Morning Report: Gas * Power * NGL * Crude * Products * Vols — Dec-08-2025

Dec 8, 2025

  

 

 

 

 

 

 

 

 

 

Prices as of 7:01 AM CST

 

 

 

 

 

 

 

Current Price

Previous Settle

% Change

Change

Volume

 

 

Natural Gas

$5.039

$5.289

-4.73%

-$0.250

46,018

 

 

WTI

$59.36

$60.08

-1.20%

-$0.72

45,371

 

 

Brent

$63.03

$63.75

-1.13%

-$0.72

7,923

 

 

ULSD

$2.329

$2.363

-1.43%

-$0.034

6,141

 

 

RBOB

$1.817

$1.834

-0.93%

-$0.017

6,232

 

 

 

 

Spreads

 

 

 

 

 

 

 

Current

Previous

% Change

Change

Contract

 

 

WTI-Brent

$3.94

$3.97

-0.76%

-$0.03

Feb-26

 

 

3:2:1 Crack

$23.98

$24.28

-1.23%

-$0.30

Jan-26

 

 

PJM West Spark

$88.91

$85.66

3.79%

$3.25

Jan-26

 

 

 

 

Baker Hughes Rig Count

 

 

 

 

 

 

 

Date

Count

Change

1 Year Chg.

1 Year Date

 

 

U.S.

12/05/25

549

5

-40

12/06/24

 

 

Canada

12/05/25

191

3

-3

12/06/24

 

 

International

Nov-2025

1073

14

-45

Nov-2024

 

 

 

 

CFTC Net Positions

 

 

 

 

 

 

As of 10/28/2025

Open Interest

Total Net Long

Total Net Short

Diff

 

 

PJM West On Peak

104,735

104,277

104,388

-111

 

 

PJM West Off Peak

101,102

100,897

100,738

159

 

 

Natural Gas Henry Hub

356,121

341,672

346,030

-4,358

 

 

WTI – Light Sweet Crude Futures

170,277

144,980

136,469

8,511

 

 

Brent Crude Last Day

238,441

228,731

231,993

-3,262

 

 

NYM Ethanol

48,413

47,581

47,900

-319

 

 

Mt Belvieu LDH Propane Swap

149,770

148,986

149,310

-324

 

 

RBOB

349,960

326,744

335,704

-8,960

 

 

HSC Basis

822,983

815,749

819,002

-3,253

 

 

 

 

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

12/5/25

12/4/25

% Change

Change

11/6/25

% Change

12/5/24

% Change

 

 

PJM West On Peak

Jan-26

$99.71

$96.98

2.82%

$2.73

$89.69

11.18%

$75.28

32.45%

 

 

ERCOT North On Peak

Jan-26

$70.68

$68.82

2.70%

$1.86

$63.44

11.40%

$68.05

3.86%

 

 

CAISO SP 15 On Peak

Jan-26

$49.73

$49.58

0.31%

$0.16

$50.36

-1.24%

$68.65

-27.56%

 

 

MISO Indiana On Peak

Jan-26

$84.07

$83.51

0.67%

$0.56

$79.08

6.31%

$66.37

26.66%

 

 

NEISO Mass On Peak

Jan-26

$175.41

$166.28

5.49%

$9.13

$136.77

28.25%

$133.00

31.89%

 

 

WECC Mid C On Peak

Jan-26

$64.83

$65.88

-1.60%

-$1.05

$82.20

-21.13%

$100.26

-35.34%

 

 

NYISO Zone G On Peak

Jan-26

$162.91

$157.04

3.74%

$5.87

$128.58

26.70%

$108.04

50.78%

 

 

 

 

 

Natural Gas & Basis

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

12/5/25

12/4/25

% Change

Change

11/6/25

% Change

12/5/24

% Change

 

 

NYMEX Henry Hub

Jan-26

$5.289

$5.063

4.46%

$0.23

$4.57

15.71%

$4.38

20.84%

 

 

Houston Ship Channel

Jan-26

-$0.154

-$0.108

42.24%

-$0.05

-$0.08

93.34%

-$0.22

-29.85%

 

 

Chicago

Jan-26

$0.765

$0.787

2.89%

-$0.02

$0.82

-6.54%

$0.85

-9.77%

 

 

Waha

Jan-26

-$2.551

-$2.247

-13.51%

-$0.30

-$1.55

64.89%

-$0.71

259.14%

 

 

Algonquin

Jan-26

$13.932

$13.431

3.72%

$0.50

$10.02

39.09%

$9.04

54.07%

 

 

Aeco

Jan-26

-$2.577

-$2.434

5.86%

-$0.14

-$2.02

27.53%

-$1.89

36.49%

 

 

Socal

Jan-26

-$0.062

$0.104

-159.75%

-$0.17

$0.67

-109.28%

$2.26

-102.75%

 

 

 

 

 

Natural Gas Liquids

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

12/5/25

12/4/25

% Change

Change

11/6/25

% Change

12/5/24

% Change

 

 

Mt. Belvieu Propane LST

Jan-26

$0.697

$0.705

-1.16%

-$0.01

$0.63

10.13%

$0.74

-5.67%

 

 

Mt. Belvieu Propane non LST

Jan-26

$0.687

$0.677

1.45%

$0.01

$0.62

11.27%

$0.74

-7.65%

 

 

Mt. Belview Ethane

Jan-26

$0.307

$0.298

3.23%

$0.01

$0.27

13.22%

$0.27

15.61%

 

 

Mt. Belview Nat. Gasoline

Jan-26

$1.257

$1.244

1.11%

$0.01

$1.24

1.60%

$1.34

-6.40%

 

 

Mt. Belvieu Butane LST

Jan-26

$0.888

$0.886

0.26%

$0.00

$0.81

9.35%

$0.86

3.50%

 

 

Far East Propane

Jan-26

$5.217

$5.167

0.97%

$0.05

$4.92

6.02%

$5.55

-6.06%

 

 

Saudi Propane

Jan-26

$5.028

$4.990

0.78%

$0.04

$4.69

7.21%

$5.33

-5.57%

 

 

 

 

Crude Oil

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

12/5/25

12/4/25

% Change

Change

11/6/25

% Change

12/5/24

% Change

 

 

WTI

Jan-26

$60.08

$59.67

0.68%

$0.41

$59.30

1.32%

$65.82

-8.72%

 

 

Brent

Jan-26

$63.92

$63.45

0.74%

$0.48

$63.38

0.86%

$69.83

-8.46%

 

 

WCS

Jan-26

-$12.78

-$12.57

1.70%

-$0.22

-$12.20

4.80%

-$11.15

14.65%

 

 

LLS

Jan-26

$61.13

$60.81

0.53%

$0.32

$60.77

0.59%

$68.01

-10.11%

 

 

Mars

Jan-26

$58.55

$57.72

1.41%

$0.83

$57.63

1.60%

$64.71

-9.52%

 

 

Sour

Jan-26

$60.19

$59.30

1.47%

$0.88

$59.59

1.00%

$66.08

-8.92%

 

 

ESPO

Jan-26

$61.92

$61.45

0.77%

$0.48

$61.38

0.88%

$67.83

-8.71%

 

 

 

 

Refined Products

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

12/5/25

12/4/25

% Change

Change

11/6/25

% Change

12/5/24

% Change

 

 

NY Heating Oil

Jan-26

$2.37

$2.31

2.34%

$0.05

$2.44

-3.23%

$2.19

7.84%

 

 

NY Gasoline

Jan-26

$1.83

$1.83

0.00%

$0.00

$1.89

-3.43%

$1.85

-1.19%

 

 

GC Gasoline

Jan-26

$1.69

$1.69

0.00%

$0.00

$1.75

-3.70%

$1.75

-3.54%

 

 

GC Jet

Jan-26

$2.09

$2.02

3.52%

$0.07

$2.22

-6.11%

$2.04

2.35%

 

 

Chicago Ethanol

Jan-26

$1.61

$1.57

2.42%

$0.04

$1.63

-1.35%

$1.55

4.01%

 

 

Rotterdam Gasoil

Jan-26

$593.76

$592.02

0.30%

$1.75

$594.01

-0.04%

$608.42

-2.41%

 

 

Singapore Jet Kero

Jan-26

$85.77

$84.05

2.05%

$1.72

$88.40

-2.98%

$85.35

0.50%

 

 

 

 

Implied Volatilities

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

12/5/25

12/4/25

% Change

Change

11/6/25

% Change

12/5/24

% Change

 

 

Henry Hub Straddle

Jan-26

59.46%

61.57%

-3.43%

-2.11%

62.97%

-5.57%

40.16%

48.06%

 

 

Algonquin Straddle

Jan-26

82.35%

88.00%

-6.42%

-5.65%

69.98%

17.68%

44.27%

86.02%

 

 

Waha Straddle

Jan-26

96.34%

127.23%

-24.28%

-30.89%

90.92%

5.96%

39.19%

145.83%

 

 

Chicago Straddle

Jan-26

55.60%

58.72%

-5.31%

-3.12%

61.69%

-9.87%

38.22%

45.47%

 

 

PJM West Straddle

Jan-26

99.21%

95.50%

3.88%

3.71%

78.46%

26.45%

61.83%

60.46%

 

 

SP – 15 Straddle

Jan-26

205.27%

203.43%

0.90%

1.84%

307.28%

-33.20%

164.16%

25.04%

 

 

Mid. C Straddle

Jan-26

102.65%

102.38%

0.26%

0.27%

96.44%

6.44%

77.67%

32.16%

 

 

 

 

Euro Gas and Power/LNG

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

12/5/25

12/4/25

% Change

Change

11/6/25

% Change

12/5/24

% Change

 

 

Dutch TTF

Jan-26

EUR 27.30

EUR 27.08

0.83%

EUR 0.22

EUR 31.98

-14.62%

EUR 41.46

-34.15%

 

 

NBP

Jan-26

GBP 70.99

GBP 70.12

1.24%

GBP 0.87

GBP 84.17

-15.66%

GBP 107.46

-33.94%

 

 

German Base

Jan-26

EUR 98.12

EUR 97.93

0.20%

EUR 0.19

EUR 107.69

-8.89%

EUR 109.54

-10.42%

 

 

UK Base

Jan-26

GBP 80.04

GBP 79.18

1.08%

GBP 0.86

GBP 89.70

-10.76%

GBP 88.52

-9.57%

 

 

French Base

Jan-26

EUR 68.45

EUR 69.28

-1.20%

-EUR 0.83

EUR 77.31

-11.45%

EUR 106.42

-35.68%

 

 

Italian Base

Jan-26

EUR 113.12

EUR 113.11

0.01%

EUR 0.01

EUR 115.66

-2.19%

EUR 126.79

-10.78%

 

 

JKM LNG

Jan-26

$10.85

$10.59

2.48%

$0.26

$11.20

-3.07%

$14.00

-22.44%

 

 

 

 

Freight Forwards (WET & DRY)

 

OTCGH/EOXLive Market Data

 

 

 

Contract

12/5/25

12/4/25

% Change

Change

11/6/25

% Change

12/5/24

% Change

 

 

TD3C FFA Middle East to China (WET)

Jan-26

$27.30

$27.08

0.83%

$0.22

$31.98

-14.62%

$41.46

-34.15%

 

 

USGC-UK Continent Dirty (WET)

Jan-26

$70.99

$70.12

1.24%

$0.87

$84.17

-15.66%

$107.46

-33.94%

 

 

TD20 West Africa to UK Continent (WET)

Jan-26

$98.12

$97.93

0.20%

$0.19

$107.69

-8.89%

$109.54

-10.42%

 

 

LPG FFA Middle East Gulf to East (WET)

Jan-26

$80.04

$79.18

1.08%

$0.86

$89.70

-10.76%

$88.52

-9.57%

 

 

TC5 FFA Arabian Gulf to Japan (WET)

Jan-26

$68.45

$69.28

-1.20%

-$0.83

$77.31

-11.45%

$106.42

-35.68%

 

 

Supramax Timecharter (DRY)

Jan-26

$113.12

$113.11

0.01%

$0.01

$115.66

-2.19%

$126.79

-10.78%

 

 

Capesize Timecharter (DRY)

Jan-26

$10.85

$10.59

2.48%

$0.26

$11.20

-3.07%

$14.00

-22.44%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

 

 

 

 

 

 

 

 

 

 

 

 

Cooling Degree Days

 

 

 

 

 

 

12/06/2025

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

1

9

2,117

178

-96

9.00%

-4.00%

 

 

E S Central

0

-1

0

1,787

242

-41

16.00%

-2.00%

 

 

W S Central

0

-3

0

2,824

382

-86

16.00%

-3.00%

 

 

Mountain

0

0

0

1,342

99

-108

8.00%

-7.00%

 

 

Pacific

0

-1

0

729

25

-190

4.00%

-21.00%

 

 

United States

2

0

2

1,371

160

-66

13.00%

-5.00%

 

 

 

 

Heating Degree Days

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

12/06/2025

Week Tot

Dev Norm

Dev L YR

Cum Tot

CumD Norm

CumD L YR

CumD Norm

CumD L YR

 

 

New England

256

43

13

1,525

-42

156

-3.00%

11.00%

 

 

Middle Atlantic

243

46

5

1,277

-86

169

-6.00%

15.00%

 

 

E N Central

297

72

12

1,458

-73

198

-5.00%

16.00%

 

 

W N Central

310

59

13

1,397

-267

53

-16.00%

4.00%

 

 

South Atlantic

134

27

-22

608

-12

70

-2.00%

13.00%

 

 

E S Central

196

57

-7

756

-59

107

-7.00%

16.00%

 

 

W S Central

147

47

39

365

-106

52

-23.00%

17.00%

 

 

Mountain

205

9

37

1,051

-336

-103

-24.00%

-9.00%

 

 

Pacific

112

-6

15

615

-176

-95

-22.00%

-13.00%

 

 

United States

200

37

9

952

-110

71

-10.00%

8.00%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

Weather Forecast & Seasonal Outlook

 

 

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