Morning Report: Gas * Power * NGL * Crude * Products * Vols — Dec-22-2025

Dec 22, 2025

  

 

 

 

 

 

 

 

 

 

Prices as of 7:01 AM CST

 

 

 

 

 

 

 

Current Price

Previous Settle

% Change

Change

Volume

 

 

Natural Gas

$4.099

$3.984

2.89%

$0.115

20,250

 

 

WTI

$57.73

$56.66

1.89%

$1.07

55,673

 

 

Brent

$61.73

$60.47

2.08%

$1.26

8,868

 

 

ULSD

$2.169

$2.122

2.23%

$0.047

1,134

 

 

RBOB

$1.740

$1.708

1.87%

$0.032

1,077

 

 

 

 

Spreads

 

 

 

 

 

 

 

Current

Previous

% Change

Change

Contract

 

 

WTI-Brent

$4.00

$3.95

1.27%

$0.05

Feb-26

 

 

3:2:1 Crack

$21.50

$21.11

1.82%

$0.38

Feb-26

 

 

PJM West Spark

$72.10

$71.76

0.47%

$0.34

Jan-26

 

 

 

 

Baker Hughes Rig Count

 

 

 

 

 

 

 

Date

Count

Change

1 Year Chg.

1 Year Date

 

 

U.S.

12/19/25

542

-6

-47

12/20/24

 

 

Canada

12/19/25

185

-7

19

12/20/24

 

 

International

Nov-2025

1073

14

-45

Nov-2024

 

 

 

 

CFTC Net Positions

 

 

 

 

 

 

As of 12/2/2025

Open Interest

Total Net Long

Total Net Short

Diff

 

 

PJM West On Peak

129,633

127,974

126,540

1,434

 

 

PJM West Off Peak

122,557

121,024

119,330

1,694

 

 

Natural Gas Henry Hub

345,440

331,184

332,706

-1,522

 

 

WTI – Light Sweet Crude Futures

159,976

132,667

130,053

2,614

 

 

Brent Crude Last Day

242,597

234,391

235,178

-787

 

 

NYM Ethanol

43,734

35,110

35,506

-396

 

 

Mt Belvieu LDH Propane Swap

148,420

147,718

148,096

-378

 

 

RBOB

388,006

364,142

373,620

-9,478

 

 

HSC Basis

837,763

809,119

833,741

-24,622

 

 

 

 

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

 

 

 

 

12/25/20

 

 

 

12/12/25

12/5/25

Net Change

% Change

12/13/24

% Change

5 Year Avg.

% Change

 

 

East

797

843

-46

-5.46%

822

-3.04%

813

-1.94%

 

 

Midwest

966

1,030

-64

-6.21%

1,007

-4.07%

988

-2.19%

 

 

Mountain

271

277

-6

-2.17%

274

-1.09%

216

25.46%

 

 

Pacific

304

306

-2

-0.65%

296

2.70%

260

16.83%

 

 

South

1,242

1,290

-48

-3.72%

1,222

1.64%

1,192

4.16%

 

 

    Salt

338

354

-16

-4.52%

338

0.00%

335

0.78%

 

 

    Non_Salt

903

936

-33

-3.53%

884

2.15%

857

5.42%

 

 

Total

3,579

3,746

-167

-4.46%

3,622

-1.19%

3,469

3.16%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Power Generation Additions/Retirements

 

 

  

 

Front Month Prices

 

 

 

 

 

 

 

 

 

 

 

 

 

Electricity

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

12/19/25

12/18/25

% Change

Change

11/20/25

% Change

12/19/24

% Change

 

 

PJM West On Peak

Jan-26

$80.84

$80.28

0.70%

$0.56

$89.79

-9.96%

$78.77

2.63%

 

 

ERCOT North On Peak

Jan-26

$50.50

$50.44

0.12%

$0.06

$63.70

-20.72%

$70.41

-28.28%

 

 

CAISO SP 15 On Peak

Jan-26

$38.25

$38.15

0.26%

$0.10

$52.02

-26.47%

$66.78

-42.73%

 

 

MISO Indiana On Peak

Jan-26

$62.32

$64.01

-2.64%

-$1.69

$78.78

-20.90%

$69.61

-10.47%

 

 

NEISO Mass On Peak

Jan-26

$147.19

$139.45

5.55%

$7.74

$133.77

10.03%

$133.12

10.57%

 

 

WECC Mid C On Peak

Jan-26

$37.04

$36.28

2.10%

$0.76

$80.30

-53.87%

$95.53

-61.22%

 

 

NYISO Zone G On Peak

Jan-26

$131.52

$132.39

-0.66%

-$0.87

$129.51

1.55%

$107.36

22.50%

 

 

 

 

 

Natural Gas & Basis

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

12/19/25

12/18/25

% Change

Change

11/20/25

% Change

12/19/24

% Change

 

 

NYMEX Henry Hub

Jan-26

$3.984

$3.908

1.94%

$0.08

$4.67

-14.63%

$4.45

-10.43%

 

 

Houston Ship Channel

Jan-26

-$0.325

-$0.307

5.89%

-$0.02

$0.00

15385.71%

-$0.09

272.51%

 

 

Chicago

Jan-26

$0.349

$0.364

4.15%

-$0.01

$0.83

-57.83%

$0.83

-58.09%

 

 

Waha

Jan-26

-$2.730

-$2.490

-9.63%

-$0.24

-$1.29

111.28%

-$0.58

368.98%

 

 

Algonquin

Jan-26

$11.368

$10.870

4.58%

$0.50

$10.15

11.96%

$9.54

19.13%

 

 

Aeco

Jan-26

-$1.572

-$1.583

-0.68%

$0.01

-$2.26

-30.37%

-$2.06

-23.65%

 

 

Socal

Jan-26

-$0.475

-$0.440

7.98%

-$0.04

$0.33

-243.18%

$1.82

-126.04%

 

 

 

 

 

Natural Gas Liquids

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

12/19/25

12/18/25

% Change

Change

11/20/25

% Change

12/19/24

% Change

 

 

Mt. Belvieu Propane LST

Jan-26

$0.651

$0.639

1.87%

$0.01

$0.64

2.03%

$0.74

-11.81%

 

 

Mt. Belvieu Propane non LST

Jan-26

$0.619

$0.617

0.19%

$0.00

$0.63

-2.38%

$0.74

-16.40%

 

 

Mt. Belview Ethane

Jan-26

$0.249

$0.251

-1.01%

$0.00

$0.27

-7.86%

$0.27

-8.60%

 

 

Mt. Belview Nat. Gasoline

Jan-26

$1.170

$1.165

0.41%

$0.00

$1.23

-4.89%

$1.35

-13.45%

 

 

Mt. Belvieu Butane LST

Jan-26

$0.794

$0.793

0.20%

$0.00

$0.84

-5.17%

$0.88

-9.63%

 

 

Far East Propane

Jan-26

$5.114

$5.000

2.29%

$0.11

$4.94

3.56%

$5.51

-7.19%

 

 

Saudi Propane

Jan-26

$4.979

$4.972

0.13%

$0.01

$4.85

2.55%

$5.28

-5.64%

 

 

 

 

Crude Oil

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

12/19/25

12/18/25

% Change

Change

11/20/25

% Change

12/19/24

% Change

 

 

WTI

Feb-26

$56.52

$56.00

0.92%

$0.52

$58.69

-3.70%

$65.90

-14.23%

 

 

Brent

Feb-26

$60.47

$59.82

1.07%

$0.65

$62.80

-3.71%

$69.61

-13.13%

 

 

WCS

Feb-26

-$13.19

-$13.40

-1.56%

$0.21

-$12.43

6.08%

-$12.60

4.67%

 

 

LLS

Feb-26

$57.97

$57.69

0.48%

$0.28

$59.81

-3.08%

$68.86

-15.82%

 

 

Mars

Feb-26

$55.33

$54.78

0.99%

$0.55

$57.59

-3.93%

$65.71

-15.81%

 

 

Sour

Feb-26

$56.73

$56.41

0.55%

$0.31

$59.03

-3.91%

$66.72

-14.98%

 

 

ESPO

Feb-26

$58.47

$57.82

1.11%

$0.65

$60.80

-3.83%

$67.61

-13.52%

 

 

 

 

Refined Products

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

12/19/25

12/18/25

% Change

Change

11/20/25

% Change

12/19/24

% Change

 

 

NY Heating Oil

Jan-26

$2.12

$2.13

-0.38%

-$0.01

$2.45

-13.31%

$2.20

-3.50%

 

 

NY Gasoline

Jan-26

$1.71

$1.70

0.59%

$0.01

$1.85

-7.43%

$1.82

-6.10%

 

 

GC Gasoline

Jan-26

$1.57

$1.56

0.64%

$0.01

$1.71

-8.04%

$1.72

-8.78%

 

 

GC Jet

Jan-26

$1.73

$1.83

-5.57%

-$0.10

$2.19

-21.11%

$2.13

-18.97%

 

 

Chicago Ethanol

Jan-26

$1.58

$1.59

-1.07%

-$0.02

$1.62

-2.48%

$1.57

0.06%

 

 

Rotterdam Gasoil

Jan-26

$545.16

$548.58

-0.62%

-$3.42

$591.96

-7.90%

$616.58

-11.58%

 

 

Singapore Jet Kero

Jan-26

$79.10

$79.35

-0.31%

-$0.25

$90.53

-12.62%

$86.02

-8.04%

 

 

 

 

Implied Volatilities

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

12/19/25

12/18/25

% Change

Change

11/20/25

% Change

12/19/24

% Change

 

 

Henry Hub Straddle

Feb-26

75.81%

76.35%

-0.71%

-0.54%

82.43%

-8.03%

44.27%

71.24%

 

 

Algonquin Straddle

Feb-26

76.92%

77.76%

-1.08%

-0.84%

89.44%

-14.00%

48.54%

58.47%

 

 

Waha Straddle

Feb-26

145.30%

137.25%

5.87%

8.05%

102.18%

42.20%

57.14%

154.29%

 

 

Chicago Straddle

Feb-26

75.21%

75.67%

-0.61%

-0.46%

80.43%

-6.49%

42.73%

76.01%

 

 

PJM West Straddle

Feb-26

87.00%

84.28%

3.23%

2.72%

81.48%

6.77%

71.47%

21.73%

 

 

SP – 15 Straddle

Feb-26

200.33%

194.79%

2.84%

5.54%

265.85%

-24.65%

61.36%

226.48%

 

 

Mid. C Straddle

Feb-26

20.30%

19.55%

3.84%

0.75%

85.33%

-76.21%

59.35%

-65.80%

 

 

 

 

Euro Gas and Power/LNG

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

12/19/25

12/18/25

% Change

Change

11/20/25

% Change

12/19/24

% Change

 

 

Dutch TTF

Feb-26

EUR 27.95

EUR 27.67

1.01%

EUR 0.28

EUR 30.84

-9.35%

EUR 39.22

-28.73%

 

 

NBP

Feb-26

GBP 73.16

GBP 72.54

0.86%

GBP 0.63

GBP 81.74

-10.49%

GBP 104.19

-29.78%

 

 

German Base

Feb-26

EUR 100.24

EUR 99.68

0.56%

EUR 0.56

EUR 104.48

-4.06%

EUR 100.54

-0.30%

 

 

UK Base

Feb-26

GBP 82.04

GBP 80.68

1.68%

GBP 1.35

GBP 85.95

-4.55%

GBP 87.71

-6.46%

 

 

French Base

Feb-26

EUR 74.82

EUR 75.18

-0.48%

-EUR 0.36

EUR 77.21

-3.10%

EUR 89.49

-16.39%

 

 

Italian Base

Feb-26

EUR 112.83

EUR 112.53

0.27%

EUR 0.30

EUR 115.16

-2.02%

EUR 122.29

-7.74%

 

 

JKM LNG

Feb-26

$9.71

$9.60

1.20%

$0.11

$11.77

-17.51%

$13.35

-27.29%

 

 

 

 

Freight Forwards (WET & DRY)

 

OTCGH/EOXLive Market Data

 

 

 

Contract

12/19/25

12/18/25

% Change

Change

11/20/25

% Change

12/19/24

% Change

 

 

TD3C FFA Middle East to China (WET)

Feb-26

$27.95

$27.67

1.01%

$0.28

$30.84

-9.35%

$39.22

-28.73%

 

 

USGC-UK Continent Dirty (WET)

Feb-26

$73.16

$72.54

0.86%

$0.63

$81.74

-10.49%

$104.19

-29.78%

 

 

TD20 West Africa to UK Continent (WET)

Feb-26

$100.24

$99.68

0.56%

$0.56

$104.48

-4.06%

$100.54

-0.30%

 

 

LPG FFA Middle East Gulf to East (WET)

Feb-26

$82.04

$80.68

1.68%

$1.35

$85.95

-4.55%

$87.71

-6.46%

 

 

TC5 FFA Arabian Gulf to Japan (WET)

Feb-26

$74.82

$75.18

-0.48%

-$0.36

$77.21

-3.10%

$89.49

-16.39%

 

 

Supramax Timecharter (DRY)

Feb-26

$112.83

$112.53

0.27%

$0.30

$115.16

-2.02%

$122.29

-7.74%

 

 

Capesize Timecharter (DRY)

Feb-26

$9.71

$9.60

1.20%

$0.11

$11.77

-17.51%

$13.35

-27.29%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

 

 

 

 

 

 

 

 

 

 

 

 

Cooling Degree Days

 

 

 

 

 

 

12/20/2025

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

7

0

-4

2,128

174

-100

9.00%

-4.00%

 

 

E S Central

0

-1

0

1,787

240

-41

16.00%

-2.00%

 

 

W S Central

3

1

-10

2,827

381

-97

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

2

1

-2

1,374

160

-68

13.00%

-5.00%

 

 

 

 

Heating Degree Days

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

12/20/2025

Week Tot

Dev Norm

Dev L YR

Cum Tot

CumD Norm

CumD L YR

CumD Norm

CumD L YR

 

 

New England

245

-3

13

2,048

2

236

0.00%

13.00%

 

 

Middle Atlantic

244

15

28

1,786

-19

276

-1.00%

18.00%

 

 

E N Central

288

28

58

2,033

-2

314

0.00%

18.00%

 

 

W N Central

275

-11

32

1,964

-255

126

-11.00%

7.00%

 

 

South Atlantic

137

9

38

889

23

144

3.00%

19.00%

 

 

E S Central

188

23

78

1,114

-18

210

-2.00%

23.00%

 

 

W S Central

108

-12

54

568

-133

97

-19.00%

21.00%

 

 

Mountain

132

-80

-41

1,320

-485

-191

-27.00%

-13.00%

 

 

Pacific

78

-51

-31

758

-287

-164

-27.00%

-18.00%

 

 

United States

182

-6

27

1,318

-108

123

-8.00%

10.00%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

Weather Forecast & Seasonal Outlook

 

 

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