02

$2.10

-0.10%

$2.19

-4.11%

 

 

GC Gasoline

Sep-25

$1.96

$1.94

0.93%

$0.02

$1.96

-0.10%

$2.09

-6.23%

 

 

GC Jet

Sep-25

$2.04

$2.03

0.25%

$0.01

$2.18

-6.30%

$2.24

-9.14%

 

 

Chicago Ethanol

Sep-25

$1.78

$1.78

0.45%

$0.01

$1.72

3.78%

$1.58

13.19%

 

 

Rotterdam Gasoil

Sep-25

$634.33

$636.11

-0.28%

-$1.79

$646.26

-1.85%

$658.69

-3.70%

 

 

Singapore Jet Kero

Sep-25

$82.71

$83.43

-0.86%

-$0.72

$85.75

-3.54%

$90.80

-8.90%

 

 

 

 

Implied Volatilities

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

8/8/25

8/7/25

% Change

Change

7/11/25

% Change

8/8/24

% Change

 

 

Henry Hub Straddle

Sep-25

58.29%

58.38%

-0.15%

-0.09%

58.15%

0.24%

41.09%

41.86%

 

 

Algonquin Straddle

Sep-25

71.44%

65.87%

8.46%

5.57%

71.53%

-0.13%

53.87%

32.62%

 

 

Waha Straddle

Sep-25

157.96%

138.72%

13.87%

19.24%

160.27%

-1.44%

72.03%

119.30%

 

 

Chicago Straddle

Sep-25

61.32%

61.76%

-0.71%

-0.44%

64.61%

-5.09%

46.44%

32.04%

 

 

PJM West Straddle

Sep-25

39.90%

44.35%

-10.03%

-4.45%

43.77%

-8.84%

39.91%

-0.03%

 

 

SP – 15 Straddle

Sep-25

175.22%

166.27%

5.38%

8.95%

171.65%

2.08%

88.19%

98.68%

 

 

Mid. C Straddle

Sep-25

71.98%

88.97%

-19.10%

-16.99%

101.60%

-29.15%

31.13%

131.22%

 

 

 

 

Euro Gas and Power/LNG

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

8/8/25

8/7/25

% Change

Change

7/11/25

% Change

8/8/24

% Change

 

 

Dutch TTF

Sep-25

EUR 32.20

EUR 33.00

-2.42%

-EUR 0.80

EUR 36.00

-10.55%

EUR 40.80

-21.07%

 

 

NBP

Sep-25

GBP 78.82

GBP 81.12

-2.84%

-GBP 2.30

GBP 88.50

-10.94%

GBP 102.90

-23.41%

 

 

German Base

Sep-25

EUR 84.64

EUR 85.47

-0.97%

-EUR 0.83

EUR 89.02

-4.92%

EUR 100.14

-15.48%

 

 

UK Base

Sep-25

GBP 78.00

GBP 77.15

1.09%

GBP 0.84

GBP 81.15

-3.89%

GBP 81.36

-4.13%

 

 

French Base

Sep-25

EUR 57.38

EUR 57.69

-0.55%

-EUR 0.32

EUR 58.24

-1.49%

EUR 79.25

-27.60%

 

 

Italian Base

Sep-25

EUR 110.68

EUR 111.56

-0.79%

-EUR 0.88

EUR 117.95

-6.16%

EUR 125.52

-11.82%

 

 

JKM LNG

Sep-25

$11.57

$11.85

-2.37%

-$0.28

$12.75

-9.29%

$13.77

-16.02%

 

 

 

 

Freight Forwards (WET & DRY)

 

OTCGH/EOXLive Market Data

 

 

 

Contract

8/8/25

8/7/25

% Change

Change

7/11/25

% Change

8/8/24

% Change

 

 

TD3C FFA Middle East to China (WET)

Sep-25

$32.20

$33.00

-2.42%

-$0.80

$36.00

-10.55%

$40.80

-21.07%

 

 

USGC-UK Continent Dirty (WET)

Sep-25

$78.82

$81.12

-2.84%

-$2.30

$88.50

-10.94%

$102.90

-23.41%

 

 

TD20 West Africa to UK Continent (WET)

Sep-25

$84.64

$85.47

-0.97%

-$0.83

$89.02

-4.92%

$100.14

-15.48%

 

 

LPG FFA Middle East Gulf to East (WET)

Sep-25

$78.00

$77.15

1.09%

$0.84

$81.15

-3.89%

$81.36

-4.13%

 

 

TC5 FFA Arabian Gulf to Japan (WET)

Sep-25

$57.38

$57.69

-0.55%

-$0.32

$58.24

-1.49%

$79.25

-27.60%

 

 

Supramax Timecharter (DRY)

Sep-25

$110.68

$111.56

-0.79%

-$0.88

$117.95

-6.16%

$125.52

-11.82%

 

 

Capesize Timecharter (DRY)

Sep-25

$11.57

$11.85

-2.37%

-$0.28

$12.75

-9.29%

$13.77

-16.02%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

 

 

 

 

 

 

 

 

 

 

 

 

Cooling Degree Days

 

 

 

 

 

 

08/09/2025

Week Tot

Dev Norm

Dev L YR

Cum Tot

CumD Norm

CumD L YR

CumD Norm

CumD L YR

 

 

New England

28

-15

-26

428

123

-61

40.00%

-12.00%

 

 

Middle Atlantic

43

-14

-28

611

150

-63

33.00%

-9.00%

 

 

E N Central

58

4

-7

624

111

50

22.00%

9.00%

 

 

W N Central

66

-1

0

694

34

31

5.00%

5.00%

 

 

South Atlantic

70

-25

-37

1,415

189

-13

15.00%

-1.00%

 

 

E S Central

80

-13

-27

1,202

182

6

18.00%

1.00%

 

 

W S Central

126

2

-14

1,744

181

-31

12.00%

-2.00%

 

 

Mountain

89

16

-8

861

51

-42

6.00%

-5.00%

 

 

Pacific

53

6

-25

383

-21

-141

-5.00%

-27.00%

 

 

United States

67

-5

-21

903

113

-32

14.00%

-3.00%

 

 

 

 

Heating Degree Days

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

08/09/2025

Week Tot

Dev Norm

Dev L YR

Cum Tot

CumD Norm

CumD L YR

CumD Norm

CumD L YR

 

 

New England

2

-2

0

9

-6

4

NA

NA

 

 

Middle Atlantic

2

-1

2

4

-6

2

NA

NA

 

 

E N Central

2

-2

1

8

-6

-6

NA

NA

 

 

W N Central

2

-1

-3

10

-9

-7

NA

NA

 

 

South Atlantic

1

1

1

1

1

1

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

1

-1

0

3

-19

-5

NA

NA

 

 

Pacific

3

0

2

8

-20

3

NA

NA

 

 

United States

1

-1

1

4

-8

-1

NA

NA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

Weather Forecast & Seasonal Outlook

 

Tropical Outlook

 

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