Morning Report: Gas * Power * NGL * Crude * Products * Vols — Feb-09-2026

Feb 9, 2026

  

 

 

 

 

 

 

 

 

 

Prices as of 12:23 PM CST

 

 

 

 

 

 

 

Current Price

Previous Settle

% Change

Change

Volume

 

 

Natural Gas

$3.162

$3.422

-7.60%

-$0.260

114,658

 

 

WTI

$64.79

$63.55

1.95%

$1.24

172,266

 

 

Brent

$69.38

$68.05

1.95%

$1.33

39,544

 

 

ULSD

$2.426

$2.413

0.52%

$0.013

29,443

 

 

RBOB

$1.997

$1.953

2.26%

$0.044

33,586

 

 

 

 

Spreads

 

 

 

 

 

 

 

Current

Previous

% Change

Change

Contract

 

 

WTI-Brent

$4.74

$4.69

1.07%

$0.05

Apr-26

 

 

3:2:1 Crack

$30.44

$30.11

1.09%

$0.33

Mar-26

 

 

PJM West Spark

$55.77

$51.82

7.61%

$3.95

Mar-26

 

 

 

 

Baker Hughes Rig Count

 

 

 

 

 

 

 

Date

Count

Change

1 Year Chg.

1 Year Date

 

 

U.S.

02/06/26

551

5

-35

02/07/25

 

 

Canada

02/06/26

228

-4

-21

02/07/25

 

 

International

Jan-2026

1079

14

-20

Jan-2025

 

 

 

 

CFTC Net Positions

 

 

 

 

 

 

As of 2/3/2026

Open Interest

Total Net Long

Total Net Short

Diff

 

 

PJM West On Peak

128,476

127,744

127,703

41

 

 

PJM West Off Peak

120,805

120,219

120,295

-76

 

 

Natural Gas Henry Hub

369,367

356,216

349,104

7,112

 

 

WTI – Light Sweet Crude Futures

167,458

137,320

125,678

11,642

 

 

Brent Crude Last Day

305,103

298,939

299,728

-789

 

 

NYM Ethanol

44,991

44,201

44,404

-203

 

 

Mt Belvieu LDH Propane Swap

138,416

137,661

138,102

-441

 

 

RBOB

470,819

443,129

455,640

-12,511

 

 

HSC Basis

836,015

824,752

826,987

-2,235

 

 

 

 

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

 

 

 

 

02/05/21

 

 

 

1/30/26

1/23/26

Net Change

% Change

1/31/25

% Change

5 Year Avg.

% Change

 

 

East

502

577

-75

-13.00%

507

-0.99%

524

-4.13%

 

 

Midwest

584

676

-92

-13.61%

605

-3.47%

631

-7.39%

 

 

Mountain

213

228

-15

-6.58%

200

6.50%

155

37.60%

 

 

Pacific

272

291

-19

-6.53%

230

18.26%

204

33.33%

 

 

South

891

1,050

-159

-15.14%

854

4.33%

880

1.27%

 

 

    Salt

228

313

-85

-27.16%

217

5.07%

243

-6.02%

 

 

    Non_Salt

663

737

-74

-10.04%

638

3.92%

637

4.02%

 

 

Total

2,463

2,823

-360

-12.75%

2,397

2.75%

2,393

2.92%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Power Generation Additions/Retirements

 

 

  

 

Front Month Prices

 

 

 

 

 

 

 

 

 

 

 

 

 

Electricity

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

2/6/26

2/5/26

% Change

Change

1/8/26

% Change

2/6/25

% Change

 

 

PJM West On Peak

Mar-26

$62.53

$59.14

5.72%

$3.38

$47.66

31.19%

$53.20

17.54%

 

 

ERCOT North On Peak

Mar-26

$32.03

$31.54

1.54%

$0.48

$30.65

4.50%

$42.09

-23.92%

 

 

CAISO SP 15 On Peak

Mar-26

$18.14

$16.29

11.36%

$1.85

$15.26

18.81%

$15.26

18.86%

 

 

MISO Indiana On Peak

Mar-26

$47.09

$43.11

9.23%

$3.98

$39.24

20.00%

$49.29

-4.45%

 

 

NEISO Mass On Peak

Mar-26

$74.85

$71.01

5.41%

$3.84

$63.88

17.18%

$67.83

10.35%

 

 

WECC Mid C On Peak

Mar-26

$26.84

$26.99

-0.57%

-$0.15

$27.71

-3.14%

$43.74

-38.64%

 

 

NYISO Zone G On Peak

Mar-26

$72.56

$68.79

5.48%

$3.77

$58.41

24.23%

$50.35

44.12%

 

 

 

 

 

Natural Gas & Basis

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

2/6/26

2/5/26

% Change

Change

1/8/26

% Change

2/6/25

% Change

 

 

NYMEX Henry Hub

Mar-26

$3.422

$3.509

-2.48%

-$0.09

$2.82

21.43%

$3.89

-12.08%

 

 

Houston Ship Channel

Mar-26

-$0.650

-$0.635

2.36%

-$0.01

-$0.48

36.18%

-$0.47

38.62%

 

 

Chicago

Mar-26

-$0.152

-$0.153

0.46%

$0.00

-$0.17

-11.90%

-$0.10

53.49%

 

 

Waha

Mar-26

-$3.785

-$3.850

-1.69%

$0.06

-$3.33

13.50%

-$2.60

45.50%

 

 

Algonquin

Mar-26

$3.600

$3.525

2.13%

$0.07

$2.56

40.89%

$2.52

42.64%

 

 

Aeco

Mar-26

-$2.185

-$2.110

3.55%

-$0.08

-$1.18

84.42%

-$1.75

24.51%

 

 

Socal

Mar-26

-$1.210

-$1.395

-13.26%

$0.18

-$0.81

49.85%

-$0.35

245.62%

 

 

 

 

 

Natural Gas Liquids

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

2/6/26

2/5/26

% Change

Change

1/8/26

% Change

2/6/25

% Change

 

 

Mt. Belvieu Propane LST

Mar-26

$0.649

$0.649

0.00%

$0.00

$0.61

5.92%

$0.77

-15.23%

 

 

Mt. Belvieu Propane non LST

Mar-26

$0.641

$0.643

-0.19%

$0.00

$0.60

7.11%

$0.77

-16.99%

 

 

Mt. Belview Ethane

Mar-26

$0.245

$0.249

-1.51%

$0.00

$0.22

12.03%

$0.29

-14.77%

 

 

Mt. Belview Nat. Gasoline

Mar-26

$1.300

$1.288

0.97%

$0.01

$1.18

9.71%

$1.37

-5.28%

 

 

Mt. Belvieu Butane LST

Mar-26

$0.765

$0.772

-0.82%

-$0.01

$0.70

9.13%

$0.88

-13.41%

 

 

Far East Propane

Mar-26

$5.474

$5.367

2.00%

$0.11

$4.87

12.44%

$5.51

-0.67%

 

 

Saudi Propane

Mar-26

$5.340

$5.310

0.56%

$0.03

$5.03

6.26%

$5.28

1.04%

 

 

 

 

Crude Oil

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

2/6/26

2/5/26

% Change

Change

1/8/26

% Change

2/6/25

% Change

 

 

WTI

Apr-26

$63.36

$63.01

0.55%

$0.35

$57.53

10.13%

$66.28

-4.41%

 

 

Brent

Apr-26

$68.05

$67.55

0.73%

$0.50

$61.49

10.67%

$70.07

-2.88%

 

 

WCS

Apr-26

-$15.28

-$14.50

5.14%

-$0.78

-$14.72

3.82%

-$14.75

3.62%

 

 

LLS

Apr-26

$64.23

$64.06

0.27%

$0.18

$58.55

9.71%

$68.59

-6.35%

 

 

Mars

Apr-26

$62.27

$61.27

1.60%

$1.00

$55.17

12.88%

$66.24

-5.99%

 

 

Sour

Apr-26

$63.22

$63.19

0.03%

$0.02

$55.91

13.07%

$66.18

-4.49%

 

 

ESPO

Apr-26

$66.05

$65.55

0.76%

$0.50

$59.49

11.03%

$68.07

-2.97%

 

 

 

 

Refined Products

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

2/6/26

2/5/26

% Change

Change

1/8/26

% Change

2/6/25

% Change

 

 

NY Heating Oil

Mar-26

$2.41

$2.40

0.50%

$0.01

$2.14

12.57%

$2.24

7.64%

 

 

NY Gasoline

Mar-26

$1.95

$1.93

1.09%

$0.02

$1.74

12.13%

$1.91

1.99%

 

 

GC Gasoline

Mar-26

$1.81

$1.79

1.17%

$0.02

$1.60

13.19%

$1.81

-0.11%

 

 

GC Jet

Mar-26

$2.09

$2.21

-5.25%

-$0.12

$1.96

6.78%

$2.07

1.31%

 

 

Chicago Ethanol

Mar-26

$1.63

$1.63

0.31%

$0.00

$1.62

0.74%

$1.66

-1.51%

 

 

Rotterdam Gasoil

Mar-26

$612.84

$613.29

-0.07%

-$0.45

$568.79

7.74%

$613.81

-0.16%

 

 

Singapore Jet Kero

Mar-26

$85.40

$85.95

-0.64%

-$0.55

$76.77

11.25%

$86.41

-1.17%

 

 

 

 

Implied Volatilities

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

2/6/26

2/5/26

% Change

Change

1/8/26

% Change

2/6/25

% Change

 

 

Henry Hub Straddle

Mar-26

104.76%

99.31%

5.49%

5.45%

65.33%

60.36%

45.36%

130.95%

 

 

Algonquin Straddle

Mar-26

103.17%

106.55%

-3.17%

-3.38%

94.18%

9.55%

74.59%

38.32%

 

 

Waha Straddle

Mar-26

1587.65%

1590.14%

-0.16%

-2.49%

1544.68%

2.78%

84.26%

1784.23%

 

 

Chicago Straddle

Mar-26

125.52%

118.43%

5.99%

7.09%

71.53%

75.48%

50.01%

150.99%

 

 

PJM West Straddle

Mar-26

103.92%

94.46%

10.01%

9.46%

49.09%

111.69%

42.70%

143.37%

 

 

SP – 15 Straddle

Mar-26

1578.87%

342.92%

360.42%

1235.95%

793.20%

99.05%

21.71%

7172.55%

 

 

Mid. C Straddle

Mar-26

27.34%

28.18%

-2.98%

-0.84%

48.99%

-44.19%

69.38%

-60.59%

 

 

 

 

Euro Gas and Power/LNG

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

2/6/26

2/5/26

% Change

Change

1/8/26

% Change

2/6/25

% Change

 

 

Dutch TTF

Mar-26

EUR 35.26

EUR 33.72

4.55%

EUR 1.53

EUR 27.29

29.22%

EUR 46.38

-23.97%

 

 

NBP

Mar-26

GBP 83.90

GBP 81.30

3.20%

GBP 2.60

GBP 66.83

25.55%

GBP 119.71

-29.92%

 

 

German Base

Mar-26

EUR 94.24

EUR 91.40

3.11%

EUR 2.84

EUR 83.58

12.76%

EUR 102.19

-7.78%

 

 

UK Base

Mar-26

GBP 79.96

GBP 84.53

-5.40%

-GBP 4.56

GBP 72.99

9.55%

GBP 100.40

-20.35%

 

 

French Base

Mar-26

EUR 62.18

EUR 65.49

-5.05%

-EUR 3.31

EUR 55.21

12.63%

EUR 82.34

-24.48%

 

 

Italian Base

Mar-26

EUR 115.56

EUR 112.33

2.88%

EUR 3.23

EUR 100.61

14.86%

EUR 125.93

-8.24%

 

 

JKM LNG

Mar-26

$11.28

$10.80

4.43%

$0.48

$9.27

21.60%

$14.82

-23.90%

 

 

 

 

Freight Forwards (WET & DRY)

 

OTCGH/EOXLive Market Data

 

 

 

Contract

2/6/26

2/5/26

% Change

Change

1/8/26

% Change

2/6/25

% Change

 

 

TD3C FFA Middle East to China (WET)

Mar-26

$35.26

$33.72

4.55%

$1.53

$27.29

29.22%

$46.38

-23.97%

 

 

USGC-UK Continent Dirty (WET)

Mar-26

$83.90

$81.30

3.20%

$2.60

$66.83

25.55%

$119.71

-29.92%

 

 

TD20 West Africa to UK Continent (WET)

Mar-26

$94.24

$91.40

3.11%

$2.84

$83.58

12.76%

$102.19

-7.78%

 

 

LPG FFA Middle East Gulf to East (WET)

Mar-26

$79.96

$84.53

-5.40%

-$4.56

$72.99

9.55%

$100.40

-20.35%

 

 

TC5 FFA Arabian Gulf to Japan (WET)

Mar-26

$62.18

$65.49

-5.05%

-$3.31

$55.21

12.63%

$82.34

-24.48%

 

 

Supramax Timecharter (DRY)

Mar-26

$115.56

$112.33

2.88%

$3.23

$100.61

14.86%

$125.93

-8.24%

 

 

Capesize Timecharter (DRY)

Mar-26

$11.28

$10.80

4.43%

$0.48

$9.27

21.60%

$14.82

-23.90%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

 

 

 

 

 

 

 

 

 

 

 

 

Cooling Degree Days

 

 

 

 

 

 

02/07/2026

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

0

-7

-12

20

-21

-1

NA

NA

 

 

E S Central

0

0

-1

0

-8

0

NA

NA

 

 

W S Central

1

-3

-17

13

-5

-7

NA

NA

 

 

Mountain

0

-1

-1

0

-2

-1

NA

NA

 

 

Pacific

0

0

0

0

-2

0

NA

NA

 

 

United States

0

-1

-4

5

-5

-1

NA

NA

 

 

 

 

Heating Degree Days

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

02/07/2026

Week Tot

Dev Norm

Dev L YR

Cum Tot

CumD Norm

CumD L YR

CumD Norm

CumD L YR

 

 

New England

331

52

42

4,103

116

328

3.00%

9.00%

 

 

Middle Atlantic

327

67

82

3,721

112

390

3.00%

12.00%

 

 

E N Central

330

44

86

4,077

17

432

0.00%

12.00%

 

 

W N Central

271

-24

16

3,942

-438

102

-10.00%

3.00%

 

 

South Atlantic

203

64

120

1,930

65

163

3.00%

9.00%

 

 

E S Central

225

51

145

2,345

-59

218

-2.00%

10.00%

 

 

W S Central

111

-9

67

1,343

-275

31

-17.00%

2.00%

 

 

Mountain

134

-66

-8

2,523

-775

-421

-23.00%

-14.00%

 

 

Pacific

61

-56

-62

1,434

-500

-344

-26.00%

-19.00%

 

 

United States

217

19

57

2,699

-155

115

-5.00%

4.00%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

Weather Forecast & Seasonal Outlook

 

 

To opt out of this email please follow this
link.

Campbell Faulkner | OTC Global Holdings

Quality Data – Reliable Service – Affordable Price

5151 San Felipe Suite 2200
Houston, TX 77056
faulkner.c@otcgh.com
eoxlive.com/market-data

 

This communication may include confidential and privileged information, is for information purposes only, is not a recommendation or a trade confirmation, is not an offer to sell, or a solicitation of an offer to buy. If you are not the intended recipient,
please advise the sender immediately and delete or destroy this communication and any copies. Use by other than intended recipients is prohibited. Delivery of this message to an unintended recipient is not intended to waive any right or privilege.

For additional disclosures, including disclosures relevant to your region, please see www.cantor.com/disclosures/electronic-communications-disclaimers-disclosures/.

For disclosures related to how your personal data is processed please see www.cantor.com/customer-privacy-notice/.

Where applicable, to stop receiving marketing emails please respond by clicking unsubscribe.