Morning Report: Gas * Power * NGL * Crude * Products * Vols — Dec-04-2025

Dec 4, 2025

  

 

 

 

 

 

 

 

 

 

Prices as of 6:59 AM CST

 

 

 

 

 

 

 

Current Price

Previous Settle

% Change

Change

Volume

 

 

Natural Gas

$4.993

$4.995

-0.04%

-$0.002

22,821

 

 

WTI

$59.25

$58.95

0.51%

$0.30

34,805

 

 

Brent

$62.91

$62.67

0.38%

$0.24

7,025

 

 

ULSD

$2.289

$2.301

-0.53%

-$0.012

3,502

 

 

RBOB

$1.831

$1.827

0.19%

$0.003

3,278

 

 

 

 

Spreads

 

 

 

 

 

 

 

Current

Previous

% Change

Change

Contract

 

 

WTI-Brent

$3.97

$4.01

-1.00%

-$0.04

Feb-26

 

 

3:2:1 Crack

$24.12

$24.42

-1.24%

-$0.30

Jan-26

 

 

PJM West Spark

$85.90

$83.26

3.17%

$2.64

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

12/3/25

12/2/25

% Change

Change

11/4/25

% Change

12/3/24

% Change

 

 

PJM West On Peak

Jan-26

$96.61

$93.94

2.84%

$2.67

$89.10

8.43%

$74.36

29.92%

 

 

ERCOT North On Peak

Jan-26

$67.30

$63.48

6.02%

$3.82

$64.37

4.56%

$65.96

2.03%

 

 

CAISO SP 15 On Peak

Jan-26

$49.18

$48.12

2.21%

$1.06

$52.74

-6.75%

$69.45

-29.19%

 

 

MISO Indiana On Peak

Jan-26

$84.97

$82.74

2.69%

$2.23

$79.29

7.17%

$65.64

29.46%

 

 

NEISO Mass On Peak

Jan-26

$160.41

$155.36

3.25%

$5.05

$138.42

15.88%

$131.76

21.74%

 

 

WECC Mid C On Peak

Jan-26

$70.26

$71.00

-1.04%

-$0.74

$78.03

-9.95%

$104.61

-32.83%

 

 

NYISO Zone G On Peak

Jan-26

$152.22

$137.78

10.48%

$14.44

$132.23

15.12%

$107.24

41.95%

 

 

 

 

 

Natural Gas & Basis

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

12/3/25

12/2/25

% Change

Change

11/4/25

% Change

12/3/24

% Change

 

 

NYMEX Henry Hub

Jan-26

$4.995

$4.840

3.20%

$0.15

$4.57

9.23%

$4.31

16.00%

 

 

Houston Ship Channel

Jan-26

-$0.101

-$0.101

-0.59%

$0.00

-$0.06

60.19%

-$0.22

-53.85%

 

 

Chicago

Jan-26

$0.750

$0.736

-1.81%

$0.01

$0.83

-9.41%

$0.85

-11.98%

 

 

Waha

Jan-26

-$2.045

-$2.173

-5.88%

$0.13

-$1.54

32.57%

-$0.69

197.17%

 

 

Algonquin

Jan-26

$12.368

$10.521

17.56%

$1.85

$10.08

22.71%

$9.14

35.31%

 

 

Aeco

Jan-26

-$2.452

-$2.422

1.26%

-$0.03

-$1.91

28.10%

-$1.81

35.33%

 

 

Socal

Jan-26

$0.187

$0.108

73.35%

$0.08

$0.68

-72.36%

$2.25

-91.70%

 

 

 

 

 

Natural Gas Liquids

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

12/3/25

12/2/25

% Change

Change

11/4/25

% Change

12/3/24

% Change

 

 

Mt. Belvieu Propane LST

Jan-26

$0.702

$0.666

5.31%

$0.04

$0.66

6.67%

$0.76

-7.87%

 

 

Mt. Belvieu Propane non LST

Jan-26

$0.677

$0.668

1.37%

$0.01

$0.65

4.58%

$0.76

-11.18%

 

 

Mt. Belview Ethane

Jan-26

$0.295

$0.290

1.63%

$0.00

$0.27

10.76%

$0.26

11.74%

 

 

Mt. Belview Nat. Gasoline

Jan-26

$1.240

$1.230

0.79%

$0.01

$1.25

-0.91%

$1.37

-9.70%

 

 

Mt. Belvieu Butane LST

Jan-26

$0.886

$0.872

1.61%

$0.01

$0.86

3.21%

$0.87

2.01%

 

 

Far East Propane

Jan-26

$5.115

$5.056

1.15%

$0.06

$5.10

0.25%

$5.62

-8.98%

 

 

Saudi Propane

Jan-26

$4.990

$5.001

-0.24%

-$0.01

$4.86

2.65%

$5.39

-7.39%

 

 

 

 

Crude Oil

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

12/3/25

12/2/25

% Change

Change

11/4/25

% Change

12/3/24

% Change

 

 

WTI

Jan-26

$58.95

$58.64

0.53%

$0.31

$60.31

-2.26%

$67.15

-12.21%

 

 

Brent

Jan-26

$62.85

$62.63

0.34%

$0.22

$64.44

-2.47%

$71.18

-11.71%

 

 

WCS

Jan-26

-$12.77

-$13.12

-2.77%

$0.35

-$11.47

11.34%

-$11.85

7.77%

 

 

LLS

Jan-26

$60.24

$59.88

0.60%

$0.36

$61.62

-2.24%

$67.84

-11.21%

 

 

Mars

Jan-26

$57.51

$57.20

0.53%

$0.31

$58.59

-1.85%

$64.19

-10.42%

 

 

Sour

Jan-26

$59.02

$58.61

0.70%

$0.41

$60.20

-1.97%

$65.94

-10.49%

 

 

ESPO

Jan-26

$60.85

$60.63

0.35%

$0.22

$62.44

-2.55%

$69.18

-12.05%

 

 

 

 

Refined Products

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

12/3/25

12/2/25

% Change

Change

11/4/25

% Change

12/3/24

% Change

 

 

NY Heating Oil

Jan-26

$2.30

$2.31

-0.43%

-$0.01

$2.40

-4.37%

$2.23

3.00%

 

 

NY Gasoline

Jan-26

$1.84

$1.83

0.55%

$0.01

$1.85

-0.54%

$1.88

-1.97%

 

 

GC Gasoline

Jan-26

$1.70

$1.69

0.59%

$0.01

$1.71

-0.58%

$1.78

-4.33%

 

 

GC Jet

Jan-26

$2.04

$2.05

-0.58%

-$0.01

$2.17

-6.16%

$2.08

-1.78%

 

 

Chicago Ethanol

Jan-26

$1.58

$1.60

-0.94%

-$0.01

$1.64

-3.54%

$1.54

2.60%

 

 

Rotterdam Gasoil

Jan-26

$594.26

$592.28

0.34%

$1.99

$593.99

0.05%

$624.47

-4.84%

 

 

Singapore Jet Kero

Jan-26

$84.81

$85.27

-0.54%

-$0.46

$87.11

-2.64%

$85.59

-0.91%

 

 

 

 

Implied Volatilities

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

12/3/25

12/2/25

% Change

Change

11/4/25

% Change

12/3/24

% Change

 

 

Henry Hub Straddle

Jan-26

59.26%

64.38%

-7.95%

-5.12%

63.19%

-6.22%

42.47%

39.53%

 

 

Algonquin Straddle

Jan-26

79.08%

68.43%

15.56%

10.65%

68.59%

15.29%

46.98%

68.33%

 

 

Waha Straddle

Jan-26

107.50%

102.17%

5.22%

5.33%

88.26%

21.80%

40.47%

165.63%

 

 

Chicago Straddle

Jan-26

55.99%

60.43%

-7.35%

-4.44%

61.47%

-8.91%

40.29%

38.97%

 

 

PJM West Straddle

Jan-26

94.49%

93.63%

0.92%

0.86%

73.20%

29.08%

62.05%

52.28%

 

 

SP – 15 Straddle

Jan-26

194.95%

192.58%

1.23%

2.37%

168.59%

15.64%

161.77%

20.51%

 

 

Mid. C Straddle

Jan-26

102.46%

147.47%

-30.52%

-45.01%

98.09%

4.46%

79.55%

28.80%

 

 

 

 

Euro Gas and Power/LNG

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

12/3/25

12/2/25

% Change

Change

11/4/25

% Change

12/3/24

% Change

 

 

Dutch TTF

Jan-26

EUR 28.08

EUR 27.97

0.38%

EUR 0.11

EUR 32.60

-13.87%

EUR 42.23

-33.52%

 

 

NBP

Jan-26

GBP 72.99

GBP 73.17

-0.25%

-GBP 0.18

GBP 85.91

-15.05%

GBP 110.59

-34.00%

 

 

German Base

Jan-26

EUR 100.39

EUR 99.70

0.69%

EUR 0.69

EUR 108.95

-7.85%

EUR 111.49

-9.96%

 

 

UK Base

Jan-26

GBP 80.72

GBP 80.79

-0.08%

-GBP 0.06

GBP 88.55

-8.84%

GBP 92.60

-12.83%

 

 

French Base

Jan-26

EUR 69.58

EUR 67.44

3.17%

EUR 2.14

EUR 81.91

-15.05%

EUR 100.31

-30.63%

 

 

Italian Base

Jan-26

EUR 112.99

EUR 112.13

0.76%

EUR 0.86

EUR 116.64

-3.13%

EUR 128.24

-11.89%

 

 

JKM LNG

Jan-26

$10.99

$10.82

1.56%

$0.17

$11.32

-2.92%

$14.08

-21.94%

 

 

 

 

Freight Forwards (WET & DRY)

 

OTCGH/EOXLive Market Data

 

 

 

Contract

12/3/25

12/2/25

% Change

Change

11/4/25

% Change

12/3/24

% Change

 

 

TD3C FFA Middle East to China (WET)

Jan-26

$28.08

$27.97

0.38%

$0.11

$32.60

-13.87%

$42.23

-33.52%

 

 

USGC-UK Continent Dirty (WET)

Jan-26

$72.99

$73.17

-0.25%

-$0.18

$85.91

-15.05%

$110.59

-34.00%

 

 

TD20 West Africa to UK Continent (WET)

Jan-26

$100.39

$99.70

0.69%

$0.69

$108.95

-7.85%

$111.49

-9.96%

 

 

LPG FFA Middle East Gulf to East (WET)

Jan-26

$80.72

$80.79

-0.08%

-$0.06

$88.55

-8.84%

$92.60

-12.83%

 

 

TC5 FFA Arabian Gulf to Japan (WET)

Jan-26

$69.58

$67.44

3.17%

$2.14

$81.91

-15.05%

$100.31

-30.63%

 

 

Supramax Timecharter (DRY)

Jan-26

$112.99

$112.13

0.76%

$0.86

$116.64

-3.13%

$128.24

-11.89%

 

 

Capesize Timecharter (DRY)

Jan-26

$10.99

$10.82

1.56%

$0.17

$11.32

-2.92%

$14.08

-21.94%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

 

 

 

 

 

 

 

 

 

 

 

 

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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