Morning Report: Gas * Power * NGL * Crude * Products * Vols — Dec-31-2025

Dec 31, 2025

  

 

 

 

 

 

 

 

 

 

Prices as of 9:09 AM CST

 

 

 

 

 

 

 

Current Price

Previous Settle

% Change

Change

Volume

 

 

Natural Gas

$3.805

$3.972

-4.20%

-$0.167

48,208

 

 

WTI

$58.22

$57.95

0.47%

$0.27

56,480

 

 

Brent

$61.60

$61.92

-0.52%

-$0.32

15,407

 

 

ULSD

$2.139

$2.151

-0.54%

-$0.012

108

 

 

RBOB

$1.716

$1.721

-0.29%

-$0.005

331

 

 

 

 

Spreads

 

 

 

 

 

 

 

Current

Previous

% Change

Change

Contract

 

 

WTI-Brent

$3.62

$3.59

0.84%

$0.03

Mar-26

 

 

3:2:1 Crack

$20.75

$21.35

-2.79%

-$0.60

Feb-26

 

 

PJM West Spark

NA

NA

NA

NA

Jan-26

 

 

 

 

Baker Hughes Rig Count

 

 

 

 

 

 

 

Date

Count

Change

1 Year Chg.

1 Year Date

 

 

U.S.

12/30/25

546

1

-43

01/04/24

 

 

Canada

12/30/25

101

-17

7

01/04/24

 

 

International

Nov-2025

1073

14

-45

Nov-2024

 

 

 

 

CFTC Net Positions

 

 

 

 

 

 

As of 12/16/2025

Open Interest

Total Net Long

Total Net Short

Diff

 

 

PJM West On Peak

127,557

127,109

127,388

-279

 

 

PJM West Off Peak

118,848

118,488

118,678

-190

 

 

Natural Gas Henry Hub

347,826

334,397

333,619

778

 

 

WTI – Light Sweet Crude Futures

166,861

137,445

130,937

6,508

 

 

Brent Crude Last Day

242,439

234,832

237,178

-2,346

 

 

NYM Ethanol

37,375

36,641

36,974

-333

 

 

Mt Belvieu LDH Propane Swap

132,376

131,740

132,013

-273

 

 

RBOB

424,463

398,335

405,726

-7,391

 

 

HSC Basis

777,373

769,843

773,352

-3,509

 

 

 

 

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

 

 

 

12/19/25

12/12/25

Net Change

% Change

12/20/24

% Change

5 Year Avg.

% Change

 

 

East

751

797

-46

-5.77%

792

-5.18%

786

-4.48%

 

 

Midwest

904

966

-62

-6.42%

960

-5.83%

947

-4.54%

 

 

Mountain

266

271

-5

-1.85%

267

-0.37%

210

26.79%

 

 

Pacific

303

304

-1

-0.33%

293

3.41%

252

20.05%

 

 

South

1,190

1,242

-52

-4.19%

1,217

-2.22%

1,168

1.90%

 

 

    Salt

323

338

-15

-4.44%

349

-7.45%

332

-2.77%

 

 

    Non_Salt

867

903

-36

-3.99%

868

-0.12%

836

3.76%

 

 

Total

3,413

3,579

-166

-4.64%

3,529

-3.29%

3,363

1.47%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Power Generation Additions/Retirements

 

 

  

 

Front Month Prices

 

 

 

 

 

 

 

 

 

 

 

 

 

Electricity

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

12/30/25

12/29/25

% Change

Change

12/1/25

% Change

12/30/24

% Change

 

 

PJM West On Peak

Jan-26

$88.94

$92.12

-3.45%

-$3.18

$95.34

-6.71%

$80.33

10.72%

 

 

ERCOT North On Peak

Jan-26

$49.39

$49.64

-0.51%

-$0.25

$63.48

-22.19%

$71.35

-30.77%

 

 

CAISO SP 15 On Peak

Jan-26

$37.83

$36.05

4.94%

$1.78

$48.75

-22.40%

$70.33

-46.21%

 

 

MISO Indiana On Peak

Jan-26

$62.01

$63.37

-2.15%

-$1.36

$83.90

-26.09%

$70.82

-12.44%

 

 

NEISO Mass On Peak

Jan-26

$150.33

$156.27

-3.80%

-$5.94

$150.46

-0.09%

$133.18

12.88%

 

 

WECC Mid C On Peak

Jan-26

$36.75

$36.52

0.63%

$0.23

$71.88

-48.87%

$92.37

-60.21%

 

 

NYISO Zone G On Peak

Jan-26

$135.34

$140.28

-3.52%

-$4.94

$140.74

-3.84%

$109.20

23.94%

 

 

 

 

 

Natural Gas & Basis

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

12/30/25

12/29/25

% Change

Change

12/1/25

% Change

12/30/24

% Change

 

 

NYMEX Henry Hub

Feb-26

$3.972

$3.986

-0.35%

-$0.01

$4.49

-11.44%

$4.39

-9.60%

 

 

Houston Ship Channel

Feb-26

-$0.483

-$0.424

13.79%

-$0.06

-$0.06

681.23%

-$0.08

493.12%

 

 

Chicago

Feb-26

$0.390

$0.403

3.36%

-$0.01

$0.79

-50.70%

$0.81

-51.59%

 

 

Waha

Feb-26

-$3.119

-$3.144

-0.80%

$0.03

-$1.57

99.02%

-$0.71

341.88%

 

 

Algonquin

Feb-26

$10.126

$10.537

-3.90%

-$0.41

$9.56

5.96%

$8.78

15.31%

 

 

Aeco

Feb-26

-$1.866

-$1.836

1.61%

-$0.03

-$1.88

-0.51%

-$1.97

-5.08%

 

 

Socal

Feb-26

-$0.554

-$0.592

-6.40%

$0.04

$0.10

-682.25%

$0.91

-160.87%

 

 

 

 

 

Natural Gas Liquids

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

12/30/25

12/29/25

% Change

Change

12/1/25

% Change

12/30/24

% Change

 

 

Mt. Belvieu Propane LST

Jan-26

$0.650

$0.650

-0.04%

$0.00

$0.69

-5.37%

$0.76

-14.02%

 

 

Mt. Belvieu Propane non LST

Jan-26

$0.619

$0.620

-0.22%

$0.00

$0.67

-8.24%

$0.76

-18.51%

 

 

Mt. Belview Ethane

Jan-26

$0.243

$0.241

0.52%

$0.00

$0.29

-17.09%

$0.28

-13.53%

 

 

Mt. Belview Nat. Gasoline

Jan-26

$1.198

$1.200

-0.21%

$0.00

$1.23

-3.00%

$1.40

-14.55%

 

 

Mt. Belvieu Butane LST

Jan-26

$0.787

$0.782

0.63%

$0.00

$0.87

-9.34%

$0.91

-13.75%

 

 

Far East Propane

Jan-26

$5.273

$5.215

1.11%

$0.06

$5.12

3.00%

$5.60

-5.91%

 

 

Saudi Propane

Jan-26

$5.203

$5.094

2.15%

$0.11

$5.03

3.44%

$5.39

-3.44%

 

 

 

 

Crude Oil

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

12/30/25

12/29/25

% Change

Change

12/1/25

% Change

12/30/24

% Change

 

 

WTI

Feb-26

$57.95

$58.08

-0.22%

-$0.13

$59.07

-1.90%

$67.02

-13.53%

 

 

Brent

Feb-26

$61.94

$61.94

0.00%

$0.00

$63.17

-1.95%

$70.72

-12.42%

 

 

WCS

Feb-26

-$13.00

-$13.40

-3.13%

$0.41

-$13.02

-0.17%

-$13.55

-4.07%

 

 

LLS

Feb-26

$59.33

$59.17

0.26%

$0.15

$60.60

-2.11%

$68.59

-13.50%

 

 

Mars

Feb-26

$56.11

$55.85

0.47%

$0.26

$57.65

-2.66%

$65.94

-14.90%

 

 

Sour

Feb-26

$58.14

$57.98

0.29%

$0.17

$59.16

-1.71%

$66.78

-12.93%

 

 

ESPO

Feb-26

$59.94

$59.94

0.00%

$0.00

$61.17

-2.01%

$68.72

-12.78%

 

 

 

 

Refined Products

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

12/30/25

12/29/25

% Change

Change

12/1/25

% Change

12/30/24

% Change

 

 

NY Heating Oil

Jan-26

$2.15

$2.13

0.80%

$0.02

$2.35

-8.48%

$2.23

-3.94%

 

 

NY Gasoline

Jan-26

$1.73

$1.72

0.82%

$0.01

$1.87

-7.34%

$1.86

-6.89%

 

 

GC Gasoline

Jan-26

$1.59

$1.58

0.89%

$0.01

$1.73

-7.93%

$1.76

-9.56%

 

 

GC Jet

Jan-26

$1.97

$1.94

1.65%

$0.03

$2.08

-5.19%

$2.09

-5.78%

 

 

Chicago Ethanol

Jan-26

$1.59

$1.58

0.95%

$0.01

$1.61

-1.18%

$1.62

-1.79%

 

 

Rotterdam Gasoil

Jan-26

$559.53

$560.92

-0.25%

-$1.39

$598.60

-6.53%

$621.26

-9.94%

 

 

Singapore Jet Kero

Jan-26

$80.96

$80.64

0.39%

$0.31

$81.72

-0.93%

$87.97

-7.98%

 

 

 

 

Implied Volatilities

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

12/30/25

12/29/25

% Change

Change

12/1/25

% Change

12/30/24

% Change

 

 

Henry Hub Straddle

Feb-26

79.01%

80.53%

-1.89%

-1.52%

63.35%

24.72%

38.42%

105.65%

 

 

Algonquin Straddle

Feb-26

85.96%

89.01%

-3.43%

-3.05%

67.68%

27.01%

43.05%

99.67%

 

 

Waha Straddle

Feb-26

388.08%

401.73%

-3.40%

-13.65%

79.00%

391.24%

47.96%

709.17%

 

 

Chicago Straddle

Feb-26

73.76%

75.89%

-2.81%

-2.13%

60.20%

22.52%

36.29%

103.25%

 

 

PJM West Straddle

Feb-26

88.98%

93.62%

-4.96%

-4.64%

85.54%

4.02%

73.09%

21.74%

 

 

SP – 15 Straddle

Feb-26

221.17%

221.14%

0.01%

0.03%

155.87%

41.89%

61.93%

257.13%

 

 

Mid. C Straddle

Feb-26

25.12%

35.42%

-29.08%

-10.30%

75.36%

-66.67%

59.52%

-57.80%

 

 

 

 

Euro Gas and Power/LNG

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

12/30/25

12/29/25

% Change

Change

12/1/25

% Change

12/30/24

% Change

 

 

Dutch TTF

Feb-26

EUR 27.40

EUR 28.43

-3.62%

-EUR 1.03

EUR 28.29

-3.15%

EUR 42.79

-35.96%

 

 

NBP

Feb-26

GBP 71.73

GBP 74.33

-3.50%

-GBP 2.60

GBP 73.90

-2.94%

GBP 112.44

-36.21%

 

 

German Base

Feb-26

EUR 96.87

EUR 97.97

-1.13%

-EUR 1.10

EUR 98.53

-1.69%

EUR 109.28

-11.36%

 

 

UK Base

Feb-26

GBP 79.91

GBP 79.33

0.73%

GBP 0.58

GBP 81.97

-2.52%

GBP 92.70

-13.81%

 

 

French Base

Feb-26

EUR 70.57

EUR 72.08

-2.09%

-EUR 1.51

EUR 71.29

-1.01%

EUR 96.53

-26.90%

 

 

Italian Base

Feb-26

EUR 111.83

EUR 110.55

1.17%

EUR 1.29

EUR 110.39

1.31%

EUR 126.16

-11.35%

 

 

JKM LNG

Feb-26

$9.54

$9.68

-1.45%

-$0.14

$10.66

-10.56%

$14.06

-32.18%

 

 

 

 

Freight Forwards (WET & DRY)

 

OTCGH/EOXLive Market Data

 

 

 

Contract

12/30/25

12/29/25

% Change

Change

12/1/25

% Change

12/30/24

% Change

 

 

TD3C FFA Middle East to China (WET)

Feb-26

$27.40

$28.43

-3.62%

-$1.03

$28.29

-3.15%

$42.79

-35.96%

 

 

USGC-UK Continent Dirty (WET)

Feb-26

$71.73

$74.33

-3.50%

-$2.60

$73.90

-2.94%

$112.44

-36.21%

 

 

TD20 West Africa to UK Continent (WET)

Feb-26

$96.87

$97.97

-1.13%

-$1.10

$98.53

-1.69%

$109.28

-11.36%

 

 

LPG FFA Middle East Gulf to East (WET)

Feb-26

$79.91

$79.33

0.73%

$0.58

$81.97

-2.52%

$92.70

-13.81%

 

 

TC5 FFA Arabian Gulf to Japan (WET)

Feb-26

$70.57

$72.08

-2.09%

-$1.51

$71.29

-1.01%

$96.53

-26.90%

 

 

Supramax Timecharter (DRY)

Feb-26

$111.83

$110.55

1.17%

$1.29

$110.39

1.31%

$126.16

-11.35%

 

 

Capesize Timecharter (DRY)

Feb-26

$9.54

$9.68

-1.45%

-$0.14

$10.66

-10.56%

$14.06

-32.18%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

 

 

 

 

 

 

 

 

 

 

 

 

Cooling Degree Days

 

 

 

 

 

 

12/27/2025

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

9

3

6

2,138

178

-94

9.00%

-4.00%

 

 

E S Central

0

-1

0

1,787

240

-41

16.00%

-2.00%

 

 

W S Central

27

25

25

2,854

406

-73

17.00%

-2.00%

 

 

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

5

4

4

1,378

162

-64

13.00%

-4.00%

 

 

 

 

Heating Degree Days

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

12/27/2025

Week Tot

Dev Norm

Dev L YR

Cum Tot

CumD Norm

CumD L YR

CumD Norm

CumD L YR

 

 

New England

269

7

-35

2,317

9

197

0.00%

9.00%

 

 

Middle Atlantic

235

-7

-47

2,021

-27

227

-1.00%

13.00%

 

 

E N Central

203

-72

-45

2,236

-74

283

-3.00%

14.00%

 

 

W N Central

185

-115

-67

2,149

-370

79

-15.00%

4.00%

 

 

South Atlantic

88

-48

-61

977

-25

82

-2.00%

9.00%

 

 

E S Central

71

-104

-98

1,185

-121

124

-9.00%

12.00%

 

 

W S Central

21

-107

-70

589

-240

37

-29.00%

7.00%

 

 

Mountain

120

-97

-36

1,440

-582

-233

-29.00%

-14.00%

 

 

Pacific

104

-28

4

862

-315

-164

-27.00%

-16.00%

 

 

United States

139

-58

-47

1,457

-166

80

-10.00%

6.00%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

Weather Forecast & Seasonal Outlook

 

 

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