Morning Report: Gas * Power * NGL * Crude * Products * Vols — Dec-03-2025

Dec 3, 2025

  

 

 

 

 

 

 

 

 

 

Prices as of 6:58 AM CST

 

 

 

 

 

 

 

Current Price

Previous Settle

% Change

Change

Volume

 

 

Natural Gas

$4.972

$4.840

2.73%

$0.132

26,666

 

 

WTI

$59.38

$58.64

1.26%

$0.74

50,778

 

 

Brent

$63.12

$62.45

1.07%

$0.67

9,268

 

 

ULSD

$2.304

$2.313

-0.38%

-$0.009

5,143

 

 

RBOB

$1.849

$1.830

1.00%

$0.018

6,092

 

 

 

 

Spreads

 

 

 

 

 

 

 

Current

Previous

% Change

Change

Contract

 

 

WTI-Brent

$4.05

$4.07

-0.49%

-$0.02

Feb-26

 

 

3:2:1 Crack

$24.51

$24.85

-1.35%

-$0.34

Jan-26

 

 

PJM West Spark

$83.35

$84.98

-1.92%

-$1.63

Jan-26

 

 

 

 

Baker Hughes Rig Count

 

 

 

 

 

 

 

Date

Count

Change

1 Year Chg.

1 Year Date

 

 

U.S.

11/26/25

544

-10

-38

11/27/24

 

 

Canada

11/26/25

188

-7

-17

11/27/24

 

 

International

Oct-2025

1059

-25

-101

Oct-2024

 

 

 

 

CFTC Net Positions

 

 

 

 

 

 

As of 10/14/2025

Open Interest

Total Net Long

Total Net Short

Diff

 

 

PJM West On Peak

100,914

100,476

100,575

-99

 

 

PJM West Off Peak

96,781

96,568

96,394

174

 

 

Natural Gas Henry Hub

346,192

333,032

334,248

-1,216

 

 

WTI – Light Sweet Crude Futures

160,571

136,419

132,708

3,711

 

 

Brent Crude Last Day

231,980

226,275

228,015

-1,740

 

 

NYM Ethanol

46,117

45,401

45,635

-234

 

 

Mt Belvieu LDH Propane Swap

147,780

147,004

147,239

-235

 

 

RBOB

371,782

348,514

353,757

-5,243

 

 

HSC Basis

764,997

755,315

761,166

-5,851

 

 

 

 

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

 

 

 

 

11/27/20

 

 

 

11/21/25

11/14/25

Net Change

% Change

11/22/24

% Change

5 Year Avg.

% Change

 

 

East

892

905

-13

-1.44%

929

-3.98%

897

-0.56%

 

 

Midwest

1,103

1,112

-9

-0.81%

1,134

-2.73%

1,090

1.19%

 

 

Mountain

292

292

0

0.00%

292

0.00%

237

23.00%

 

 

Pacific

319

322

-3

-0.93%

310

2.90%

283

12.72%

 

 

South

1,329

1,316

13

0.99%

1,301

2.15%

1,251

6.27%

 

 

    Salt

360

352

8

2.27%

353

1.98%

343

5.08%

 

 

    Non_Salt

969

963

6

0.62%

948

2.22%

908

6.69%

 

 

Total

3,935

3,946

-11

-0.28%

3,967

-0.81%

3,758

4.72%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Power Generation Additions/Retirements

 

 

  

 

Front Month Prices

 

 

 

 

 

 

 

 

 

 

 

 

 

Electricity

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

12/2/25

12/1/25

% Change

Change

11/3/25

% Change

12/2/24

% Change

 

 

PJM West On Peak

Jan-26

$93.94

$95.34

-1.46%

-$1.40

$87.94

6.82%

$75.54

24.37%

 

 

ERCOT North On Peak

Jan-26

$63.48

$63.48

0.00%

$0.00

$63.79

-0.50%

$66.33

-4.29%

 

 

CAISO SP 15 On Peak

Jan-26

$48.12

$48.75

-1.30%

-$0.63

$51.44

-6.45%

$69.96

-31.22%

 

 

MISO Indiana On Peak

Jan-26

$82.74

$83.90

-1.38%

-$1.16

$78.51

5.39%

$66.79

23.88%

 

 

NEISO Mass On Peak

Jan-26

$155.36

$150.46

3.25%

$4.89

$139.44

11.42%

$134.53

15.48%

 

 

WECC Mid C On Peak

Jan-26

$71.00

$71.88

-1.23%

-$0.88

$78.42

-9.46%

$108.68

-34.67%

 

 

NYISO Zone G On Peak

Jan-26

$137.78

$140.74

-2.10%

-$2.96

$129.18

6.66%

$112.52

22.45%

 

 

 

 

 

Natural Gas & Basis

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

12/2/25

12/1/25

% Change

Change

11/3/25

% Change

12/2/24

% Change

 

 

NYMEX Henry Hub

Jan-26

$4.840

$4.921

-1.65%

-$0.08

$4.50

7.53%

$4.39

10.35%

 

 

Houston Ship Channel

Jan-26

-$0.101

-$0.075

35.48%

-$0.03

-$0.06

65.63%

-$0.22

-53.02%

 

 

Chicago

Jan-26

$0.736

$0.802

8.88%

-$0.07

$0.77

-4.33%

$0.86

-13.90%

 

 

Waha

Jan-26

-$2.173

-$1.858

-16.94%

-$0.31

-$1.57

38.55%

-$0.71

204.27%

 

 

Algonquin

Jan-26

$10.521

$10.828

-2.84%

-$0.31

$9.90

6.31%

$9.24

13.85%

 

 

Aeco

Jan-26

-$2.422

-$2.367

2.30%

-$0.05

-$1.81

34.09%

-$1.79

34.99%

 

 

Socal

Jan-26

$0.108

$0.190

-43.32%

-$0.08

$0.65

-83.43%

$2.27

-95.26%

 

 

 

 

 

Natural Gas Liquids

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

12/2/25

12/1/25

% Change

Change

11/3/25

% Change

12/2/24

% Change

 

 

Mt. Belvieu Propane LST

Jan-26

$0.666

$0.687

-3.01%

-$0.02

$0.68

-1.86%

$0.76

-11.83%

 

 

Mt. Belvieu Propane non LST

Jan-26

$0.668

$0.674

-0.94%

-$0.01

$0.66

1.16%

$0.74

-10.10%

 

 

Mt. Belview Ethane

Jan-26

$0.290

$0.293

-0.82%

$0.00

$0.27

9.46%

$0.27

7.54%

 

 

Mt. Belview Nat. Gasoline

Jan-26

$1.230

$1.235

-0.35%

$0.00

$1.26

-1.98%

$1.33

-7.51%

 

 

Mt. Belvieu Butane LST

Jan-26

$0.872

$0.868

0.39%

$0.00

$0.87

-0.31%

$0.86

1.15%

 

 

Far East Propane

Jan-26

$5.056

$5.119

-1.23%

-$0.06

$5.17

-2.22%

$5.58

-9.36%

 

 

Saudi Propane

Jan-26

$5.001

$5.030

-0.57%

-$0.03

$4.89

2.34%

$5.37

-6.81%

 

 

 

 

Crude Oil

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

12/2/25

12/1/25

% Change

Change

11/3/25

% Change

12/2/24

% Change

 

 

WTI

Jan-26

$58.64

$59.32

-1.16%

-$0.68

$60.75

-3.47%

$65.83

-10.92%

 

 

Brent

Jan-26

$62.63

$63.35

-1.14%

-$0.72

$64.89

-3.48%

$69.86

-10.35%

 

 

WCS

Jan-26

-$13.12

-$12.40

5.52%

-$0.72

-$12.62

3.98%

-$12.15

8.02%

 

 

LLS

Jan-26

$59.88

$60.71

-1.40%

-$0.84

$61.92

-3.30%

$67.75

-11.62%

 

 

Mars

Jan-26

$57.20

$57.80

-1.04%

-$0.60

$58.97

-2.99%

$65.33

-12.44%

 

 

Sour

Jan-26

$58.61

$59.37

-1.30%

-$0.76

$60.72

-3.48%

$65.95

-11.13%

 

 

ESPO

Jan-26

$60.63

$61.35

-1.18%

-$0.72

$62.89

-3.59%

$67.86

-10.65%

 

 

 

 

Refined Products

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

12/2/25

12/1/25

% Change

Change

11/3/25

% Change

12/2/24

% Change

 

 

NY Heating Oil

Jan-26

$2.31

$2.35

-1.62%

-$0.04

$2.38

-2.90%

$2.19

5.58%

 

 

NY Gasoline

Jan-26

$1.83

$1.87

-1.98%

-$0.04

$1.87

-2.14%

$1.80

1.50%

 

 

GC Gasoline

Jan-26

$1.69

$1.73

-2.14%

-$0.04

$1.73

-2.31%

$1.70

-0.76%

 

 

GC Jet

Jan-26

$2.05

$2.08

-1.35%

-$0.03

$2.25

-8.92%

$2.02

1.58%

 

 

Chicago Ethanol

Jan-26

$1.60

$1.61

-0.87%

-$0.01

$1.63

-2.15%

$1.56

2.44%

 

 

Rotterdam Gasoil

Jan-26

$592.28

$598.60

-1.06%

-$6.33

$596.03

-0.63%

$614.50

-3.62%

 

 

Singapore Jet Kero

Jan-26

$85.27

$81.72

4.35%

$3.55

$84.30

1.15%

$85.58

-0.36%

 

 

 

 

Implied Volatilities

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

12/2/25

12/1/25

% Change

Change

11/3/25

% Change

12/2/24

% Change

 

 

Henry Hub Straddle

Jan-26

64.38%

59.59%

8.04%

4.79%

62.57%

2.89%

42.68%

50.84%

 

 

Algonquin Straddle

Jan-26

68.43%

59.47%

15.07%

8.96%

68.96%

-0.77%

50.12%

36.53%

 

 

Waha Straddle

Jan-26

102.17%

69.40%

47.22%

32.77%

98.02%

4.23%

42.51%

140.34%

 

 

Chicago Straddle

Jan-26

60.43%

54.90%

10.07%

5.53%

59.93%

0.83%

41.11%

47.00%

 

 

PJM West Straddle

Jan-26

93.63%

93.10%

0.57%

0.53%

67.63%

38.44%

62.15%

50.65%

 

 

SP – 15 Straddle

Jan-26

192.58%

193.67%

-0.56%

-1.09%

161.17%

19.49%

160.49%

20.00%

 

 

Mid. C Straddle

Jan-26

147.47%

116.53%

26.55%

30.94%

95.75%

54.02%

79.02%

86.62%

 

 

 

 

Euro Gas and Power/LNG

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

12/2/25

12/1/25

% Change

Change

11/3/25

% Change

12/2/24

% Change

 

 

Dutch TTF

Jan-26

EUR 27.97

EUR 28.22

-0.89%

-EUR 0.25

EUR 32.08

-12.82%

EUR 42.93

-34.85%

 

 

NBP

Jan-26

GBP 73.17

GBP 73.87

-0.95%

-GBP 0.70

GBP 84.27

-13.17%

GBP 111.33

-34.28%

 

 

German Base

Jan-26

EUR 99.70

EUR 101.19

-1.47%

-EUR 1.49

EUR 107.49

-7.24%

EUR 113.06

-11.81%

 

 

UK Base

Jan-26

GBP 80.79

GBP 84.20

-4.06%

-GBP 3.42

GBP 88.77

-9.00%

GBP 91.05

-11.27%

 

 

French Base

Jan-26

EUR 67.44

EUR 66.75

1.04%

EUR 0.70

EUR 80.48

-16.20%

EUR 102.28

-34.06%

 

 

Italian Base

Jan-26

EUR 112.13

EUR 113.72

-1.40%

-EUR 1.60

EUR 114.94

-2.45%

EUR 128.70

-12.88%

 

 

JKM LNG

Jan-26

$10.82

$10.66

1.50%

$0.16

$11.15

-2.93%

$14.38

-24.74%

 

 

 

 

Freight Forwards (WET & DRY)

 

OTCGH/EOXLive Market Data

 

 

 

Contract

12/2/25

12/1/25

% Change

Change

11/3/25

% Change

12/2/24

% Change

 

 

TD3C FFA Middle East to China (WET)

Jan-26

$27.97

$28.22

-0.89%

-$0.25

$32.08

-12.82%

$42.93

-34.85%

 

 

USGC-UK Continent Dirty (WET)

Jan-26

$73.17

$73.87

-0.95%

-$0.70

$84.27

-13.17%

$111.33

-34.28%

 

 

TD20 West Africa to UK Continent (WET)

Jan-26

$99.70

$101.19

-1.47%

-$1.49

$107.49

-7.24%

$113.06

-11.81%

 

 

LPG FFA Middle East Gulf to East (WET)

Jan-26

$80.79

$84.20

-4.06%

-$3.42

$88.77

-9.00%

$91.05

-11.27%

 

 

TC5 FFA Arabian Gulf to Japan (WET)

Jan-26

$67.44

$66.75

1.04%

$0.70

$80.48

-16.20%

$102.28

-34.06%

 

 

Supramax Timecharter (DRY)

Jan-26

$112.13

$113.72

-1.40%

-$1.60

$114.94

-2.45%

$128.70

-12.88%

 

 

Capesize Timecharter (DRY)

Jan-26

$10.82

$10.66

1.50%

$0.16

$11.15

-2.93%

$14.38

-24.74%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

 

 

 

 

 

 

 

 

 

 

 

 

Cooling Degree Days

 

 

 

 

 

 

11/29/2025

Week Tot

Dev Norm

Dev L YR

Cum Tot

CumD Norm

CumD L YR

CumD Norm

CumD L YR

 

 

New England

0

0

0

549

132

-40

32.00%

-7.00%

 

 

Middle Atlantic

0

0

0

801

145

-62

22.00%

-7.00%

 

 

E N Central

0

0

0

862

153

46

22.00%

6.00%

 

 

W N Central

0

0

0

1,057

130

59

14.00%

6.00%

 

 

South Atlantic

10

0

5

2,106

176

-104

9.00%

-5.00%

 

 

E S Central

0

-1

0

1,787

243

-41

16.00%

-2.00%

 

 

W S Central

8

4

3

2,824

386

-86

16.00%

-3.00%

 

 

Mountain

0

0

0

1,342

99

-108

8.00%

-7.00%

 

 

Pacific

0

-1

0

729

26

-190

4.00%

-21.00%

 

 

United States

3

1

1

1,369

160

-67

13.00%

-5.00%

 

 

 

 

Heating Degree Days

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11/29/2025

Week Tot

Dev Norm

Dev L YR

Cum Tot

CumD Norm

CumD L YR

CumD Norm

CumD L YR

 

 

New England

189

-6

16

1,269

-86

152

-6.00%

14.00%

 

 

Middle Atlantic

172

-8

10

1,034

-132

172

-11.00%

20.00%

 

 

E N Central

204

-2

17

1,161

-145

189

-11.00%

19.00%

 

 

W N Central

212

-20

-10

1,087

-325

36

-23.00%

3.00%

 

 

South Atlantic

90

-6

-1

474

-39

100

-8.00%

27.00%

 

 

E S Central

120

-6

-1

560

-116

123

-17.00%

28.00%

 

 

W S Central

62

-27

-4

218

-153

17

-41.00%

8.00%

 

 

Mountain

160

-23

1

846

-346

-146

-29.00%

-15.00%

 

 

Pacific

86

-24

-23

504

-170

-115

-25.00%

-18.00%

 

 

United States

136

-13

0

752

-148

66

-16.00%

10.00%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

Weather Forecast & Seasonal Outlook

 

 

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