Morning Report: Gas * Power * NGL * Crude * Products * Vols — Feb-04-2026

Feb 4, 2026

  

 

 

 

 

 

 

 

 

 

Prices as of 7:02 AM CST

 

 

 

 

 

 

 

Current Price

Previous Settle

% Change

Change

Volume

 

 

Natural Gas

$3.349

$3.311

1.15%

$0.038

20,687

 

 

WTI

$63.50

$63.21

0.46%

$0.29

58,447

 

 

Brent

$67.51

$67.33

0.27%

$0.18

18,097

 

 

ULSD

$2.433

$2.409

0.97%

$0.023

5,279

 

 

RBOB

$1.906

$1.898

0.44%

$0.008

4,540

 

 

 

 

Spreads

 

 

 

 

 

 

 

Current

Previous

% Change

Change

Contract

 

 

WTI-Brent

$4.47

$4.50

-0.67%

-$0.03

Apr-26

 

 

3:2:1 Crack

$29.55

$29.40

0.50%

$0.15

Mar-26

 

 

PJM West Spark

$49.53

$62.92

-21.27%

-$13.38

Mar-26

 

 

 

 

Baker Hughes Rig Count

 

 

 

 

 

 

 

Date

Count

Change

1 Year Chg.

1 Year Date

 

 

U.S.

01/30/26

546

2

-36

01/31/25

 

 

Canada

01/30/26

232

1

-26

01/31/25

 

 

International

Dec-2025

1065

-8

-49

Dec-2024

 

 

 

 

CFTC Net Positions

 

 

 

 

 

 

As of 1/27/2026

Open Interest

Total Net Long

Total Net Short

Diff

 

 

PJM West On Peak

126,130

125,792

125,547

245

 

 

PJM West Off Peak

117,704

117,317

117,104

213

 

 

Natural Gas Henry Hub

376,518

362,823

357,343

5,480

 

 

WTI – Light Sweet Crude Futures

177,483

146,470

138,695

7,775

 

 

Brent Crude Last Day

319,032

310,453

312,403

-1,950

 

 

NYM Ethanol

43,694

42,909

43,112

-203

 

 

Mt Belvieu LDH Propane Swap

136,006

135,366

135,708

-342

 

 

RBOB

465,886

440,305

448,014

-7,709

 

 

HSC Basis

783,802

777,643

775,930

1,713

 

 

 

 

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

 

 

 

 

01/29/21

 

 

 

1/23/26

1/16/26

Net Change

% Change

1/24/25

% Change

5 Year Avg.

% Change

 

 

East

577

632

-55

-8.70%

552

4.53%

572

0.94%

 

 

Midwest

676

752

-76

-10.11%

661

2.27%

686

-1.49%

 

 

Mountain

228

242

-14

-5.79%

212

7.55%

164

39.02%

 

 

Pacific

291

300

-9

-3.00%

246

18.29%

213

36.49%

 

 

South

1,050

1,139

-89

-7.81%

901

16.54%

930

12.85%

 

 

    Salt

313

343

-30

-8.75%

229

36.68%

257

21.70%

 

 

    Non_Salt

737

796

-59

-7.41%

672

9.67%

673

9.44%

 

 

Total

2,823

3,065

-242

-7.90%

2,571

9.80%

2,565

10.06%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Power Generation Additions/Retirements

 

 

  

 

Front Month Prices

 

 

 

 

 

 

 

 

 

 

 

 

 

Electricity

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

2/3/26

2/2/26

% Change

Change

1/5/26

% Change

2/3/25

% Change

 

 

PJM West On Peak

Mar-26

$56.68

$70.00

-19.03%

-$13.32

$49.74

13.97%

$53.70

5.55%

 

 

ERCOT North On Peak

Mar-26

$30.03

$36.31

-17.28%

-$6.28

$32.25

-6.86%

$42.65

-29.58%

 

 

CAISO SP 15 On Peak

Mar-26

$14.61

$11.02

32.63%

$3.60

$15.25

-4.16%

$16.25

-10.04%

 

 

MISO Indiana On Peak

Mar-26

$45.79

$55.33

-17.24%

-$9.54

$42.61

7.48%

$49.77

-7.98%

 

 

NEISO Mass On Peak

Mar-26

$69.09

$67.49

2.38%

$1.61

$66.67

3.64%

$68.43

0.96%

 

 

WECC Mid C On Peak

Mar-26

$28.36

$23.20

22.23%

$5.16

$27.29

3.93%

$44.50

-36.26%

 

 

NYISO Zone G On Peak

Mar-26

$68.56

$66.68

2.81%

$1.88

$61.70

11.11%

$49.76

37.77%

 

 

 

 

 

Natural Gas & Basis

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

2/3/26

2/2/26

% Change

Change

1/5/26

% Change

2/3/25

% Change

 

 

NYMEX Henry Hub

Mar-26

$3.311

$3.237

2.29%

$0.07

$2.89

14.45%

$3.87

-14.53%

 

 

Houston Ship Channel

Mar-26

-$0.591

-$0.620

-4.65%

$0.03

-$0.48

23.01%

-$0.44

35.69%

 

 

Chicago

Mar-26

-$0.150

-$0.120

-20.00%

-$0.03

-$0.24

-36.58%

-$0.09

70.07%

 

 

Waha

Mar-26

-$3.875

-$3.750

-3.33%

-$0.13

-$3.58

8.18%

-$2.58

49.95%

 

 

Algonquin

Mar-26

$3.138

$3.340

-6.06%

-$0.20

$2.43

29.08%

$2.36

32.84%

 

 

Aeco

Mar-26

-$1.798

-$1.785

0.70%

-$0.01

-$1.05

71.34%

-$1.85

-2.87%

 

 

Socal

Mar-26

-$1.439

-$1.320

8.99%

-$0.12

-$0.74

94.24%

-$0.29

398.86%

 

 

 

 

 

Natural Gas Liquids

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

2/3/26

2/2/26

% Change

Change

1/5/26

% Change

2/3/25

% Change

 

 

Mt. Belvieu Propane LST

Mar-26

$0.647

$0.635

1.92%

$0.01

$0.62

4.64%

$0.76

-14.45%

 

 

Mt. Belvieu Propane non LST

Mar-26

$0.641

$0.640

0.12%

$0.00

$0.61

5.12%

$0.76

-15.39%

 

 

Mt. Belview Ethane

Mar-26

$0.249

$0.252

-1.38%

$0.00

$0.23

8.48%

$0.28

-12.55%

 

 

Mt. Belview Nat. Gasoline

Mar-26

$1.300

$1.255

3.52%

$0.04

$1.17

10.74%

$1.36

-4.66%

 

 

Mt. Belvieu Butane LST

Mar-26

$0.764

$0.766

-0.35%

$0.00

$0.71

7.90%

$0.88

-13.54%

 

 

Far East Propane

Mar-26

$5.286

$5.239

0.89%

$0.05

$4.94

6.99%

$5.50

-3.86%

 

 

Saudi Propane

Mar-26

$5.269

$5.243

0.51%

$0.03

$5.00

5.38%

$5.25

0.32%

 

 

 

 

Crude Oil

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

2/3/26

2/2/26

% Change

Change

1/5/26

% Change

2/3/25

% Change

 

 

WTI

Mar-26

$63.21

$62.14

1.69%

$1.07

$58.08

8.83%

$66.74

-5.29%

 

 

Brent

Mar-26

$67.65

$66.66

1.47%

$0.99

$61.76

9.54%

$70.52

-4.07%

 

 

WCS

Mar-26

-$14.47

-$14.25

1.52%

-$0.22

-$13.46

7.50%

-$17.00

-14.89%

 

 

LLS

Mar-26

$63.68

$64.38

-1.09%

-$0.70

$59.19

7.59%

$69.17

-7.93%

 

 

Mars

Mar-26

$60.04

$59.94

0.18%

$0.11

$56.52

6.23%

$66.92

-10.27%

 

 

Sour

Mar-26

$63.09

$63.14

-0.07%

-$0.05

$57.73

9.28%

$66.84

-5.60%

 

 

ESPO

Mar-26

$65.65

$64.66

1.51%

$0.99

$59.76

9.86%

$68.52

-4.19%

 

 

 

 

Refined Products

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

2/3/26

2/2/26

% Change

Change

1/5/26

% Change

2/3/25

% Change

 

 

NY Heating Oil

Mar-26

$2.43

$2.36

3.01%

$0.07

$2.11

15.07%

$2.27

7.20%

 

 

NY Gasoline

Mar-26

$1.91

$2.10

-8.96%

-$0.19

$1.74

9.90%

$1.94

-1.39%

 

 

GC Gasoline

Mar-26

$1.77

$1.96

-9.60%

-$0.19

$1.60

10.76%

$1.84

-3.65%

 

 

GC Jet

Mar-26

$2.24

$2.42

-7.76%

-$0.19

$1.92

16.16%

$2.14

4.29%

 

 

Chicago Ethanol

Mar-26

$1.63

$1.61

1.24%

$0.02

$1.64

-0.61%

$1.67

-2.22%

 

 

Rotterdam Gasoil

Mar-26

$603.08

$591.34

1.99%

$11.74

$556.47

8.38%

$620.65

-2.83%

 

 

Singapore Jet Kero

Mar-26

$85.00

$81.40

4.42%

$3.60

$79.06

7.52%

$86.56

-1.80%

 

 

 

 

Implied Volatilities

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

2/3/26

2/2/26

% Change

Change

1/5/26

% Change

2/3/25

% Change

 

 

Henry Hub Straddle

Mar-26

94.04%

171.31%

-45.11%

-77.27%

57.81%

62.67%

40.26%

133.58%

 

 

Algonquin Straddle

Mar-26

89.36%

176.39%

-49.34%

-87.03%

88.82%

0.61%

71.94%

24.21%

 

 

Waha Straddle

Mar-26

1579.05%

2592.94%

-39.10%

-1013.89%

1676.80%

-5.83%

83.03%

1801.78%

 

 

Chicago Straddle

Mar-26

116.96%

185.26%

-36.87%

-68.30%

63.36%

84.60%

45.29%

158.25%

 

 

PJM West Straddle

Mar-26

89.24%

92.02%

-3.02%

-2.78%

52.61%

69.63%

44.12%

102.27%

 

 

SP – 15 Straddle

Mar-26

222.71%

322.54%

-30.95%

-99.83%

305.64%

-27.13%

338.72%

-34.25%

 

 

Mid. C Straddle

Mar-26

30.38%

18.00%

68.78%

12.38%

51.60%

-41.12%

73.37%

-58.59%

 

 

 

 

Euro Gas and Power/LNG

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

2/3/26

2/2/26

% Change

Change

1/5/26

% Change

2/3/25

% Change

 

 

Dutch TTF

Mar-26

EUR 32.81

EUR 33.21

-1.18%

-EUR 0.39

EUR 27.26

20.38%

EUR 44.38

-26.07%

 

 

NBP

Mar-26

GBP 78.42

GBP 79.53

-1.40%

-GBP 1.11

GBP 66.47

17.99%

GBP 114.00

-31.21%

 

 

German Base

Mar-26

EUR 89.19

EUR 91.38

-2.40%

-EUR 2.19

EUR 81.32

9.68%

EUR 99.47

-10.33%

 

 

UK Base

Mar-26

GBP 80.49

GBP 88.40

-8.95%

-GBP 7.91

GBP 73.26

9.87%

GBP 96.95

-16.97%

 

 

French Base

Mar-26

EUR 62.43

EUR 64.39

-3.04%

-EUR 1.96

EUR 54.59

14.36%

EUR 80.60

-22.54%

 

 

Italian Base

Mar-26

EUR 115.25

EUR 120.90

-4.68%

-EUR 5.65

EUR 100.20

15.02%

EUR 121.56

-5.19%

 

 

JKM LNG

Mar-26

$10.47

$10.67

-1.87%

-$0.20

$9.30

12.57%

$13.92

-24.78%

 

 

 

 

Freight Forwards (WET & DRY)

 

OTCGH/EOXLive Market Data

 

 

 

Contract

2/3/26

2/2/26

% Change

Change

1/5/26

% Change

2/3/25

% Change

 

 

TD3C FFA Middle East to China (WET)

Mar-26

$32.81

$33.21

-1.18%

-$0.39

$27.26

20.38%

$44.38

-26.07%

 

 

USGC-UK Continent Dirty (WET)

Mar-26

$78.42

$79.53

-1.40%

-$1.11

$66.47

17.99%

$114.00

-31.21%

 

 

TD20 West Africa to UK Continent (WET)

Mar-26

$89.19

$91.38

-2.40%

-$2.19

$81.32

9.68%

$99.47

-10.33%

 

 

LPG FFA Middle East Gulf to East (WET)

Mar-26

$80.49

$88.40

-8.95%

-$7.91

$73.26

9.87%

$96.95

-16.97%

 

 

TC5 FFA Arabian Gulf to Japan (WET)

Mar-26

$62.43

$64.39

-3.04%

-$1.96

$54.59

14.36%

$80.60

-22.54%

 

 

Supramax Timecharter (DRY)

Mar-26

$115.25

$120.90

-4.68%

-$5.65

$100.20

15.02%

$121.56

-5.19%

 

 

Capesize Timecharter (DRY)

Mar-26

$10.47

$10.67

-1.87%

-$0.20

$9.30

12.57%

$13.92

-24.78%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

 

 

 

 

 

 

 

 

 

 

 

 

Cooling Degree Days

 

 

 

 

 

 

01/31/2026

Week Tot

Dev Norm

Dev L YR

Cum Tot

CumD Norm

CumD L YR

CumD Norm

CumD L YR

 

 

New England

0

0

0

0

0

0

NA

NA

 

 

Middle Atlantic

0

0

0

0

0

0

NA

NA

 

 

E N Central

0

0

0

0

0

0

NA

NA

 

 

W N Central

0

0

0

0

0

0

NA

NA

 

 

South Atlantic

3

-5

-1

20

-14

11

NA

NA

 

 

E S Central

0

-1

0

0

-8

0

NA

NA

 

 

W S Central

0

-4

-1

13

-1

10

NA

NA

 

 

Mountain

0

-1

0

0

-1

0

NA

NA

 

 

Pacific

0

-1

0

0

-2

0

NA

NA

 

 

United States

1

-1

0

5

-4

3

NA

NA

 

 

 

 

Heating Degree Days

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

01/31/2026

Week Tot

Dev Norm

Dev L YR

Cum Tot

CumD Norm

CumD L YR

CumD Norm

CumD L YR

 

 

New England

380

97

101

3,773

65

285

2.00%

8.00%

 

 

Middle Atlantic

368

105

122

3,394

45

308

1.00%

10.00%

 

 

E N Central

401

109

153

3,746

-28

346

-1.00%

10.00%

 

 

W N Central

396

89

158

3,671

-414

86

-10.00%

2.00%

 

 

South Atlantic

218

74

89

1,727

1

43

0.00%

3.00%

 

 

E S Central

277

96

122

2,119

-111

73

-5.00%

4.00%

 

 

W S Central

221

93

120

1,232

-266

-36

-18.00%

-3.00%

 

 

Mountain

205

-2

-22

2,389

-709

-413

-23.00%

-15.00%

 

 

Pacific

95

-26

-60

1,373

-444

-282

-24.00%

-17.00%

 

 

United States

273

69

84

2,482

-174

58

-7.00%

2.00%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

Weather Forecast & Seasonal Outlook

 

 

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