Morning Report: Gas * Power * NGL * Crude * Products * Vols — Dec-10-2025

Dec 10, 2025

  

 

 

 

 

 

 

 

 

 

Prices as of 6:59 AM CST

 

 

 

 

 

 

 

Current Price

Previous Settle

% Change

Change

Volume

 

 

Natural Gas

$4.478

$4.574

-2.10%

-$0.096

27,842

 

 

WTI

$58.60

$58.25

0.60%

$0.35

36,793

 

 

Brent

$62.27

$61.94

0.53%

$0.33

9,311

 

 

ULSD

$2.290

$2.260

1.31%

$0.030

4,593

 

 

RBOB

$1.798

$1.790

0.44%

$0.008

3,343

 

 

 

 

Spreads

 

 

 

 

 

 

 

Current

Previous

% Change

Change

Contract

 

 

WTI-Brent

$3.82

$3.86

-1.04%

-$0.04

Feb-26

 

 

3:2:1 Crack

$23.79

$23.54

1.02%

$0.24

Jan-26

 

 

PJM West Spark

$85.70

$89.79

-4.55%

-$4.09

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

12/9/25

12/8/25

% Change

Change

11/10/25

% Change

12/9/24

% Change

 

 

PJM West On Peak

Jan-26

$95.32

$99.58

-4.28%

-$4.26

$91.21

4.51%

$75.76

25.82%

 

 

ERCOT North On Peak

Jan-26

$60.80

$66.02

-7.91%

-$5.22

$61.68

-1.44%

$68.60

-11.38%

 

 

CAISO SP 15 On Peak

Jan-26

$43.50

$46.95

-7.35%

-$3.45

$53.43

-18.58%

$68.16

-36.18%

 

 

MISO Indiana On Peak

Jan-26

$78.57

$82.83

-5.14%

-$4.26

$80.33

-2.18%

$68.42

14.84%

 

 

NEISO Mass On Peak

Jan-26

$170.39

$174.84

-2.55%

-$4.45

$137.69

23.75%

$133.20

27.92%

 

 

WECC Mid C On Peak

Jan-26

$51.49

$59.63

-13.64%

-$8.13

$84.44

-39.02%

$101.16

-49.10%

 

 

NYISO Zone G On Peak

Jan-26

$154.82

$165.27

-6.33%

-$10.46

$135.28

14.44%

$108.69

42.44%

 

 

 

 

 

Natural Gas & Basis

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

12/9/25

12/8/25

% Change

Change

11/10/25

% Change

12/9/24

% Change

 

 

NYMEX Henry Hub

Jan-26

$4.574

$4.912

-6.88%

-$0.34

$4.56

0.31%

$4.38

4.41%

 

 

Houston Ship Channel

Jan-26

-$0.205

-$0.179

14.34%

-$0.03

-$0.07

191.05%

-$0.18

11.78%

 

 

Chicago

Jan-26

$0.647

$0.725

12.08%

-$0.08

$0.81

-20.08%

$0.84

-22.62%

 

 

Waha

Jan-26

-$2.297

-$2.107

-8.99%

-$0.19

-$1.34

71.75%

-$0.61

273.92%

 

 

Algonquin

Jan-26

$14.595

$13.685

6.64%

$0.91

$10.08

44.73%

$9.22

58.34%

 

 

Aeco

Jan-26

-$2.192

-$2.480

-11.60%

$0.29

-$2.10

4.36%

-$1.90

15.44%

 

 

Socal

Jan-26

-$0.247

-$0.166

48.94%

-$0.08

$0.63

-139.12%

$2.17

-111.37%

 

 

 

 

 

Natural Gas Liquids

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

12/9/25

12/8/25

% Change

Change

11/10/25

% Change

12/9/24

% Change

 

 

Mt. Belvieu Propane LST

Jan-26

$0.703

$0.719

-2.16%

-$0.02

$0.65

8.23%

$0.74

-5.07%

 

 

Mt. Belvieu Propane non LST

Jan-26

$0.684

$0.689

-0.73%

-$0.01

$0.63

8.79%

$0.74

-7.24%

 

 

Mt. Belview Ethane

Jan-26

$0.280

$0.291

-3.64%

-$0.01

$0.27

5.22%

$0.26

6.21%

 

 

Mt. Belview Nat. Gasoline

Jan-26

$1.233

$1.238

-0.43%

-$0.01

$1.24

-0.99%

$1.36

-9.29%

 

 

Mt. Belvieu Butane LST

Jan-26

$0.862

$0.883

-2.42%

-$0.02

$0.82

4.56%

$0.86

-0.14%

 

 

Far East Propane

Jan-26

$5.212

$5.259

-0.91%

-$0.05

$4.96

5.07%

$5.52

-5.51%

 

 

Saudi Propane

Jan-26

$5.098

$5.054

0.87%

$0.04

$4.75

7.31%

$5.27

-3.27%

 

 

 

 

Crude Oil

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

12/9/25

12/8/25

% Change

Change

11/10/25

% Change

12/9/24

% Change

 

 

WTI

Jan-26

$58.25

$58.88

-1.08%

-$0.63

$60.03

-2.97%

$66.32

-12.17%

 

 

Brent

Jan-26

$62.07

$62.65

-0.93%

-$0.58

$64.06

-3.10%

$70.25

-11.64%

 

 

WCS

Jan-26

-$12.91

-$12.89

0.23%

-$0.03

-$12.45

3.73%

-$11.90

8.53%

 

 

LLS

Jan-26

$59.51

$60.03

-0.88%

-$0.52

$61.18

-2.73%

$67.24

-11.50%

 

 

Mars

Jan-26

$56.99

$57.20

-0.36%

-$0.20

$58.46

-2.50%

$64.09

-11.07%

 

 

Sour

Jan-26

$59.03

$58.85

0.29%

$0.17

$59.93

-1.50%

$65.48

-9.86%

 

 

ESPO

Jan-26

$60.07

$60.65

-0.96%

-$0.58

$62.06

-3.20%

$68.25

-11.98%

 

 

 

 

Refined Products

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

12/9/25

12/8/25

% Change

Change

11/10/25

% Change

12/9/24

% Change

 

 

NY Heating Oil

Jan-26

$2.27

$2.30

-1.13%

-$0.03

$2.45

-7.38%

$2.20

3.04%

 

 

NY Gasoline

Jan-26

$1.79

$1.81

-0.72%

-$0.01

$1.89

-5.08%

$1.87

-4.22%

 

 

GC Gasoline

Jan-26

$1.65

$1.67

-0.78%

-$0.01

$1.75

-5.49%

$1.77

-6.71%

 

 

GC Jet

Jan-26

$2.00

$2.00

-0.35%

-$0.01

$2.18

-8.70%

$2.06

-3.30%

 

 

Chicago Ethanol

Jan-26

$1.57

$1.60

-1.57%

-$0.02

$1.63

-3.86%

$1.55

1.49%

 

 

Rotterdam Gasoil

Jan-26

$583.37

$583.76

-0.07%

-$0.39

$599.75

-2.73%

$614.96

-5.14%

 

 

Singapore Jet Kero

Jan-26

$83.36

$83.66

-0.36%

-$0.30

$88.43

-5.74%

$85.80

-2.85%

 

 

 

 

Implied Volatilities

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

12/9/25

12/8/25

% Change

Change

11/10/25

% Change

12/9/24

% Change

 

 

Henry Hub Straddle

Jan-26

67.20%

71.45%

-5.95%

-4.25%

65.61%

2.42%

40.34%

66.58%

 

 

Algonquin Straddle

Jan-26

70.50%

84.28%

-16.35%

-13.78%

71.52%

-1.43%

43.92%

60.52%

 

 

Waha Straddle

Jan-26

125.01%

97.92%

27.67%

27.09%

90.40%

38.29%

40.59%

207.98%

 

 

Chicago Straddle

Jan-26

64.18%

67.63%

-5.10%

-3.45%

64.39%

-0.33%

38.33%

67.44%

 

 

PJM West Straddle

Jan-26

93.65%

97.94%

-4.38%

-4.29%

77.66%

20.59%

61.83%

51.46%

 

 

SP – 15 Straddle

Jan-26

210.57%

214.83%

-1.98%

-4.26%

229.49%

-8.24%

169.32%

24.36%

 

 

Mid. C Straddle

Jan-26

118.65%

89.28%

32.90%

29.37%

110.10%

7.77%

76.08%

55.95%

 

 

 

 

Euro Gas and Power/LNG

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

12/9/25

12/8/25

% Change

Change

11/10/25

% Change

12/9/24

% Change

 

 

Dutch TTF

Jan-26

EUR 27.37

EUR 26.75

2.35%

EUR 0.63

EUR 31.24

-12.36%

EUR 40.88

-33.05%

 

 

NBP

Jan-26

GBP 71.95

GBP 70.10

2.63%

GBP 1.85

GBP 82.15

-12.41%

GBP 105.59

-31.86%

 

 

German Base

Jan-26

EUR 99.92

EUR 98.87

1.07%

EUR 1.05

EUR 105.79

-5.55%

EUR 107.53

-7.08%

 

 

UK Base

Jan-26

GBP 80.99

GBP 77.90

3.97%

GBP 3.09

GBP 87.39

-7.32%

GBP 85.91

-5.73%

 

 

French Base

Jan-26

EUR 71.32

EUR 70.20

1.59%

EUR 1.12

EUR 74.54

-4.33%

EUR 99.19

-28.10%

 

 

Italian Base

Jan-26

EUR 115.53

EUR 113.04

2.20%

EUR 2.49

EUR 113.60

1.70%

EUR 126.41

-8.61%

 

 

JKM LNG

Jan-26

$10.95

$10.29

6.45%

$0.66

$10.95

-0.01%

$13.68

-19.91%

 

 

 

 

Freight Forwards (WET & DRY)

 

OTCGH/EOXLive Market Data

 

 

 

Contract

12/9/25

12/8/25

% Change

Change

11/10/25

% Change

12/9/24

% Change

 

 

TD3C FFA Middle East to China (WET)

Jan-26

$27.37

$26.75

2.35%

$0.63

$31.24

-12.36%

$40.88

-33.05%

 

 

USGC-UK Continent Dirty (WET)

Jan-26

$71.95

$70.10

2.63%

$1.85

$82.15

-12.41%

$105.59

-31.86%

 

 

TD20 West Africa to UK Continent (WET)

Jan-26

$99.92

$98.87

1.07%

$1.05

$105.79

-5.55%

$107.53

-7.08%

 

 

LPG FFA Middle East Gulf to East (WET)

Jan-26

$80.99

$77.90

3.97%

$3.09

$87.39

-7.32%

$85.91

-5.73%

 

 

TC5 FFA Arabian Gulf to Japan (WET)

Jan-26

$71.32

$70.20

1.59%

$1.12

$74.54

-4.33%

$99.19

-28.10%

 

 

Supramax Timecharter (DRY)

Jan-26

$115.53

$113.04

2.20%

$2.49

$113.60

1.70%

$126.41

-8.61%

 

 

Capesize Timecharter (DRY)

Jan-26

$10.95

$10.29

6.45%

$0.66

$10.95

-0.01%

$13.68

-19.91%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

 

 

 

 

 

 

 

 

 

 

 

 

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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