Morning Report: Gas * Power * NGL * Crude * Products * Vols — Aug-22-2025

Aug 22, 2025

  

 

 

 

 

 

 

 

 

 

Prices as of 7:21 AM CST

 

 

 

 

 

 

 

Current Price

Previous Settle

% Change

Change

Volume

 

 

Natural Gas

$2.802

$2.826

-0.85%

-$0.024

8,234

 

 

WTI

$63.70

$63.52

0.28%

$0.18

45,390

 

 

Brent

$67.76

$67.67

0.13%

$0.09

5,565

 

 

ULSD

$2.317

$2.325

-0.34%

-$0.008

1,930

 

 

RBOB

$2.160

$2.160

0.01%

$0.000

3,706

 

 

 

 

Spreads

 

 

 

 

 

 

 

Current

Previous

% Change

Change

Contract

 

 

WTI-Brent

$4.10

$4.15

-1.20%

-$0.05

Oct-25

 

 

3:2:1 Crack

$24.31

$24.60

-1.17%

-$0.29

Oct-25

 

 

PJM West Spark

$43.13

$43.16

-0.09%

-$0.04

Sep-25

 

 

 

 

Baker Hughes Rig Count

 

 

 

 

 

 

 

Date

Count

Change

1 Year Chg.

1 Year Date

 

 

U.S.

08/15/25

539

0

-47

08/16/24

 

 

Canada

08/15/25

183

3

-34

08/16/24

 

 

International

July-2025

914

1

-20

July-2024

 

 

 

 

CFTC Net Positions

 

 

 

 

 

 

As of 8/12/2025

Open Interest

Total Net Long

Total Net Short

Diff

 

 

PJM West On Peak

94,022

93,772

93,502

270

 

 

PJM West Off Peak

86,625

86,419

86,004

415

 

 

Natural Gas Henry Hub

347,712

330,603

335,848

-5,245

 

 

WTI – Light Sweet Crude Futures

332,013

277,265

259,806

17,459

 

 

Brent Crude Last Day

204,027

197,811

198,949

-1,138

 

 

NYM Ethanol

34,986

34,114

34,417

-303

 

 

Mt Belvieu LDH Propane Swap

148,068

147,138

147,723

-585

 

 

RBOB

333,615

310,676

317,754

-7,078

 

 

HSC Basis

731,754

722,186

728,191

-6,005

 

 

 

 

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

 

 

 

 

08/21/20

 

 

 

8/15/25

8/8/25

Net Change

% Change

8/16/24

% Change

5 Year Avg.

% Change

 

 

East

690

677

13

1.92%

735

-6.12%

703

-1.91%

 

 

Midwest

812

796

16

2.01%

888

-8.56%

830

-2.15%

 

 

Mountain

255

253

2

0.79%

263

-3.04%

205

24.51%

 

 

Pacific

301

305

-4

-1.31%

288

4.51%

264

13.84%

 

 

South

1,141

1,154

-13

-1.13%

1,125

1.42%

1,048

8.89%

 

 

    Salt

282

295

-13

-4.41%

280

0.71%

254

10.85%

 

 

    Non_Salt

859

859

0

0.00%

845

1.66%

794

8.24%

 

 

Total

3,199

3,186

13

0.41%

3,299

-3.03%

3,050

4.87%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Power Generation Additions/Retirements

 

 

  

 

Front Month Prices

 

 

 

 

 

 

 

 

 

 

 

 

 

Electricity

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

8/21/25

8/20/25

% Change

Change

7/24/25

% Change

8/21/24

% Change

 

 

PJM West On Peak

Sep-25

$49.07

$49.21

-0.28%

-$0.14

$54.80

-10.45%

$50.98

-3.73%

 

 

ERCOT North On Peak

Sep-25

$43.00

$37.85

13.60%

$5.15

$54.50

-21.10%

$61.49

-30.07%

 

 

CAISO SP 15 On Peak

Sep-25

$34.75

$36.00

-3.47%

-$1.25

$42.96

-19.11%

$57.64

-39.71%

 

 

MISO Indiana On Peak

Sep-25

$48.52

$48.51

0.02%

$0.01

$51.18

-5.19%

$50.93

-4.71%

 

 

NEISO Mass On Peak

Sep-25

$46.92

$46.39

1.15%

$0.53

$47.75

-1.74%

$46.01

1.98%

 

 

WECC Mid C On Peak

Sep-25

$48.00

$50.25

-4.47%

-$2.25

$62.91

-23.69%

$85.01

-43.53%

 

 

NYISO Zone G On Peak

Sep-25

$48.20

$47.98

0.47%

$0.22

$50.28

-4.13%

$46.07

4.63%

 

 

 

 

 

Natural Gas & Basis

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

8/21/25

8/20/25

% Change

Change

7/24/25

% Change

8/21/24

% Change

 

 

NYMEX Henry Hub

Sep-25

$2.826

$2.752

2.69%

$0.07

$3.15

-10.20%

$3.27

-13.45%

 

 

Houston Ship Channel

Sep-25

-$0.365

-$0.352

3.66%

-$0.01

-$0.42

-13.25%

-$0.44

-16.48%

 

 

Chicago

Sep-25

-$0.293

-$0.268

-8.53%

-$0.02

-$0.37

-20.84%

-$0.45

-34.48%

 

 

Waha

Sep-25

-$2.145

-$2.139

-0.27%

-$0.01

-$2.08

3.17%

-$1.25

71.88%

 

 

Algonquin

Sep-25

-$0.447

-$0.407

-9.96%

-$0.04

-$0.41

10.09%

-$0.92

-51.25%

 

 

Aeco

Sep-25

-$2.169

-$2.124

2.14%

-$0.05

-$2.50

-13.16%

-$1.44

50.41%

 

 

Socal

Sep-25

-$0.280

-$0.307

-8.95%

$0.03

-$0.28

-1.62%

$0.64

-144.06%

 

 

 

 

 

Natural Gas Liquids

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

8/21/25

8/20/25

% Change

Change

7/24/25

% Change

8/21/24

% Change

 

 

Mt. Belvieu Propane LST

Sep-25

$0.703

$0.687

2.35%

$0.02

$0.71

-1.38%

$0.72

-2.01%

 

 

Mt. Belvieu Propane non LST

Sep-25

$0.695

$0.683

1.81%

$0.01

$0.71

-2.45%

$0.72

-2.94%

 

 

Mt. Belview Ethane

Sep-25

$0.219

$0.211

3.63%

$0.01

$0.22

-2.30%

$0.23

-6.45%

 

 

Mt. Belview Nat. Gasoline

Sep-25

$1.305

$1.285

1.55%

$0.02

$1.31

0.00%

$1.40

-6.80%

 

 

Mt. Belvieu Butane LST

Sep-25

$0.803

$0.788

1.87%

$0.01

$0.81

-1.10%

$0.83

-3.00%

 

 

Far East Propane

Sep-25

$5.415

$5.330

1.60%

$0.09

$5.38

0.66%

$5.54

-2.32%

 

 

Saudi Propane

Sep-25

$5.200

$5.185

0.29%

$0.01

$5.36

-2.98%

$5.16

0.87%

 

 

 

 

Crude Oil

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

8/21/25

8/20/25

% Change

Change

7/24/25

% Change

8/21/24

% Change

 

 

WTI

Oct-25

$63.52

$62.71

1.28%

$0.81

$65.13

-2.47%

$68.05

-6.66%

 

 

Brent

Oct-25

$67.67

$66.84

1.23%

$0.83

$68.36

-1.01%

$72.69

-6.91%

 

 

WCS

Oct-25

-$13.00

-$13.10

-0.72%

$0.09

-$11.93

8.99%

-$16.53

-21.36%

 

 

LLS

Oct-25

$65.13

$64.50

0.97%

$0.63

$66.00

-1.31%

$69.73

-6.59%

 

 

Mars

Oct-25

$63.06

$62.42

1.02%

$0.64

$64.09

-1.61%

$67.92

-7.16%

 

 

Sour

Oct-25

$63.45

$62.49

1.51%

$0.95

$64.54

-1.69%

$68.82

-7.81%

 

 

ESPO

Oct-25

$65.67

$64.84

1.26%

$0.83

$66.36

-1.04%

$70.69

-7.10%

 

 

 

 

Refined Products

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

8/21/25

8/20/25

% Change

Change

7/24/25

% Change

8/21/24

% Change

 

 

NY Heating Oil

Sep-25

$2.28

$2.28

-0.09%

$0.00

$2.39

-4.44%

$2.29

-0.35%

 

 

NY Gasoline

Sep-25

$2.16

$2.13

1.27%

$0.03

$2.07

4.25%

$2.13

1.27%

 

 

GC Gasoline

Sep-25

$2.02

$1.99

1.36%

$0.03

$1.93

4.56%

$2.03

-0.64%

 

 

GC Jet

Sep-25

$2.09

$2.05

2.00%

$0.04

$2.14

-2.43%

$2.16

-3.24%

 

 

Chicago Ethanol

Sep-25

$1.82

$1.78

2.08%

$0.04

$1.77

2.66%

$1.65

10.13%

 

 

Rotterdam Gasoil

Sep-25

$654.33

$639.62

2.30%

$14.71

$625.01

4.69%

$648.59

0.88%

 

 

Singapore Jet Kero

Sep-25

$86.51

$85.09

1.68%

$1.43

$85.58

1.09%

$90.54

-4.45%

 

 

 

 

Implied Volatilities

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

8/21/25

8/20/25

% Change

Change

7/24/25

% Change

8/21/24

% Change

 

 

Henry Hub Straddle

Oct-25

60.36%

64.20%

-5.98%

-3.84%

67.92%

-11.13%

42.65%

41.52%

 

 

Algonquin Straddle

Oct-25

72.43%

77.31%

-6.31%

-4.88%

87.27%

-17.00%

52.12%

38.97%

 

 

Waha Straddle

Oct-25

224.77%

208.93%

7.58%

15.84%

162.65%

38.19%

103.46%

117.25%

 

 

Chicago Straddle

Oct-25

62.57%

66.90%

-6.47%

-4.33%

73.23%

-14.56%

47.96%

30.46%

 

 

PJM West Straddle

Oct-25

33.47%

32.79%

2.07%

0.68%

36.99%

-9.52%

37.16%

-9.93%

 

 

SP – 15 Straddle

Oct-25

190.76%

185.22%

2.99%

5.54%

194.54%

-1.94%

26.61%

616.87%

 

 

Mid. C Straddle

Oct-25

63.59%

65.42%

-2.80%

-1.83%

69.70%

-8.77%

58.94%

7.89%

 

 

 

 

Euro Gas and Power/LNG

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

8/21/25

8/20/25

% Change

Change

7/24/25

% Change

8/21/24

% Change

 

 

Dutch TTF

Oct-25

EUR 33.57

EUR 32.51

3.25%

EUR 1.06

EUR 33.23

1.03%

EUR 39.22

-14.41%

 

 

NBP

Oct-25

GBP 82.59

GBP 80.11

3.09%

GBP 2.48

GBP 81.43

1.43%

GBP 99.59

-17.07%

 

 

German Base

Oct-25

EUR 83.47

EUR 81.25

2.73%

EUR 2.22

EUR 84.10

-0.75%

EUR 96.35

-13.37%

 

 

UK Base

Oct-25

GBP 74.28

GBP 71.87

3.35%

GBP 2.41

GBP 73.55

0.99%

GBP 87.93

-15.53%

 

 

French Base

Oct-25

EUR 59.30

EUR 58.49

1.39%

EUR 0.81

EUR 55.41

7.02%

EUR 84.18

-29.56%

 

 

Italian Base

Oct-25

EUR 106.89

EUR 105.08

1.72%

EUR 1.81

EUR 110.35

-3.13%

EUR 112.16

-4.69%

 

 

JKM LNG

Oct-25

$11.46

$10.92

4.90%

$0.53

$11.75

-2.49%

$13.89

-17.52%

 

 

 

 

Freight Forwards (WET & DRY)

 

OTCGH/EOXLive Market Data

 

 

 

Contract

8/21/25

8/20/25

% Change

Change

7/24/25

% Change

8/21/24

% Change

 

 

TD3C FFA Middle East to China (WET)

Oct-25

$33.57

$32.51

3.25%

$1.06

$33.23

1.03%

$39.22

-14.41%

 

 

USGC-UK Continent Dirty (WET)

Oct-25

$82.59

$80.11

3.09%

$2.48

$81.43

1.43%

$99.59

-17.07%

 

 

TD20 West Africa to UK Continent (WET)

Oct-25

$83.47

$81.25

2.73%

$2.22

$84.10

-0.75%

$96.35

-13.37%

 

 

LPG FFA Middle East Gulf to East (WET)

Oct-25

$74.28

$71.87

3.35%

$2.41

$73.55

0.99%

$87.93

-15.53%

 

 

TC5 FFA Arabian Gulf to Japan (WET)

Oct-25

$59.30

$58.49

1.39%

$0.81

$55.41

7.02%

$84.18

-29.56%

 

 

Supramax Timecharter (DRY)

Oct-25

$106.89

$105.08

1.72%

$1.81

$110.35

-3.13%

$112.16

-4.69%

 

 

Capesize Timecharter (DRY)

Oct-25

$11.46

$10.92

4.90%

$0.53

$11.75

-2.49%

$13.89

-17.52%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

 

 

 

 

 

 

 

 

 

 

 

 

Cooling Degree Days

 

 

 

 

 

 

08/16/2025

Week Tot

Dev Norm

Dev L YR

Cum Tot

CumD Norm

CumD L YR

CumD Norm

CumD L YR

 

 

New England

67

30

34

496

154

-27

45.00%

-5.00%

 

 

Middle Atlantic

77

26

34

688

177

-29

35.00%

-4.00%

 

 

E N Central

81

33

58

705

143

108

25.00%

18.00%

 

 

W N Central

73

11

39

767

45

69

6.00%

10.00%

 

 

South Atlantic

102

11

5

1,518

200

-8

15.00%

-1.00%

 

 

E S Central

104

16

23

1,306

198

28

18.00%

2.00%

 

 

W S Central

131

8

-5

1,875

190

-36

11.00%

-2.00%

 

 

Mountain

84

14

9

945

65

-33

7.00%

-3.00%

 

 

Pacific

58

13

-3

441

-8

-144

-2.00%

-25.00%

 

 

United States

87

18

20

990

131

-11

15.00%

-1.00%

 

 

 

 

Heating Degree Days

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

08/16/2025

Week Tot

Dev Norm

Dev L YR

Cum Tot

CumD Norm

CumD L YR

CumD Norm

CumD L YR

 

 

New England

0

-4

-3

10

-10

1

NA

NA

 

 

Middle Atlantic

0

-3

-2

4

-9

-1

NA

NA

 

 

E N Central

0

-5

-9

8

-11

-14

NA

NA

 

 

W N Central

1

-3

-12

11

-12

-15

NA

NA

 

 

South Atlantic

0

0

0

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

0

-4

-2

4

-22

-5

NA

NA

 

 

Pacific

0

-4

-1

8

-24

2

NA

NA

 

 

United States

0

-3

-3

5

-9

-3

NA

NA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

Weather Forecast & Seasonal Outlook

 

Tropical Outlook

 

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