Morning Report: Gas * Power * NGL * Crude * Products * Vols — Dec-05-2025

Dec 5, 2025

  

 

 

 

 

 

 

 

 

 

Prices as of 6:59 AM CST

 

 

 

 

 

 

 

Current Price

Previous Settle

% Change

Change

Volume

 

 

Natural Gas

$5.135

$5.063

1.42%

$0.072

26,533

 

 

WTI

$59.54

$59.67

-0.22%

-$0.13

46,429

 

 

Brent

$63.15

$63.26

-0.17%

-$0.11

6,777

 

 

ULSD

$2.335

$2.304

1.35%

$0.031

5,171

 

 

RBOB

$1.825

$1.827

-0.09%

-$0.002

2,916

 

 

 

 

Spreads

 

 

 

 

 

 

 

Current

Previous

% Change

Change

Contract

 

 

WTI-Brent

$3.96

$3.95

0.25%

$0.01

Feb-26

 

 

3:2:1 Crack

$24.27

$23.82

1.86%

$0.44

Jan-26

 

 

PJM West Spark

$85.96

$85.78

0.21%

$0.18

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

Nov-2025

1073

14

-45

Nov-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

 

 

 

 

12/04/20

 

 

 

11/28/25

11/21/25

Net Change

% Change

11/29/24

% Change

5 Year Avg.

% Change

 

 

East

888

892

-4

-0.45%

914

-2.84%

876

1.32%

 

 

Midwest

1,088

1,103

-15

-1.36%

1,115

-2.42%

1,068

1.89%

 

 

Mountain

288

292

-4

-1.37%

289

-0.35%

233

23.61%

 

 

Pacific

315

319

-4

-1.25%

310

1.61%

279

12.98%

 

 

South

1,345

1,329

16

1.20%

1,310

2.67%

1,239

8.57%

 

 

    Salt

371

360

11

3.06%

362

2.49%

342

8.35%

 

 

    Non_Salt

974

969

5

0.52%

948

2.74%

896

8.68%

 

 

Total

3,923

3,935

-12

-0.30%

3,937

-0.36%

3,694

6.19%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Power Generation Additions/Retirements

 

 

  

 

Front Month Prices

 

 

 

 

 

 

 

 

 

 

 

 

 

Electricity

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

12/4/25

12/3/25

% Change

Change

11/5/25

% Change

12/4/24

% Change

 

 

PJM West On Peak

Jan-26

$96.98

$96.61

0.38%

$0.37

$89.48

8.38%

$74.29

30.53%

 

 

ERCOT North On Peak

Jan-26

$68.82

$67.30

2.26%

$1.52

$63.69

8.06%

$66.45

3.57%

 

 

CAISO SP 15 On Peak

Jan-26

$49.58

$49.18

0.81%

$0.40

$52.00

-4.66%

$68.60

-27.74%

 

 

MISO Indiana On Peak

Jan-26

$83.51

$84.97

-1.72%

-$1.46

$79.11

5.57%

$65.44

27.62%

 

 

NEISO Mass On Peak

Jan-26

$166.28

$160.41

3.66%

$5.87

$129.11

28.79%

$131.67

26.29%

 

 

WECC Mid C On Peak

Jan-26

$65.88

$70.26

-6.24%

-$4.38

$79.18

-16.80%

$102.11

-35.48%

 

 

NYISO Zone G On Peak

Jan-26

$157.04

$152.22

3.16%

$4.82

$133.90

17.28%

$106.98

46.80%

 

 

 

 

 

Natural Gas & Basis

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

12/4/25

12/3/25

% Change

Change

11/5/25

% Change

12/4/24

% Change

 

 

NYMEX Henry Hub

Jan-26

$5.063

$4.995

1.36%

$0.07

$4.46

13.44%

$4.34

16.58%

 

 

Houston Ship Channel

Jan-26

-$0.108

-$0.101

7.55%

-$0.01

-$0.07

66.21%

-$0.23

-52.63%

 

 

Chicago

Jan-26

$0.787

$0.750

-4.69%

$0.04

$0.80

-1.26%

$0.86

-8.97%

 

 

Waha

Jan-26

-$2.247

-$2.045

-9.89%

-$0.20

-$1.41

58.98%

-$0.72

212.53%

 

 

Algonquin

Jan-26

$13.431

$12.368

8.60%

$1.06

$9.70

38.45%

$9.07

48.05%

 

 

Aeco

Jan-26

-$2.434

-$2.452

-0.74%

$0.02

-$1.92

26.69%

-$1.87

30.00%

 

 

Socal

Jan-26

$0.104

$0.187

-44.24%

-$0.08

$0.66

-84.21%

$2.29

-95.46%

 

 

 

 

 

Natural Gas Liquids

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

12/4/25

12/3/25

% Change

Change

11/5/25

% Change

12/4/24

% Change

 

 

Mt. Belvieu Propane LST

Jan-26

$0.705

$0.702

0.45%

$0.00

$0.64

9.44%

$0.76

-7.30%

 

 

Mt. Belvieu Propane non LST

Jan-26

$0.677

$0.677

0.04%

$0.00

$0.63

7.73%

$0.77

-11.47%

 

 

Mt. Belview Ethane

Jan-26

$0.298

$0.295

0.95%

$0.00

$0.27

11.26%

$0.26

13.90%

 

 

Mt. Belview Nat. Gasoline

Jan-26

$1.244

$1.240

0.29%

$0.00

$1.23

1.08%

$1.36

-8.75%

 

 

Mt. Belvieu Butane LST

Jan-26

$0.886

$0.886

0.03%

$0.00

$0.83

6.72%

$0.87

1.75%

 

 

Far East Propane

Jan-26

$5.167

$5.115

1.02%

$0.05

$4.98

3.68%

$5.65

-8.58%

 

 

Saudi Propane

Jan-26

$4.990

$4.990

0.01%

$0.00

$4.77

4.62%

$5.38

-7.26%

 

 

 

 

Crude Oil

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

12/4/25

12/3/25

% Change

Change

11/5/25

% Change

12/4/24

% Change

 

 

WTI

Jan-26

$59.67

$58.95

1.21%

$0.72

$59.42

0.42%

$65.97

-9.55%

 

 

Brent

Jan-26

$63.45

$62.85

0.95%

$0.60

$63.52

-0.11%

$70.06

-9.44%

 

 

WCS

Jan-26

-$12.57

-$12.77

-1.62%

$0.20

-$12.29

2.25%

-$11.75

6.94%

 

 

LLS

Jan-26

$60.81

$60.24

0.93%

$0.57

$60.70

0.18%

$69.21

-12.15%

 

 

Mars

Jan-26

$57.72

$57.51

0.37%

$0.21

$57.60

0.21%

$65.81

-12.30%

 

 

Sour

Jan-26

$59.30

$59.02

0.48%

$0.28

$60.56

-2.07%

$67.25

-11.82%

 

 

ESPO

Jan-26

$61.45

$60.85

0.98%

$0.60

$61.52

-0.12%

$68.06

-9.72%

 

 

 

 

Refined Products

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

12/4/25

12/3/25

% Change

Change

11/5/25

% Change

12/4/24

% Change

 

 

NY Heating Oil

Jan-26

$2.31

$2.30

0.57%

$0.01

$2.39

-3.26%

$2.22

3.87%

 

 

NY Gasoline

Jan-26

$1.83

$1.84

-0.54%

-$0.01

$1.88

-2.66%

$1.84

-0.76%

 

 

GC Gasoline

Jan-26

$1.69

$1.70

-0.59%

-$0.01

$1.74

-2.87%

$1.74

-3.10%

 

 

GC Jet

Jan-26

$2.02

$2.04

-1.08%

-$0.02

$2.21

-8.56%

$2.05

-1.51%

 

 

Chicago Ethanol

Jan-26

$1.57

$1.58

-0.51%

-$0.01

$1.64

-4.32%

$1.56

0.51%

 

 

Rotterdam Gasoil

Jan-26

$592.02

$594.26

-0.38%

-$2.25

$595.00

-0.50%

$614.78

-3.70%

 

 

Singapore Jet Kero

Jan-26

$84.05

$84.81

-0.89%

-$0.76

$88.30

-4.81%

$87.00

-3.39%

 

 

 

 

Implied Volatilities

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

12/4/25

12/3/25

% Change

Change

11/5/25

% Change

12/4/24

% Change

 

 

Henry Hub Straddle

Jan-26

61.57%

59.26%

3.90%

2.31%

66.90%

-7.97%

38.89%

58.32%

 

 

Algonquin Straddle

Jan-26

88.00%

79.08%

11.28%

8.92%

72.78%

20.91%

44.03%

99.86%

 

 

Waha Straddle

Jan-26

127.23%

107.50%

18.35%

19.73%

87.03%

46.19%

37.93%

235.43%

 

 

Chicago Straddle

Jan-26

58.72%

55.99%

4.88%

2.73%

65.37%

-10.17%

37.10%

58.27%

 

 

PJM West Straddle

Jan-26

95.50%

94.49%

1.07%

1.01%

77.22%

23.67%

62.11%

53.76%

 

 

SP – 15 Straddle

Jan-26

203.43%

194.95%

4.35%

8.48%

306.29%

-33.58%

162.24%

25.39%

 

 

Mid. C Straddle

Jan-26

102.38%

102.46%

-0.08%

-0.08%

126.75%

-19.23%

77.90%

31.42%

 

 

 

 

Euro Gas and Power/LNG

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

12/4/25

12/3/25

% Change

Change

11/5/25

% Change

12/4/24

% Change

 

 

Dutch TTF

Jan-26

EUR 27.08

EUR 28.08

-3.56%

-EUR 1.00

EUR 31.94

-15.24%

EUR 41.81

-35.25%

 

 

NBP

Jan-26

GBP 70.12

GBP 72.99

-3.93%

-GBP 2.86

GBP 84.40

-16.91%

GBP 109.01

-35.68%

 

 

German Base

Jan-26

EUR 97.93

EUR 100.39

-2.46%

-EUR 2.46

EUR 108.35

-9.62%

EUR 110.08

-11.04%

 

 

UK Base

Jan-26

GBP 79.18

GBP 80.72

-1.91%

-GBP 1.54

GBP 89.89

-11.92%

GBP 92.10

-14.02%

 

 

French Base

Jan-26

EUR 69.28

EUR 69.58

-0.43%

-EUR 0.30

EUR 81.54

-15.03%

EUR 97.68

-29.07%

 

 

Italian Base

Jan-26

EUR 113.11

EUR 112.99

0.11%

EUR 0.12

EUR 115.52

-2.09%

EUR 126.71

-10.74%

 

 

JKM LNG

Jan-26

$10.59

$10.99

-3.63%

-$0.40

$11.18

-5.25%

$13.78

-23.15%

 

 

 

 

Freight Forwards (WET & DRY)

 

OTCGH/EOXLive Market Data

 

 

 

Contract

12/4/25

12/3/25

% Change

Change

11/5/25

% Change

12/4/24

% Change

 

 

TD3C FFA Middle East to China (WET)

Jan-26

$27.08

$28.08

-3.56%

-$1.00

$31.94

-15.24%

$41.81

-35.25%

 

 

USGC-UK Continent Dirty (WET)

Jan-26

$70.12

$72.99

-3.93%

-$2.86

$84.40

-16.91%

$109.01

-35.68%

 

 

TD20 West Africa to UK Continent (WET)

Jan-26

$97.93

$100.39

-2.46%

-$2.46

$108.35

-9.62%

$110.08

-11.04%

 

 

LPG FFA Middle East Gulf to East (WET)

Jan-26

$79.18

$80.72

-1.91%

-$1.54

$89.89

-11.92%

$92.10

-14.02%

 

 

TC5 FFA Arabian Gulf to Japan (WET)

Jan-26

$69.28

$69.58

-0.43%

-$0.30

$81.54

-15.03%

$97.68

-29.07%

 

 

Supramax Timecharter (DRY)

Jan-26

$113.11

$112.99

0.11%

$0.12

$115.52

-2.09%

$126.71

-10.74%

 

 

Capesize Timecharter (DRY)

Jan-26

$10.59

$10.99

-3.63%

-$0.40

$11.18

-5.25%

$13.78

-23.15%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

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 communication may include confidential and privileged information, is for information purposes only, is not a recommendation or a trade confirmation, is not an offer to sell, or a solicitation of an offer to buy. If you are not the intended recipient,
please advise the sender immediately and delete or destroy this communication and any copies. Use by other than intended recipients is prohibited. Delivery of this message to an unintended recipient is not intended to waive any right or privilege.

For additional disclosures, including disclosures relevant to your region, please see www.cantor.com/disclosures/electronic-communications-disclaimers-disclosures/.

For disclosures related to how your personal data is processed please see www.cantor.com/customer-privacy-notice/.

Where applicable, to stop receiving marketing emails please respond by clicking unsubscribe.