Morning Report: Gas * Power * NGL * Crude * Products * Vols — Dec-18-2025

Dec 18, 2025

  

 

 

 

 

 

 

 

 

 

Prices as of 7:07 AM CST

 

 

 

 

 

 

 

Current Price

Previous Settle

% Change

Change

Volume

 

 

Natural Gas

$4.161

$4.024

3.40%

$0.137

21,142

 

 

WTI

$56.09

$55.94

0.27%

$0.15

10,123

 

 

Brent

$59.78

$59.68

0.17%

$0.10

12,222

 

 

ULSD

$2.146

$2.149

-0.19%

-$0.004

2,442

 

 

RBOB

$1.698

$1.694

0.24%

$0.004

2,228

 

 

 

 

Spreads

 

 

 

 

 

 

 

Current

Previous

% Change

Change

Contract

 

 

WTI-Brent

$3.81

$3.87

-1.55%

-$0.06

Feb-26

 

 

3:2:1 Crack

$21.62

$21.71

-0.44%

-$0.10

Jan-26

 

 

PJM West Spark

$72.97

$68.57

6.41%

$4.40

Jan-26

 

 

 

 

Baker Hughes Rig Count

 

 

 

 

 

 

 

Date

Count

Change

1 Year Chg.

1 Year Date

 

 

U.S.

12/12/25

548

-1

-41

12/13/24

 

 

Canada

12/12/25

192

1

-2

12/13/24

 

 

International

Nov-2025

1073

14

-45

Nov-2024

 

 

 

 

CFTC Net Positions

 

 

 

 

 

 

As of 11/10/2025

Open Interest

Total Net Long

Total Net Short

Diff

 

 

PJM West On Peak

103,113

102,370

102,741

-371

 

 

PJM West Off Peak

98,701

98,247

98,310

-63

 

 

Natural Gas Henry Hub

350,110

337,795

339,223

-1,428

 

 

WTI – Light Sweet Crude Futures

163,973

134,163

131,160

3,003

 

 

Brent Crude Last Day

233,547

226,865

227,031

-166

 

 

NYM Ethanol

37,595

36,917

37,247

-330

 

 

Mt Belvieu LDH Propane Swap

139,082

138,374

138,775

-401

 

 

RBOB

370,687

342,008

354,350

-12,342

 

 

HSC Basis

772,711

764,846

761,548

3,298

 

 

 

 

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

 

 

 

 

12/11/20

 

 

 

12/5/25

11/28/25

Net Change

% Change

12/6/24

% Change

5 Year Avg.

% Change

 

 

East

843

888

-45

-5.07%

856

-1.52%

847

-0.45%

 

 

Midwest

1,030

1,088

-58

-5.33%

1,055

-2.37%

1,031

-0.06%

 

 

Mountain

277

288

-11

-3.82%

282

-1.77%

227

22.24%

 

 

Pacific

306

315

-9

-2.86%

302

1.32%

272

12.42%

 

 

South

1,290

1,345

-55

-4.09%

1,251

3.12%

1,217

6.03%

 

 

    Salt

354

371

-17

-4.58%

340

4.12%

338

4.80%

 

 

    Non_Salt

936

974

-38

-3.90%

911

2.74%

879

6.53%

 

 

Total

3,746

3,923

-177

-4.51%

3,747

-0.03%

3,593

4.25%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Power Generation Additions/Retirements

 

 

  

 

Front Month Prices

 

 

 

 

 

 

 

 

 

 

 

 

 

Electricity

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

12/17/25

12/16/25

% Change

Change

11/18/25

% Change

12/17/24

% Change

 

 

PJM West On Peak

Jan-26

$81.91

$77.18

6.12%

$4.73

$91.81

-10.79%

$77.43

5.77%

 

 

ERCOT North On Peak

Jan-26

$50.62

$48.17

5.07%

$2.44

$63.36

-20.11%

$68.69

-26.31%

 

 

CAISO SP 15 On Peak

Jan-26

$39.25

$37.14

5.68%

$2.11

$48.77

-19.52%

$66.78

-41.23%

 

 

MISO Indiana On Peak

Jan-26

$63.29

$61.04

3.69%

$2.25

$80.59

-21.46%

$68.45

-7.54%

 

 

NEISO Mass On Peak

Jan-26

$143.80

$142.04

1.24%

$1.76

$137.49

4.60%

$131.69

9.20%

 

 

WECC Mid C On Peak

Jan-26

$39.04

$38.52

1.37%

$0.53

$79.04

-50.60%

$96.67

-59.61%

 

 

NYISO Zone G On Peak

Jan-26

$127.01

$126.14

0.69%

$0.87

$136.21

-6.76%

$107.05

18.64%

 

 

 

 

 

Natural Gas & Basis

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

12/17/25

12/16/25

% Change

Change

11/18/25

% Change

12/17/24

% Change

 

 

NYMEX Henry Hub

Jan-26

$4.024

$3.886

3.55%

$0.14

$4.59

-12.39%

$4.38

-8.21%

 

 

Houston Ship Channel

Jan-26

-$0.311

-$0.297

4.74%

-$0.01

-$0.03

855.21%

-$0.10

220.70%

 

 

Chicago

Jan-26

$0.332

$0.331

-0.30%

$0.00

$0.86

-61.43%

$0.83

-59.75%

 

 

Waha

Jan-26

-$2.752

-$2.499

-10.15%

-$0.25

-$1.46

88.18%

-$0.45

516.21%

 

 

Algonquin

Jan-26

$11.248

$11.348

-0.88%

-$0.10

$10.21

10.20%

$9.24

21.69%

 

 

Aeco

Jan-26

-$1.568

-$1.610

-2.63%

$0.04

-$2.25

-30.35%

-$2.01

-22.08%

 

 

Socal

Jan-26

-$0.528

-$0.484

9.18%

-$0.04

$0.50

-205.36%

$1.99

-126.50%

 

 

 

 

 

Natural Gas Liquids

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

12/17/25

12/16/25

% Change

Change

11/18/25

% Change

12/17/24

% Change

 

 

Mt. Belvieu Propane LST

Jan-26

$0.622

$0.646

-3.65%

-$0.02

$0.67

-6.76%

$0.74

-16.41%

 

 

Mt. Belvieu Propane non LST

Jan-26

$0.614

$0.619

-0.84%

-$0.01

$0.64

-4.82%

$0.74

-16.99%

 

 

Mt. Belview Ethane

Jan-26

$0.255

$0.253

0.97%

$0.00

$0.26

-3.35%

$0.27

-7.20%

 

 

Mt. Belview Nat. Gasoline

Jan-26

$1.177

$1.162

1.31%

$0.02

$1.25

-5.58%

$1.35

-13.01%

 

 

Mt. Belvieu Butane LST

Jan-26

$0.795

$0.808

-1.61%

-$0.01

$0.84

-5.88%

$0.87

-9.08%

 

 

Far East Propane

Jan-26

$5.107

$5.076

0.62%

$0.03

$5.04

1.37%

$5.57

-8.32%

 

 

Saudi Propane

Jan-26

$5.019

$5.009

0.19%

$0.01

$4.92

2.04%

$5.32

-5.74%

 

 

 

 

Crude Oil

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

12/17/25

12/16/25

% Change

Change

11/18/25

% Change

12/17/24

% Change

 

 

WTI

Feb-26

$55.81

$55.13

1.22%

$0.68

$60.43

-7.65%

$66.66

-16.28%

 

 

Brent

Feb-26

$59.68

$58.92

1.27%

$0.76

$64.43

-7.37%

$70.41

-15.24%

 

 

WCS

Feb-26

-$13.35

-$12.54

6.02%

-$0.80

-$12.35

8.09%

-$12.65

5.51%

 

 

LLS

Feb-26

$57.40

$56.29

1.92%

$1.10

$61.43

-6.56%

$69.60

-17.54%

 

 

Mars

Feb-26

$54.94

$53.83

2.00%

$1.10

$58.37

-5.88%

$66.10

-16.89%

 

 

Sour

Feb-26

$56.09

$55.08

1.79%

$1.00

$59.80

-6.21%

$67.36

-16.73%

 

 

ESPO

Feb-26

$57.68

$56.92

1.32%

$0.76

$62.43

-7.61%

$68.41

-15.68%

 

 

 

 

Refined Products

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

12/17/25

12/16/25

% Change

Change

11/18/25

% Change

12/17/24

% Change

 

 

NY Heating Oil

Jan-26

$2.15

$2.13

1.13%

$0.02

$2.62

-17.76%

$2.22

-2.93%

 

 

NY Gasoline

Jan-26

$1.70

$1.72

-1.16%

-$0.02

$1.90

-10.53%

$1.84

-7.46%

 

 

GC Gasoline

Jan-26

$1.56

$1.58

-1.27%

-$0.02

$1.76

-11.36%

$1.74

-10.19%

 

 

GC Jet

Jan-26

$1.92

$1.90

1.16%

$0.02

$2.36

-18.54%

$2.13

-9.90%

 

 

Chicago Ethanol

Jan-26

$1.60

$1.58

0.76%

$0.01

$1.60

-0.31%

$1.55

2.64%

 

 

Rotterdam Gasoil

Jan-26

$549.65

$549.73

-0.01%

-$0.08

$605.04

-9.16%

$612.12

-10.21%

 

 

Singapore Jet Kero

Jan-26

$79.75

$78.90

1.08%

$0.85

$93.30

-14.52%

$86.70

-8.02%

 

 

 

 

Implied Volatilities

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

12/17/25

12/16/25

% Change

Change

11/18/25

% Change

12/17/24

% Change

 

 

Henry Hub Straddle

Feb-26

69.12%

74.98%

-7.82%

-5.86%

74.95%

-7.78%

44.83%

54.18%

 

 

Algonquin Straddle

Feb-26

70.79%

77.57%

-8.74%

-6.78%

82.73%

-14.43%

49.80%

42.15%

 

 

Waha Straddle

Feb-26

110.59%

127.19%

-13.05%

-16.60%

102.42%

7.98%

56.79%

94.73%

 

 

Chicago Straddle

Feb-26

69.46%

76.31%

-8.98%

-6.85%

71.81%

-3.27%

43.38%

60.12%

 

 

PJM West Straddle

Feb-26

89.70%

83.45%

7.49%

6.25%

82.39%

8.87%

70.18%

27.81%

 

 

SP – 15 Straddle

Feb-26

197.71%

191.70%

3.14%

6.01%

337.56%

-41.43%

61.13%

223.43%

 

 

Mid. C Straddle

Feb-26

18.62%

21.06%

-11.59%

-2.44%

71.08%

-73.80%

61.78%

-69.86%

 

 

 

 

Euro Gas and Power/LNG

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

12/17/25

12/16/25

% Change

Change

11/18/25

% Change

12/17/24

% Change

 

 

Dutch TTF

Feb-26

EUR 27.10

EUR 26.72

1.44%

EUR 0.39

EUR 31.59

-14.23%

EUR 37.75

-28.21%

 

 

NBP

Feb-26

GBP 70.57

GBP 69.28

1.86%

GBP 1.29

GBP 83.41

-15.39%

GBP 101.49

-30.46%

 

 

German Base

Feb-26

EUR 99.09

EUR 97.23

1.92%

EUR 1.86

EUR 105.50

-6.08%

EUR 100.18

-1.09%

 

 

UK Base

Feb-26

GBP 79.12

GBP 76.53

3.40%

GBP 2.60

GBP 86.66

-8.70%

GBP 83.80

-5.58%

 

 

French Base

Feb-26

EUR 72.15

EUR 70.81

1.89%

EUR 1.34

EUR 79.67

-9.43%

EUR 90.79

-20.53%

 

 

Italian Base

Feb-26

EUR 109.89

EUR 109.85

0.04%

EUR 0.04

EUR 115.39

-4.76%

EUR 121.44

-9.50%

 

 

JKM LNG

Feb-26

$9.53

$10.44

-8.71%

-$0.91

$11.55

-17.45%

$13.19

-27.73%

 

 

 

 

Freight Forwards (WET & DRY)

 

OTCGH/EOXLive Market Data

 

 

 

Contract

12/17/25

12/16/25

% Change

Change

11/18/25

% Change

12/17/24

% Change

 

 

TD3C FFA Middle East to China (WET)

Feb-26

$27.10

$26.72

1.44%

$0.39

$31.59

-14.23%

$37.75

-28.21%

 

 

USGC-UK Continent Dirty (WET)

Feb-26

$70.57

$69.28

1.86%

$1.29

$83.41

-15.39%

$101.49

-30.46%

 

 

TD20 West Africa to UK Continent (WET)

Feb-26

$99.09

$97.23

1.92%

$1.86

$105.50

-6.08%

$100.18

-1.09%

 

 

LPG FFA Middle East Gulf to East (WET)

Feb-26

$79.12

$76.53

3.40%

$2.60

$86.66

-8.70%

$83.80

-5.58%

 

 

TC5 FFA Arabian Gulf to Japan (WET)

Feb-26

$72.15

$70.81

1.89%

$1.34

$79.67

-9.43%

$90.79

-20.53%

 

 

Supramax Timecharter (DRY)

Feb-26

$109.89

$109.85

0.04%

$0.04

$115.39

-4.76%

$121.44

-9.50%

 

 

Capesize Timecharter (DRY)

Feb-26

$9.53

$10.44

-8.71%

-$0.91

$11.55

-17.45%

$13.19

-27.73%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

 

 

 

 

 

 

 

 

 

 

 

 

Cooling Degree Days

 

 

 

 

 

 

12/13/2025

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

5

-3

0

2,121

174

-96

9.00%

-4.00%

 

 

E S Central

0

-1

0

1,787

241

-41

16.00%

-2.00%

 

 

W S Central

1

-2

-1

2,824

380

-87

16.00%

-3.00%

 

 

Mountain

0

0

0

1,342

99

-108

8.00%

-7.00%

 

 

Pacific

0

0

0

729

25

-190

4.00%

-21.00%

 

 

United States

1

-1

0

1,372

159

-66

13.00%

-5.00%

 

 

 

 

Heating Degree Days

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

12/13/2025

Week Tot

Dev Norm

Dev L YR

Cum Tot

CumD Norm

CumD L YR

CumD Norm

CumD L YR

 

 

New England

279

48

66

1,803

5

220

0.00%

14.00%

 

 

Middle Atlantic

265

51

75

1,542

-34

242

-2.00%

19.00%

 

 

E N Central

286

43

52

1,745

-29

245

-2.00%

16.00%

 

 

W N Central

291

22

46

1,688

-245

93

-13.00%

6.00%

 

 

South Atlantic

144

26

28

752

14

102

2.00%

16.00%

 

 

E S Central

170

18

15

926

-41

131

-4.00%

17.00%

 

 

W S Central

95

-15

-14

460

-122

44

-21.00%

11.00%

 

 

Mountain

136

-69

-49

1,188

-404

-157

-25.00%

-12.00%

 

 

Pacific

66

-58

-38

681

-235

-141

-26.00%

-17.00%

 

 

United States

184

8

21

1,136

-102

91

-8.00%

9.00%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

Weather Forecast & Seasonal Outlook

 

 

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