Morning Report: Gas * Power * NGL * Crude * Products * Vols — Aug-25-2025

Aug 25, 2025

  

 

 

 

 

 

 

 

 

 

Prices as of 7:55 AM CST

 

 

 

 

 

 

 

Current Price

Previous Settle

% Change

Change

Volume

 

 

Natural Gas

$2.633

$2.698

-2.41%

-$0.065

13,539

 

 

WTI

$64.05

$63.66

0.61%

$0.39

41,089

 

 

Brent

$68.09

$67.73

0.53%

$0.36

4,263

 

 

ULSD

$2.338

$2.308

1.28%

$0.030

1,282

 

 

RBOB

$2.154

$2.158

-0.20%

-$0.004

1,703

 

 

 

 

Spreads

 

 

 

 

 

 

 

Current

Previous

% Change

Change

Contract

 

 

WTI-Brent

$4.02

$4.07

-1.23%

-$0.05

Oct-25

 

 

3:2:1 Crack

$24.45

$24.42

0.11%

$0.03

Oct-25

 

 

PJM West Spark

$40.30

$43.30

-6.94%

-$3.00

Sep-25

 

 

 

 

Baker Hughes Rig Count

 

 

 

 

 

 

 

Date

Count

Change

1 Year Chg.

1 Year Date

 

 

U.S.

08/22/25

538

-1

-47

08/23/24

 

 

Canada

08/22/25

180

-3

-39

08/23/24

 

 

International

July-2025

914

1

-20

July-2024

 

 

 

 

CFTC Net Positions

 

 

 

 

 

 

As of 8/19/2025

Open Interest

Total Net Long

Total Net Short

Diff

 

 

PJM West On Peak

95,208

94,954

94,688

266

 

 

PJM West Off Peak

87,467

87,259

86,846

413

 

 

Natural Gas Henry Hub

349,035

334,662

337,673

-3,011

 

 

WTI – Light Sweet Crude Futures

170,923

143,708

137,451

6,257

 

 

Brent Crude Last Day

218,045

211,546

213,097

-1,551

 

 

NYM Ethanol

40,107

39,314

39,609

-295

 

 

Mt Belvieu LDH Propane Swap

152,464

151,503

152,097

-594

 

 

RBOB

337,159

315,025

320,631

-5,606

 

 

HSC Basis

748,728

737,673

742,149

-4,476

 

 

 

 

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

8/22/25

8/21/25

% Change

Change

7/25/25

% Change

8/22/24

% Change

 

 

PJM West On Peak

Sep-25

$45.94

$49.07

-6.38%

-$3.13

$54.02

-14.95%

$50.73

-9.43%

 

 

ERCOT North On Peak

Sep-25

$36.28

$43.00

-15.62%

-$6.72

$53.12

-31.69%

$61.83

-41.31%

 

 

CAISO SP 15 On Peak

Sep-25

$34.72

$34.75

-0.07%

-$0.03

$43.19

-19.60%

$57.15

-39.24%

 

 

MISO Indiana On Peak

Sep-25

$46.42

$48.52

-4.34%

-$2.11

$50.43

-7.95%

$50.38

-7.87%

 

 

NEISO Mass On Peak

Sep-25

$43.59

$46.92

-7.11%

-$3.33

$47.68

-8.57%

$47.09

-7.44%

 

 

WECC Mid C On Peak

Sep-25

$44.68

$48.00

-6.92%

-$3.32

$64.00

-30.19%

$83.45

-46.46%

 

 

NYISO Zone G On Peak

Sep-25

$45.21

$48.20

-6.20%

-$2.99

$49.21

-8.12%

$45.98

-1.68%

 

 

 

 

 

Natural Gas & Basis

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

8/22/25

8/21/25

% Change

Change

7/25/25

% Change

8/22/24

% Change

 

 

NYMEX Henry Hub

Sep-25

$2.698

$2.826

-4.53%

-$0.13

$3.16

-14.57%

$3.24

-16.63%

 

 

Houston Ship Channel

Sep-25

-$0.338

-$0.365

-7.42%

$0.03

-$0.39

-13.54%

-$0.44

-23.58%

 

 

Chicago

Sep-25

-$0.293

-$0.293

0.07%

$0.00

-$0.36

-19.44%

-$0.46

-35.60%

 

 

Waha

Sep-25

-$2.087

-$2.145

-2.70%

$0.06

-$2.07

1.01%

-$1.23

69.31%

 

 

Algonquin

Sep-25

-$0.479

-$0.447

-7.09%

-$0.03

-$0.44

9.11%

-$0.92

-47.94%

 

 

Aeco

Sep-25

-$2.151

-$2.169

-0.84%

$0.02

-$2.48

-13.16%

-$1.42

51.68%

 

 

Socal

Sep-25

-$0.270

-$0.280

-3.39%

$0.01

-$0.28

-3.70%

$0.62

-143.70%

 

 

 

 

 

Natural Gas Liquids

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

8/22/25

8/21/25

% Change

Change

7/25/25

% Change

8/22/24

% Change

 

 

Mt. Belvieu Propane LST

Sep-25

$0.686

$0.703

-2.37%

-$0.02

$0.71

-3.71%

$0.71

-3.88%

 

 

Mt. Belvieu Propane non LST

Sep-25

$0.679

$0.695

-2.29%

-$0.02

$0.71

-4.84%

$0.71

-4.13%

 

 

Mt. Belview Ethane

Sep-25

$0.216

$0.219

-1.20%

$0.00

$0.22

-0.59%

$0.23

-7.53%

 

 

Mt. Belview Nat. Gasoline

Sep-25

$1.295

$1.305

-0.77%

-$0.01

$1.31

-0.77%

$1.40

-7.54%

 

 

Mt. Belvieu Butane LST

Sep-25

$0.788

$0.803

-1.80%

-$0.01

$0.82

-3.87%

$0.83

-5.06%

 

 

Far East Propane

Sep-25

$5.427

$5.415

0.22%

$0.01

$5.37

1.06%

$5.48

-1.05%

 

 

Saudi Propane

Sep-25

$5.200

$5.200

-0.01%

$0.00

$5.27

-1.32%

$5.18

0.47%

 

 

 

 

Crude Oil

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

8/22/25

8/21/25

% Change

Change

7/25/25

% Change

8/22/24

% Change

 

 

WTI

Oct-25

$63.66

$63.52

0.22%

$0.14

$64.34

-1.06%

$68.66

-7.28%

 

 

Brent

Oct-25

$67.73

$67.67

0.09%

$0.06

$67.66

0.10%

$73.37

-7.69%

 

 

WCS

Oct-25

-$12.44

-$13.00

-4.49%

$0.56

-$11.86

4.90%

-$15.42

-19.28%

 

 

LLS

Oct-25

$65.37

$65.13

0.37%

$0.24

$65.77

-0.60%

$71.28

-8.29%

 

 

Mars

Oct-25

$63.37

$63.06

0.49%

$0.31

$63.85

-0.76%

$66.98

-5.39%

 

 

Sour

Oct-25

$63.17

$63.45

-0.44%

-$0.28

$64.55

-2.14%

$68.97

-8.42%

 

 

ESPO

Oct-25

$65.73

$65.67

0.09%

$0.06

$65.66

0.11%

$71.37

-7.90%

 

 

 

 

Refined Products

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

8/22/25

8/21/25

% Change

Change

7/25/25

% Change

8/22/24

% Change

 

 

NY Heating Oil

Sep-25

$2.32

$2.28

1.75%

$0.04

$2.38

-2.40%

$2.28

1.93%

 

 

NY Gasoline

Sep-25

$2.16

$2.16

0.05%

$0.00

$2.08

3.85%

$2.12

1.89%

 

 

GC Gasoline

Sep-25

$2.02

$2.02

0.05%

$0.00

$1.94

4.12%

$2.02

0.00%

 

 

GC Jet

Sep-25

$2.10

$2.09

0.38%

$0.01

$2.18

-3.89%

$2.17

-3.45%

 

 

Chicago Ethanol

Sep-25

$1.86

$1.82

2.48%

$0.04

$1.77

5.20%

$1.66

12.05%

 

 

Rotterdam Gasoil

Sep-25

$654.24

$654.33

-0.01%

-$0.09

$627.63

4.24%

$645.25

1.39%

 

 

Singapore Jet Kero

Sep-25

$86.41

$86.51

-0.13%

-$0.11

$86.47

-0.07%

$88.35

-2.19%

 

 

 

 

Implied Volatilities

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

8/22/25

8/21/25

% Change

Change

7/25/25

% Change

8/22/24

% Change

 

 

Henry Hub Straddle

Oct-25

68.92%

60.36%

14.18%

8.56%

59.62%

15.60%

47.62%

44.73%

 

 

Algonquin Straddle

Oct-25

79.85%

72.43%

10.24%

7.42%

78.63%

1.55%

57.71%

38.36%

 

 

Waha Straddle

Oct-25

205.58%

224.77%

-8.54%

-19.19%

140.10%

46.74%

107.43%

91.36%

 

 

Chicago Straddle

Oct-25

70.93%

62.57%

13.36%

8.36%

64.55%

9.88%

53.52%

32.53%

 

 

PJM West Straddle

Oct-25

32.45%

33.47%

-3.05%

-1.02%

35.99%

-9.84%

37.58%

-13.65%

 

 

SP – 15 Straddle

Oct-25

192.06%

190.76%

0.68%

1.30%

195.29%

-1.65%

26.63%

621.22%

 

 

Mid. C Straddle

Oct-25

57.24%

63.59%

-9.99%

-6.35%

60.16%

-4.85%

58.35%

-1.90%

 

 

 

 

Euro Gas and Power/LNG

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

8/22/25

8/21/25

% Change

Change

7/25/25

% Change

8/22/24

% Change

 

 

Dutch TTF

Oct-25

EUR 33.70

EUR 33.57

0.38%

EUR 0.13

EUR 33.51

0.58%

EUR 39.10

-13.82%

 

 

NBP

Oct-25

GBP 83.36

GBP 82.59

0.93%

GBP 0.77

GBP 82.56

0.97%

GBP 99.77

-16.45%

 

 

German Base

Oct-25

EUR 84.19

EUR 83.47

0.87%

EUR 0.73

EUR 85.42

-1.44%

EUR 96.56

-12.80%

 

 

UK Base

Oct-25

GBP 75.94

GBP 74.28

2.24%

GBP 1.66

GBP 75.27

0.89%

GBP 87.45

-13.17%

 

 

French Base

Oct-25

EUR 59.02

EUR 59.30

-0.48%

-EUR 0.28

EUR 57.15

3.28%

EUR 81.63

-27.69%

 

 

Italian Base

Oct-25

EUR 109.67

EUR 106.89

2.60%

EUR 2.78

EUR 111.51

-1.65%

EUR 109.84

-0.15%

 

 

JKM LNG

Oct-25

$11.65

$11.46

1.71%

$0.20

$11.78

-1.11%

$13.63

-14.49%

 

 

 

 

Freight Forwards (WET & DRY)

 

OTCGH/EOXLive Market Data

 

 

 

Contract

8/22/25

8/21/25

% Change

Change

7/25/25

% Change

8/22/24

% Change

 

 

TD3C FFA Middle East to China (WET)

Oct-25

$33.70

$33.57

0.38%

$0.13

$33.51

0.58%

$39.10

-13.82%

 

 

USGC-UK Continent Dirty (WET)

Oct-25

$83.36

$82.59

0.93%

$0.77

$82.56

0.97%

$99.77

-16.45%

 

 

TD20 West Africa to UK Continent (WET)

Oct-25

$84.19

$83.47

0.87%

$0.73

$85.42

-1.44%

$96.56

-12.80%

 

 

LPG FFA Middle East Gulf to East (WET)

Oct-25

$75.94

$74.28

2.24%

$1.66

$75.27

0.89%

$87.45

-13.17%

 

 

TC5 FFA Arabian Gulf to Japan (WET)

Oct-25

$59.02

$59.30

-0.48%

-$0.28

$57.15

3.28%

$81.63

-27.69%

 

 

Supramax Timecharter (DRY)

Oct-25

$109.67

$106.89

2.60%

$2.78

$111.51

-1.65%

$109.84

-0.15%

 

 

Capesize Timecharter (DRY)

Oct-25

$11.65

$11.46

1.71%

$0.20

$11.78

-1.11%

$13.63

-14.49%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

 

 

 

 

 

 

 

 

 

 

 

 

Cooling Degree Days

 

 

 

 

 

 

08/23/2025

Week Tot

Dev Norm

Dev L YR

Cum Tot

CumD Norm

CumD L YR

CumD Norm

CumD L YR

 

 

New England

16

-13

1

512

141

-26

38.00%

-5.00%

 

 

Middle Atlantic

29

-14

-2

717

163

-31

29.00%

-4.00%

 

 

E N Central

49

8

21

754

151

129

25.00%

21.00%

 

 

W N Central

75

20

27

842

65

97

8.00%

13.00%

 

 

South Atlantic

90

3

10

1,608

204

2

15.00%

0.00%

 

 

E S Central

101

18

22

1,407

216

50

18.00%

4.00%

 

 

W S Central

129

11

-17

2,004

201

-53

11.00%

-3.00%

 

 

Mountain

86

18

6

1,031

84

-27

9.00%

-3.00%

 

 

Pacific

61

19

15

502

11

-130

2.00%

-20.00%

 

 

United States

70

6

9

1,060

137

-3

15.00%

0.00%

 

 

 

 

Heating Degree Days

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

08/23/2025

Week Tot

Dev Norm

Dev L YR

Cum Tot

CumD Norm

CumD L YR

CumD Norm

CumD L YR

 

 

New England

17

11

5

26

0

5

NA

NA

 

 

Middle Atlantic

3

-1

-4

7

-10

-6

NA

NA

 

 

E N Central

2

-4

-12

10

-15

-28

NA

NA

 

 

W N Central

1

-6

-3

12

-19

-17

NA

NA

 

 

South Atlantic

0

0

-2

1

1

-1

NA

NA

 

 

E S Central

0

0

-2

0

0

-2

NA

NA

 

 

W S Central

0

0

0

0

0

0

NA

NA

 

 

Mountain

0

-8

0

4

-30

-5

NA

NA

 

 

Pacific

0

-6

-3

8

-30

-3

NA

NA

 

 

United States

2

-2

-3

6

-12

-7

NA

NA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

Weather Forecast & Seasonal Outlook

 

Tropical Outlook

 

To opt out of this email please follow this
link.

Campbell Faulkner | OTC Global Holdings

Quality Data – Reliable Service – Affordable Price

5151 San Felipe Suite 2200
Houston, TX 77056
faulkner.c@otcgh.com
eoxlive.com/market-data

 

This email, any information contained herein and any files transmitted with it (collectively, the Material) are the sole property of OTC Global Holdings LP and its affiliates (OTCGH); are confidential, may be legally privileged and are intended solely for
the use of the individual or entity to whom they are addressed. Unauthorized disclosure, copying or distribution of the Material, is strictly prohibited and the recipient shall not redistribute the Material in any form to a third party. Please notify the sender
immediately by email if you have received this email by mistake, delete this email from your system and destroy any hard copies. OTCGH waives no privilege or confidentiality due to any mistaken transmission of this email.