| 
| 
|     
|  |  |  |  |  |  |  |  |  
|   |   |   |   |   |   |   |   |  
|   | Prices as of 10:08 AM CST |   |  
|   |   |  
|   |  |  |  |  |  |  |   |  
|   |   | Current Price | Previous Settle | % Change | Change | Volume |   |  
|   | Natural Gas | $2.548 | $2.497 | 2.04% | $0.051 | 42,456 |   |  
|   | WTI | $78.61 | $78.89 | -0.35% | -$0.28 | 204,370 |   |  
|   | Brent | $82.90 | $83.21 | -0.37% | -$0.31 | 14,718 |   |  
|   | ULSD | $3.129 | $3.129 | -0.01% | $0.000 | 5,702 |   |  
|   | RBOB | $2.761 | $2.769 | -0.27% | -$0.007 | 9,375 |   |  
|   |  |  |  |  |  |  |   |  
|   | Spreads |   |  
|   |   |  
|   |  |  |  |  |  |  |   |  
|   |   | Current | Previous | % Change | Change | Contract |   |  
|   | WTI-Brent | $4.32 | $4.32 | 0.00% | $0.00 | Oct-23 |   |  
|   | 3:2:1 Crack | $36.91 | $36.21 | 1.95% | $0.71 | Oct-23 |   |  
|   | PJM West Spark | $33.95 | $34.32 | -1.08% | -$0.37 | Sep-23 |   |  
|   |  |  |  |  |  |  |   |  
|   | Baker Hughes Rig Count |   |  
|   |   |  
|   |  |  |  |  |  |  |   |  
|   |   | Date | Count | Change | 1 Year Chg. | 1 Year Date |   |  
|   | U.S. | 08/18/23 | 642 | -12 | -120 | 08/19/22 |   |  
|   | Canada | 08/18/23 | 189 | -1 | -12 | 08/19/22 |   |  
|   | International | July | 961 | -6 | 128 | July |   |  
|   |  |  |  |  |  |  |   |  
|   | CFTC Net Positions |   |  
|   |   |  
|   |  |  |  |  |  |  |   |  
|   | As of 8/15/2023 | Open Interest | Total Net Long | Total Net Short | Diff |   |  
|   | PJM West On Peak | 104,865 | 104,438 | 104,444 | -6 |   |  
|   | PJM West Off Peak | 92,925 | 92,662 | 92,298 | 364 |   |  
|   | Natural Gas Henry Hub | 425,165 | 400,368 | 412,275 | -11,907 |   |  
|   | WTI – Light Sweet Crude Futures | 137,084 | 108,825 | 104,559 | 4,266 |   |  
|   | Brent Crude Last Day | 132,216 | 123,503 | 125,591 | -2,088 |   |  
|   | NYM Ethanol | 34,594 | 34,334 | 34,199 | 135 |   |  
|   | Mt Belvieu LDH Propane Swap | 152,387 | 151,655 | 151,861 | -206 |   |  
|   | RBOB | 378,534 | 352,617 | 362,962 | -10,345 |   |  
|   | HSC Basis | 596,975 | 590,423 | 586,112 | 4,311 |   |  
|   |  |  |  |  |  |  |   |  
|   | EIA Short Term Energy Outlook |   |  
|   |   |  
|   |  |  |  |  |  |  |   |  
|   |   | 2021 | 2022 | 2023projected | 2024projected |   |  
|   | Brent | $70.89 | $100.94 | $79.54 | $83.51 |   |  
|   | Gasoline | $3.02 | $3.97 | $3.39 | $3.30 |   |  
|   | Crude Oil Production | 11.25 | 11.89 | 12.61 | 12.77 |   |  
|   | Natural Gas Spot | $3.91 | $6.42 | $2.66 | $3.42 |   |  
|   | LNG Exports | 9.76 | 10.59 | 12.07 | 12.73 |   |  
|   |   |   |   |   |   |   |   |  
|   | Electrical Generation % | 2021 | 2022 | 2023projected | 2024projected |   |  
|   | Natural gas | 37.00% | 39.00% | 41.00% | 39.00% |   |  
|   | Coal | 23.00% | 20.00% | 16.00% | 16.00% |   |  
|   | Renewables | 20.00% | 22.00% | 23.00% | 25.00% |   |  
|   | Nuclear | 20.00% | 19.00% | 19.00% | 19.00% |   |  
|   |   |   |   |   |   |   |   |  
|  |  |  |  |  |  |  |  |      
| Short Term Energy Outlook |  
| 
 | 
 |  |  
| 
 | 
 |  |  
| 
 | 
 |  |  |        
|     
|   |   |   |   |   |   |   |   |   |   |   |  
|   | EIA Lower 48 Natural Gas Storage |   |  
|   |   |  
|   |  |  |  |  |  |  |  | 08/24/18 |  |   |  
|   |   | 8/18/23 | 8/11/23 | Net Change | % Change | 8/19/22 | % Change | 5 Year Avg. | % Change |   |  
|   | East | 731 | 717 | 14 | 1.95% | 598 | 22.24% | 675 | 8.36% |   |  
|   | Midwest | 831 | 812 | 19 | 2.34% | 714 | 16.39% | 777 | 6.89% |   |  
|   | Mountain | 206 | 202 | 4 | 1.98% | 153 | 34.64% | 177 | 16.38% |   |  
|   | Pacific | 242 | 240 | 2 | 0.83% | 243 | -0.41% | 262 | -7.70% |   |  
|   | South | 1,072 | 1,093 | -21 | -1.92% | 871 | 23.08% | 955 | 12.23% |   |  
|   |     Salt | 260 | 272 | -12 | -4.41% | 184 | 41.30% | 223 | 16.70% |   |  
|   |     Non_Salt | 813 | 821 | -8 | -0.97% | 687 | 18.34% | 733 | 10.97% |   |  
|   | Total | 3,083 | 3,065 | 18 | 0.59% | 2,579 | 19.54% | 2,846 | 8.31% |   |  
|   |  |  |  |  |  |  |  |  |  |   |  
|   |   |   |   |   |   |   |   |   |   |   |  
|  |  |  |  |  |  |  |  |  |  |  |  |    
|  | Power Generation Additions/Retirements |    |  |    
|     
|  |  |  |  |  |  |  |  |  |  |  |  |  
|   | Front Month Prices |   |  
|   |   |  
|   |  |  |  |   |   |   |   |   |   |   |   |  
|   | Electricity |   |   |   | EOXLive Market Data   |   |  
|   |   | Contract | 8/23/23 | 8/22/23 | % Change | Change | 7/26/23 | % Change | 8/24/22 | % Change |   |  
|   | PJM West On Peak | Sep-23 | $39.41 | $39.66 | -0.64% | -$0.25 | $40.36 | -2.36% | $74.95 | -47.42% |   |  
|   | ERCOT North On Peak | Sep-23 | $110.04 | $112.74 | -2.40% | -$2.71 | $55.09 | 99.73% | $76.39 | 44.05% |   |  
|   | CAISO SP 15 On Peak | Sep-23 | $80.04 | $82.33 | -2.78% | -$2.29 | $117.56 | -31.92% | $115.25 | -30.55% |   |  
|   | MISO Indiana On Peak | Sep-23 | $43.15 | $44.05 | -2.04% | -$0.90 | $46.59 | -7.39% | $77.75 | -44.50% |   |  
|   | NEISO Mass On Peak | Sep-23 | $31.22 | $31.57 | -1.12% | -$0.35 | $34.50 | -9.52% | $64.34 | -51.48% |   |  
|   | WECC Mid C On Peak | Sep-23 | $107.14 | $113.57 | -5.66% | -$6.43 | $174.11 | -38.47% | $129.51 | -17.27% |   |  
|   | NYISO Zone G On Peak | Sep-23 | $32.32 | $32.67 | -1.06% | -$0.35 | $35.68 | -9.41% | $60.35 | -46.45% |   |  
|   |  |  |  |  |  |  |  |  |  |   |   |  
|   | Natural Gas & Basis |   |   |   | EOXLive Market Data   |   |  
|   |   | Contract | 8/23/23 | 8/22/23 | % Change | Change | 7/26/23 | % Change | 8/24/22 | % Change |   |  
|   | NYMEX Henry Hub | Sep-23 | $2.497 | $2.560 | -2.46% | -$0.06 | $2.69 | -7.28% | $5.64 | -55.70% |   |  
|   | Houston Ship Channel | Sep-23 | -$0.236 | -$0.218 | 8.35% | -$0.02 | -$0.25 | -4.45% | -$0.20 | 19.67% |   |  
|   | Chicago | Sep-23 | -$0.253 | -$0.251 | -0.87% | $0.00 | -$0.31 | -18.81% | -$0.31 | -19.07% |   |  
|   | Waha | Sep-23 | -$0.717 | -$0.564 | -27.15% | -$0.15 | -$0.53 | 34.46% | -$2.05 | -64.91% |   |  
|   | Algonquin | Sep-23 | -$1.206 | -$1.201 | -0.38% | $0.00 | -$0.92 | 30.65% | -$1.19 | 1.50% |   |  
|   | Aeco | Sep-23 | -$0.565 | -$0.581 | -2.69% | $0.02 | -$0.72 | -21.48% | -$2.00 | -71.68% |   |  
|   | Socal | Sep-23 | $1.387 | $1.503 | -7.75% | -$0.12 | $1.49 | -6.66% | $0.70 | 98.04% |   |  
|   |  |  |  |  |  |  |  |  |  |   |   |  
|   | Natural Gas Liquids |   |   |   | EOXLive Market Data   |   |  
|   |   | Contract | 8/23/23 | 8/22/23 | % Change | Change | 7/26/23 | % Change | 8/24/22 | % Change |   |  
|   | Mt. Belvieu Propane LST | Sep-23 | $0.659 | $0.660 | -0.19% | $0.00 | $0.69 | -5.15% | $0.96 | -31.27% |   |  
|   | Mt. Belvieu Propane non LST | Sep-23 | $0.650 | $0.650 | 0.00% | $0.00 | $0.69 | -5.61% | $0.95 | -31.64% |   |  
|   | Mt. Belview Ethane | Sep-23 | $0.272 | $0.272 | 0.00% | $0.00 | $0.24 | 14.23% | $0.41 | -33.86% |   |  
|   | Mt. Belview Nat. Gasoline | Sep-23 | $1.523 | $1.547 | -1.57% | -$0.02 | $1.50 | 1.57% | $1.65 | -7.57% |   |  
|   | Mt. Belvieu Butane LST | Sep-23 | $0.800 | $0.801 | -0.10% | $0.00 | $0.80 | 0.13% | $1.11 | -27.77% |   |  
|   | Conway Propane | Sep-23 | $0.650 | $0.650 | 0.00% | $0.00 | $0.68 | -4.36% | $0.97 | -33.22% |   |  
|   | Conway Nat. Gasoline | Sep-23 | $1.577 | $1.603 | -1.66% | -$0.03 | $1.56 | 0.97% | $1.72 | -8.23% |   |  
|   |  |  |  |  |  |  |  |  |  |  |   |  
|   | Crude Oil |   |   |   | EOXLive Market Data   |   |  
|   |   | Contract | 8/23/23 | 8/22/23 | % Change | Change | 7/26/23 | % Change | 8/24/22 | % Change |   |  
|   | WTI | Oct-23 | $78.89 | $79.64 | -0.95% | -$0.75 | $78.40 | 0.62% | $84.74 | -6.90% |   |  
|   | Brent | Oct-23 | $83.21 | $84.03 | -0.99% | -$0.82 | $82.56 | 0.79% | $90.14 | -7.69% |   |  
|   | WCS | Oct-23 | -$19.42 | -$19.49 | -0.31% | $0.06 | -$17.52 | 10.86% | -$17.68 | 9.86% |   |  
|   | LLS | Oct-23 | $80.22 | $81.29 | -1.34% | -$1.07 | $79.91 | 0.38% | $86.57 | -7.34% |   |  
|   | Mars | Oct-23 | $78.26 | $79.55 | -1.65% | -$1.29 | $77.73 | 0.68% | $82.39 | -5.02% |   |  
|   | Sour | Oct-23 | $78.55 | $80.23 | -2.14% | -$1.68 | $78.28 | 0.34% | $83.30 | -5.71% |   |  
|   | ESPO | Oct-23 | $81.21 | $82.03 | -1.01% | -$0.82 | $80.56 | 0.81% | $86.73 | -6.36% |   |  
|   |  |  |  |  |  |  |  |  |  |  |   |  
|   | Refined Products |   |   |   | EOXLive Market Data   |   |  
|   |   | Contract | 8/23/23 | 8/22/23 | % Change | Change | 7/26/23 | % Change | 8/24/22 | % Change |   |  
|   | NY Heating Oil | Sep-23 | $3.13 | $3.14 | -0.41% | -$0.01 | $2.84 | 10.41% | $3.17 | -1.23% |   |  
|   | NY Gasoline | Sep-23 | $2.77 | $2.79 | -0.72% | -$0.02 | $2.84 | -2.33% | $2.53 | 9.58% |   |  
|   | GC Gasoline | Sep-23 | $2.67 | $2.69 | -0.74% | -$0.02 | $2.73 | -2.41% | $2.43 | 9.97% |   |  
|   | GC Jet | Sep-23 | $3.01 | $3.05 | -1.12% | -$0.03 | $2.64 | 13.91% | $2.92 | 3.15% |   |  
|   | Chicago Ethanol | Sep-23 | $2.13 | $2.09 | 1.96% | $0.04 | $2.27 | -6.03% | $2.21 | -3.57% |   |  
|   | Rotterdam Gasoil | Sep-23 | $864.00 | $863.98 | 0.00% | $0.02 | $771.70 | 11.96% | $853.88 | 1.18% |   |  
|   | Singapore Jet Kero | Sep-23 | $114.36 | $117.51 | -2.68% | -$3.15 | $103.74 | 10.24% | $117.86 | -2.96% |   |  
|   |  |  |  |  |  |  |  |  |  |  |   |  
|   | Implied Volatilities |   |   |   | EOXLive Market Data   |   |  
|   |   | Contract | 8/23/23 | 8/22/23 | % Change | Change | 7/26/23 | % Change | 8/24/22 | % Change |   |  
|   | Henry Hub Straddle | Oct-23 | 78.90% | 75.75% | 4.16% | 3.15% | 61.53% | 28.23% | 60.35% | 30.74% |   |  
|   | Algonquin Straddle | Oct-23 | 97.45% | 96.04% | 1.47% | 1.41% | 79.15% | 23.12% | 69.37% | 40.48% |   |  
|   | Waha Straddle | Oct-23 | 111.72% | 103.77% | 7.66% | 7.95% | 85.88% | 30.09% | 132.82% | -15.89% |   |  
|   | Chicago Straddle | Oct-23 | 85.07% | 82.33% | 3.33% | 2.74% | 72.80% | 16.85% | 60.73% | 40.08% |   |  
|   | PJM West Straddle | Oct-23 | 50.00% | 47.29% | 5.73% | 2.71% | 49.50% | 1.01% | 48.55% | 2.99% |   |  
|   | SP – 15 Straddle | Oct-23 | 184.35% | 169.35% | 8.86% | 15.00% | 94.37% | 95.35% | 53.69% | 243.36% |   |  
|   | Mid. C Straddle | Oct-23 | 344.94% | 343.75% | 0.35% | 1.19% | 173.47% | 98.85% | 71.76% | 380.69% |   |  
|   |  |  |  |  |  |  |  |  |  |  |   |  
|   | Euro Gas and Power/LNG |   |   | EOXLive Market Data   |   |  
|   |   | Contract | 8/23/23 | 8/22/23 | % Change | Change | 7/26/23 | % Change | 8/24/22 | % Change |   |  
|   | Dutch TTF | Oct-23 | EUR 40.81 | EUR 47.78 | -14.60% | -EUR 6.98 | EUR 34.76 | 17.40% | EUR 249.62 | -83.65% |   |  
|   | NBP | Oct-23 | GBP 101.52 | GBP 119.14 | -14.79% | -GBP 17.63 | GBP 86.09 | 17.92% | GBP 607.44 | -83.29% |   |  
|   | German Base | Oct-23 | EUR 116.75 | EUR 121.53 | -3.93% | -EUR 4.78 | EUR 97.73 | 19.46% | EUR 634.85 | -81.61% |   |  
|   | UK Base | Oct-23 | GBP 96.86 | GBP 109.55 | -11.58% | -GBP 12.69 | GBP 86.20 | 12.38% | GBP 508.34 | -80.94% |   |  
|   | French Base | Oct-23 | EUR 122.56 | EUR 126.47 | -3.09% | -EUR 3.91 | EUR 101.79 | 20.40% | EUR 795.24 | -84.59% |   |  
|   | Italian Base | Oct-23 | EUR 134.73 | EUR 142.37 | -5.36% | -EUR 7.63 | EUR 119.48 | 12.76% | EUR 549.74 | -75.49% |   |  
|   | JKM LNG | Oct-23 | $12.69 | $13.27 | -4.35% | -$0.58 | $10.98 | 15.51% | $65.18 | -80.53% |   |  
|   |   |   |   |   |   |   |   |   |   |   |   |  
|  |  |  |  |  |  |  |  |  |  |  |  |  |    
|     
|  |  |  |  |  |  |  |  |  |  |  |  
|   |   |   |   |   |   |   |   |   |   |   |  
|   | Cooling Degree Days |   |  
|   |   |  
|   |  |  |  |  |  |  |  |  |  |   |  
|   | 08/19/2023 | Week Tot | Dev Norm | Dev L YR | Cum Tot | CumD Norm | CumD L YR | CumD Norm | CumD L YR |   |  
|   | New England | 31 | -2 | 4 | 420 | 65 | -99 | 18.00% | -19.00% |   |  
|   | Middle Atlantic | 49 | 2 | 12 | 542 | 11 | -114 | 2.00% | -17.00% |   |  
|   | E N Central | 23 | -22 | -5 | 498 | -82 | -159 | -14.00% | -24.00% |   |  
|   | W N Central | 41 | -18 | -9 | 749 | 2 | -109 | 0.00% | -13.00% |   |  
|   | South Atlantic | 101 | 12 | 27 | 1,427 | 72 | -120 | 5.00% | -8.00% |   |  
|   | E S Central | 82 | -4 | 10 | 1,151 | 7 | -184 | 1.00% | -14.00% |   |  
|   | W S Central | 143 | 22 | 19 | 2,010 | 274 | -136 | 16.00% | -6.00% |   |  
|   | Mountain | 78 | 8 | 9 | 895 | -15 | -111 | -2.00% | -11.00% |   |  
|   | Pacific | 72 | 28 | -3 | 485 | 18 | -120 | 4.00% | -20.00% |   |  
|   | United States | 71 | 4 | 8 | 923 | 36 | -129 | 4.00% | -12.00% |   |  
|   |  |  |  |  |  |  |  |  |  |   |  
|   | Heating Degree Days |   |  
|   |   |  
|   |   |   |   |   |   |   |   |   |   |   |  
|   | 08/19/2023 | Week Tot | Dev Norm | Dev L YR | Cum Tot | CumD Norm | CumD L YR | CumD Norm | CumD L YR |   |  
|   | New England | 3 | -2 | -1 | 13 | -9 | 3 | -999.00% | -999.00% |   |  
|   | Middle Atlantic | 1 | -3 | -2 | 4 | -11 | 0 | -999.00% | -999.00% |   |  
|   | E N Central | 8 | 3 | 1 | 16 | -6 | 0 | -999.00% | -999.00% |   |  
|   | W N Central | 5 | -1 | 3 | 22 | -4 | 14 | -999.00% | -999.00% |   |  
|   | South Atlantic | 0 | 0 | 0 | 0 | 0 | 0 | -999.00% | -999.00% |   |  
|   | E S Central | 0 | 0 | 0 | 0 | 0 | 0 | -999.00% | -999.00% |   |  
|   | W S Central | 0 | 0 | 0 | 0 | 0 | 0 | -999.00% | -999.00% |   |  
|   | Mountain | 1 | -5 | 1 | 6 | -23 | 5 | -999.00% | -999.00% |   |  
|   | Pacific | 0 | -5 | 0 | 3 | -31 | -5 | -999.00% | -999.00% |   |  
|   | United States | 2 | -1 | 0 | 6 | -10 | 1 | -999.00% | -999.00% |   |  
|   |  |  |  |  |  |  |  |  |  |   |  
|   |   |   |   |   |   |   |   |   |   |   |  
|   |   |   |   |   |   |   |   |   |   |   |  
|  |  |  |  |  |  |  |  |  |  |  |  |    
|  | Gas * Power * NGL * Crude * Products * Vol Charts |              
| 
|   Weather Forecast & Seasonal Outlook |  
| 
 | 
 |  |  
| 
 | 
 |  |  
| 
 | 
 |  |  
| 
 | 
 |  |  
| 
 | 
 |  |  
| 
 | 
 |  |    |  |