Morning Report: Gas * Power * NGL * Crude * Products * Vols — Dec-09-2025

Dec 9, 2025

  

 

 

 

 

 

 

 

 

 

Prices as of 7:00 AM CST

 

 

 

 

 

 

 

Current Price

Previous Settle

% Change

Change

Volume

 

 

Natural Gas

$4.746

$4.912

-3.38%

-$0.166

30,391

 

 

WTI

$59.07

$58.88

0.32%

$0.19

34,853

 

 

Brent

$62.67

$62.49

0.29%

$0.18

7,482

 

 

ULSD

$2.295

$2.298

-0.14%

-$0.003

4,112

 

 

RBOB

$1.807

$1.798

0.47%

$0.008

4,732

 

 

 

 

Spreads

 

 

 

 

 

 

 

Current

Previous

% Change

Change

Contract

 

 

WTI-Brent

$3.85

$3.86

-0.26%

-$0.01

Feb-26

 

 

3:2:1 Crack

$23.67

$23.66

0.02%

$0.00

Jan-26

 

 

PJM West Spark

$89.42

$89.20

0.24%

$0.22

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

12/8/25

12/5/25

% Change

Change

11/7/25

% Change

12/6/24

% Change

 

 

PJM West On Peak

Jan-26

$99.58

$99.71

-0.13%

-$0.13

$89.38

11.42%

$75.38

32.11%

 

 

ERCOT North On Peak

Jan-26

$66.02

$70.68

-6.60%

-$4.66

$63.17

4.51%

$68.00

-2.92%

 

 

CAISO SP 15 On Peak

Jan-26

$46.95

$49.73

-5.59%

-$2.78

$52.09

-9.87%

$67.17

-30.10%

 

 

MISO Indiana On Peak

Jan-26

$82.83

$84.07

-1.47%

-$1.24

$78.77

5.16%

$66.56

24.45%

 

 

NEISO Mass On Peak

Jan-26

$174.84

$175.41

-0.32%

-$0.57

$134.76

29.74%

$132.61

31.85%

 

 

WECC Mid C On Peak

Jan-26

$59.63

$64.83

-8.02%

-$5.20

$82.09

-27.36%

$100.25

-40.52%

 

 

NYISO Zone G On Peak

Jan-26

$165.27

$162.91

1.45%

$2.37

$132.26

24.97%

$108.10

52.89%

 

 

 

 

 

Natural Gas & Basis

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

12/8/25

12/5/25

% Change

Change

11/7/25

% Change

12/6/24

% Change

 

 

NYMEX Henry Hub

Jan-26

$4.912

$5.289

-7.13%

-$0.38

$4.54

8.22%

$4.38

12.20%

 

 

Houston Ship Channel

Jan-26

-$0.179

-$0.154

16.44%

-$0.03

-$0.08

138.62%

-$0.21

-12.76%

 

 

Chicago

Jan-26

$0.725

$0.765

5.52%

-$0.04

$0.82

-11.63%

$0.85

-14.29%

 

 

Waha

Jan-26

-$2.107

-$2.551

-17.40%

$0.44

-$1.29

63.93%

-$0.67

213.15%

 

 

Algonquin

Jan-26

$13.685

$13.932

-1.77%

-$0.25

$10.14

34.94%

$9.21

48.53%

 

 

Aeco

Jan-26

-$2.480

-$2.577

-3.78%

$0.10

-$2.15

15.42%

-$1.84

34.93%

 

 

Socal

Jan-26

-$0.166

-$0.062

166.40%

-$0.10

$0.63

-126.41%

$2.24

-107.41%

 

 

 

 

 

Natural Gas Liquids

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

12/8/25

12/5/25

% Change

Change

11/7/25

% Change

12/6/24

% Change

 

 

Mt. Belvieu Propane LST

Jan-26

$0.719

$0.697

3.17%

$0.02

$0.64

11.90%

$0.73

-2.11%

 

 

Mt. Belvieu Propane non LST

Jan-26

$0.689

$0.687

0.27%

$0.00

$0.63

9.95%

$0.73

-5.68%

 

 

Mt. Belview Ethane

Jan-26

$0.291

$0.307

-5.33%

-$0.02

$0.27

6.17%

$0.26

12.93%

 

 

Mt. Belview Nat. Gasoline

Jan-26

$1.238

$1.257

-1.55%

-$0.02

$1.24

0.03%

$1.32

-6.22%

 

 

Mt. Belvieu Butane LST

Jan-26

$0.883

$0.888

-0.57%

-$0.01

$0.81

8.58%

$0.86

2.69%

 

 

Far East Propane

Jan-26

$5.259

$5.217

0.81%

$0.04

$4.94

6.46%

$5.56

-5.42%

 

 

Saudi Propane

Jan-26

$5.054

$5.028

0.50%

$0.03

$4.75

6.39%

$5.31

-4.87%

 

 

 

 

Crude Oil

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

12/8/25

12/5/25

% Change

Change

11/7/25

% Change

12/6/24

% Change

 

 

WTI

Jan-26

$58.88

$60.08

-2.04%

-$1.20

$59.62

-1.24%

$65.38

-9.94%

 

 

Brent

Jan-26

$62.65

$63.92

-2.03%

-$1.27

$63.63

-1.54%

$69.35

-9.66%

 

 

WCS

Jan-26

-$12.89

-$12.78

0.78%

-$0.10

-$12.30

4.76%

-$11.55

11.56%

 

 

LLS

Jan-26

$60.03

$61.13

-1.84%

-$1.10

$60.70

-1.11%

$67.75

-11.40%

 

 

Mars

Jan-26

$57.20

$58.55

-2.36%

-$1.35

$57.89

-1.19%

$64.65

-11.53%

 

 

Sour

Jan-26

$58.85

$60.19

-2.26%

-$1.33

$59.66

-1.34%

$65.91

-10.71%

 

 

ESPO

Jan-26

$60.65

$61.92

-2.10%

-$1.27

$61.63

-1.59%

$67.35

-9.95%

 

 

 

 

Refined Products

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

12/8/25

12/5/25

% Change

Change

11/7/25

% Change

12/6/24

% Change

 

 

NY Heating Oil

Jan-26

$2.30

$2.37

-2.92%

-$0.07

$2.43

-5.63%

$2.17

5.66%

 

 

NY Gasoline

Jan-26

$1.81

$1.83

-1.26%

-$0.02

$1.92

-5.89%

$1.80

0.22%

 

 

GC Gasoline

Jan-26

$1.67

$1.69

-1.36%

-$0.02

$1.78

-6.35%

$1.70

-2.11%

 

 

GC Jet

Jan-26

$2.00

$2.09

-4.16%

-$0.09

$2.20

-9.00%

$2.02

-0.94%

 

 

Chicago Ethanol

Jan-26

$1.60

$1.61

-0.93%

-$0.01

$1.62

-1.66%

$1.55

3.04%

 

 

Rotterdam Gasoil

Jan-26

$583.76

$593.76

-1.68%

-$10.00

$598.54

-2.47%

$606.41

-3.74%

 

 

Singapore Jet Kero

Jan-26

$83.66

$85.77

-2.46%

-$2.11

$88.78

-5.77%

$83.78

-0.14%

 

 

 

 

Implied Volatilities

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

12/8/25

12/5/25

% Change

Change

11/7/25

% Change

12/6/24

% Change

 

 

Henry Hub Straddle

Jan-26

71.45%

59.46%

20.16%

11.99%

66.04%

8.19%

41.25%

73.21%

 

 

Algonquin Straddle

Jan-26

84.28%

82.35%

2.34%

1.93%

72.75%

15.85%

46.50%

81.25%

 

 

Waha Straddle

Jan-26

97.92%

96.34%

1.64%

1.58%

92.41%

5.96%

41.60%

135.38%

 

 

Chicago Straddle

Jan-26

67.63%

55.60%

21.64%

12.03%

64.64%

4.63%

39.45%

71.43%

 

 

PJM West Straddle

Jan-26

97.94%

99.21%

-1.28%

-1.27%

76.97%

27.24%

62.02%

57.92%

 

 

SP – 15 Straddle

Jan-26

214.83%

205.27%

4.66%

9.56%

142.93%

50.30%

168.36%

27.60%

 

 

Mid. C Straddle

Jan-26

89.28%

102.65%

-13.02%

-13.37%

99.10%

-9.91%

77.05%

15.87%

 

 

 

 

Euro Gas and Power/LNG

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

12/8/25

12/5/25

% Change

Change

11/7/25

% Change

12/6/24

% Change

 

 

Dutch TTF

Jan-26

EUR 26.75

EUR 27.30

-2.03%

-EUR 0.55

EUR 31.45

-14.95%

EUR 41.23

-35.13%

 

 

NBP

Jan-26

GBP 70.10

GBP 70.99

-1.25%

-GBP 0.88

GBP 82.80

-15.34%

GBP 107.49

-34.78%

 

 

German Base

Jan-26

EUR 98.87

EUR 98.12

0.76%

EUR 0.75

EUR 106.50

-7.17%

EUR 109.88

-10.02%

 

 

UK Base

Jan-26

GBP 77.90

GBP 80.04

-2.67%

-GBP 2.14

GBP 88.40

-11.88%

GBP 88.75

-12.22%

 

 

French Base

Jan-26

EUR 70.20

EUR 68.45

2.55%

EUR 1.75

EUR 75.55

-7.08%

EUR 104.12

-32.58%

 

 

Italian Base

Jan-26

EUR 113.04

EUR 113.12

-0.07%

-EUR 0.08

EUR 114.31

-1.11%

EUR 128.44

-11.99%

 

 

JKM LNG

Jan-26

$10.29

$10.85

-5.22%

-$0.57

$11.13

-7.53%

$13.76

-25.25%

 

 

 

 

Freight Forwards (WET & DRY)

 

OTCGH/EOXLive Market Data

 

 

 

Contract

12/8/25

12/5/25

% Change

Change

11/7/25

% Change

12/6/24

% Change

 

 

TD3C FFA Middle East to China (WET)

Jan-26

$26.75

$27.30

-2.03%

-$0.55

$31.45

-14.95%

$41.23

-35.13%

 

 

USGC-UK Continent Dirty (WET)

Jan-26

$70.10

$70.99

-1.25%

-$0.88

$82.80

-15.34%

$107.49

-34.78%

 

 

TD20 West Africa to UK Continent (WET)

Jan-26

$98.87

$98.12

0.76%

$0.75

$106.50

-7.17%

$109.88

-10.02%

 

 

LPG FFA Middle East Gulf to East (WET)

Jan-26

$77.90

$80.04

-2.67%

-$2.14

$88.40

-11.88%

$88.75

-12.22%

 

 

TC5 FFA Arabian Gulf to Japan (WET)

Jan-26

$70.20

$68.45

2.55%

$1.75

$75.55

-7.08%

$104.12

-32.58%

 

 

Supramax Timecharter (DRY)

Jan-26

$113.04

$113.12

-0.07%

-$0.08

$114.31

-1.11%

$128.44

-11.99%

 

 

Capesize Timecharter (DRY)

Jan-26

$10.29

$10.85

-5.22%

-$0.57

$11.13

-7.53%

$13.76

-25.25%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

 

 

 

 

 

 

 

 

 

 

 

 

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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