Morning Report: Gas * Power * NGL * Crude * Products * Vols — Feb-11-2026

Feb 11, 2026

  

 

 

 

 

 

 

 

 

 

Prices as of 7:01 AM CST

 

 

 

 

 

 

 

Current Price

Previous Settle

% Change

Change

Volume

 

 

Natural Gas

$3.080

$3.115

-1.12%

-$0.035

19,543

 

 

WTI

$65.29

$63.96

2.08%

$1.33

54,162

 

 

Brent

$70.17

$68.80

1.99%

$1.37

11,880

 

 

ULSD

$2.451

$2.399

2.16%

$0.052

4,181

 

 

RBOB

$1.992

$1.959

1.69%

$0.033

2,986

 

 

 

 

Spreads

 

 

 

 

 

 

 

Current

Previous

% Change

Change

Contract

 

 

WTI-Brent

$5.07

$5.01

1.20%

$0.06

Apr-26

 

 

3:2:1 Crack

$30.28

$30.02

0.85%

$0.26

Mar-26

 

 

PJM West Spark

$46.96

$46.79

0.37%

$0.17

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

2/10/26

2/9/26

% Change

Change

1/12/26

% Change

2/10/25

% Change

 

 

PJM West On Peak

Mar-26

$53.55

$53.45

0.19%

$0.10

$48.01

11.54%

$51.82

3.35%

 

 

ERCOT North On Peak

Mar-26

$30.03

$25.23

19.02%

$4.80

$29.47

1.88%

$42.02

-28.54%

 

 

CAISO SP 15 On Peak

Mar-26

$16.46

$18.40

-10.51%

-$1.93

$14.11

16.68%

$13.78

19.44%

 

 

MISO Indiana On Peak

Mar-26

$40.67

$46.49

-12.51%

-$5.82

$36.39

11.77%

$47.96

-15.21%

 

 

NEISO Mass On Peak

Mar-26

$67.63

$64.39

5.02%

$3.23

$67.82

-0.29%

$65.12

3.85%

 

 

WECC Mid C On Peak

Mar-26

$31.00

$30.21

2.63%

$0.79

$22.92

35.28%

$43.97

-29.49%

 

 

NYISO Zone G On Peak

Mar-26

$65.67

$62.20

5.57%

$3.46

$61.22

7.27%

$47.13

39.32%

 

 

 

 

 

Natural Gas & Basis

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

2/10/26

2/9/26

% Change

Change

1/12/26

% Change

2/10/25

% Change

 

 

NYMEX Henry Hub

Mar-26

$3.115

$3.138

-0.73%

-$0.02

$2.85

9.22%

$3.95

-21.22%

 

 

Houston Ship Channel

Mar-26

-$0.555

-$0.585

-5.13%

$0.03

-$0.39

42.34%

-$0.48

15.77%

 

 

Chicago

Mar-26

-$0.101

-$0.095

-6.22%

-$0.01

-$0.15

-31.32%

-$0.10

5.30%

 

 

Waha

Mar-26

-$3.825

-$3.750

-2.00%

-$0.08

-$3.28

16.61%

-$2.68

42.73%

 

 

Algonquin

Mar-26

$3.275

$3.400

-3.68%

-$0.13

$2.28

43.34%

$2.61

25.51%

 

 

Aeco

Mar-26

-$1.755

-$1.890

-7.14%

$0.13

-$1.18

48.59%

-$1.74

0.68%

 

 

Socal

Mar-26

-$1.185

-$1.185

0.00%

$0.00

-$0.90

30.97%

-$0.40

195.81%

 

 

 

 

 

Natural Gas Liquids

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

2/10/26

2/9/26

% Change

Change

1/12/26

% Change

2/10/25

% Change

 

 

Mt. Belvieu Propane LST

Mar-26

$0.625

$0.655

-4.58%

-$0.03

$0.62

0.80%

$0.78

-19.78%

 

 

Mt. Belvieu Propane non LST

Mar-26

$0.625

$0.640

-2.34%

-$0.02

$0.61

3.08%

$0.78

-19.80%

 

 

Mt. Belview Ethane

Mar-26

$0.233

$0.231

0.54%

$0.00

$0.21

8.75%

$0.28

-18.35%

 

 

Mt. Belview Nat. Gasoline

Mar-26

$1.320

$1.315

0.38%

$0.01

$1.23

7.32%

$1.41

-6.27%

 

 

Mt. Belvieu Butane LST

Mar-26

$0.774

$0.777

-0.42%

$0.00

$0.71

8.58%

$0.89

-12.78%

 

 

Far East Propane

Mar-26

$5.467

$5.517

-0.91%

-$0.05

$4.98

9.77%

$5.53

-1.14%

 

 

Saudi Propane

Mar-26

$5.380

$5.330

0.94%

$0.05

$5.03

6.91%

$5.32

1.15%

 

 

 

 

Crude Oil

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

2/10/26

2/9/26

% Change

Change

1/12/26

% Change

2/10/25

% Change

 

 

WTI

Apr-26

$63.79

$64.20

-0.64%

-$0.41

$59.14

7.86%

$67.38

-5.33%

 

 

Brent

Apr-26

$68.80

$69.04

-0.35%

-$0.24

$63.22

8.83%

$71.15

-3.30%

 

 

WCS

Apr-26

-$15.10

-$14.85

1.66%

-$0.25

-$14.71

2.66%

-$14.25

5.96%

 

 

LLS

Apr-26

$64.99

$63.90

1.68%

$1.09

$60.33

7.72%

$69.06

-5.90%

 

 

Mars

Apr-26

$62.16

$62.47

-0.50%

-$0.31

$56.87

9.29%

$66.71

-6.83%

 

 

Sour

Apr-26

$63.87

$62.82

1.65%

$1.05

$58.73

8.75%

$66.67

-4.20%

 

 

ESPO

Apr-26

$66.80

$67.04

-0.36%

-$0.24

$61.22

9.11%

$69.15

-3.40%

 

 

 

 

Refined Products

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

2/10/26

2/9/26

% Change

Change

1/12/26

% Change

2/10/25

% Change

 

 

NY Heating Oil

Mar-26

$2.40

$2.42

-0.74%

-$0.02

$2.15

11.73%

$2.29

5.03%

 

 

NY Gasoline

Mar-26

$1.96

$1.99

-1.16%

-$0.02

$1.81

8.45%

$1.94

1.19%

 

 

GC Gasoline

Mar-26

$1.82

$1.85

-1.25%

-$0.02

$1.67

9.16%

$1.84

-0.92%

 

 

GC Jet

Mar-26

$2.14

$2.12

1.04%

$0.02

$1.98

8.28%

$2.08

3.13%

 

 

Chicago Ethanol

Mar-26

$1.66

$1.64

0.91%

$0.01

$1.59

4.34%

$1.68

-1.07%

 

 

Rotterdam Gasoil

Mar-26

$626.25

$630.50

-0.67%

-$4.25

$586.94

6.70%

$607.25

3.13%

 

 

Singapore Jet Kero

Mar-26

$86.61

$85.45

1.36%

$1.16

$79.27

9.27%

$87.40

-0.90%

 

 

 

 

Implied Volatilities

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

2/10/26

2/9/26

% Change

Change

1/12/26

% Change

2/10/25

% Change

 

 

Henry Hub Straddle

Mar-26

76.77%

114.96%

-33.22%

-38.19%

59.99%

27.97%

44.94%

70.83%

 

 

Algonquin Straddle

Mar-26

69.87%

112.02%

-37.63%

-42.15%

90.61%

-22.89%

71.84%

-2.74%

 

 

Waha Straddle

Mar-26

1340.62%

1539.73%

-12.93%

-199.11%

1444.35%

-7.18%

81.05%

1554.07%

 

 

Chicago Straddle

Mar-26

94.66%

133.15%

-28.91%

-38.49%

66.48%

42.39%

49.42%

91.54%

 

 

PJM West Straddle

Mar-26

88.96%

91.00%

-2.24%

-2.04%

52.88%

68.23%

41.88%

112.42%

 

 

SP – 15 Straddle

Mar-26

334.37%

329.11%

1.60%

5.26%

210.22%

59.06%

62.80%

432.44%

 

 

Mid. C Straddle

Mar-26

19.88%

23.27%

-14.57%

-3.39%

58.92%

-66.26%

68.89%

-71.14%

 

 

 

 

Euro Gas and Power/LNG

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

2/10/26

2/9/26

% Change

Change

1/12/26

% Change

2/10/25

% Change

 

 

Dutch TTF

Mar-26

EUR 31.75

EUR 33.56

-5.39%

-EUR 1.81

EUR 29.85

6.35%

EUR 49.16

-35.42%

 

 

NBP

Mar-26

GBP 74.35

GBP 79.01

-5.90%

-GBP 4.66

GBP 73.39

1.30%

GBP 125.85

-40.92%

 

 

German Base

Mar-26

EUR 88.69

EUR 92.44

-4.06%

-EUR 3.75

EUR 90.53

-2.03%

EUR 106.70

-16.88%

 

 

UK Base

Mar-26

GBP 79.62

GBP 81.04

-1.75%

-GBP 1.42

GBP 77.24

3.08%

GBP 106.65

-25.34%

 

 

French Base

Mar-26

EUR 57.01

EUR 62.95

-9.44%

-EUR 5.94

EUR 62.68

-9.05%

EUR 84.48

-32.52%

 

 

Italian Base

Mar-26

EUR 110.42

EUR 112.41

-1.77%

-EUR 1.99

EUR 109.40

0.93%

EUR 130.24

-15.22%

 

 

JKM LNG

Mar-26

$10.66

$10.92

-2.31%

-$0.25

$9.93

7.40%

$15.71

-32.12%

 

 

 

 

Freight Forwards (WET & DRY)

 

OTCGH/EOXLive Market Data

 

 

 

Contract

2/10/26

2/9/26

% Change

Change

1/12/26

% Change

2/10/25

% Change

 

 

TD3C FFA Middle East to China (WET)

Mar-26

$31.75

$33.56

-5.39%

-$1.81

$29.85

6.35%

$49.16

-35.42%

 

 

USGC-UK Continent Dirty (WET)

Mar-26

$74.35

$79.01

-5.90%

-$4.66

$73.39

1.30%

$125.85

-40.92%

 

 

TD20 West Africa to UK Continent (WET)

Mar-26

$88.69

$92.44

-4.06%

-$3.75

$90.53

-2.03%

$106.70

-16.88%

 

 

LPG FFA Middle East Gulf to East (WET)

Mar-26

$79.62

$81.04

-1.75%

-$1.42

$77.24

3.08%

$106.65

-25.34%

 

 

TC5 FFA Arabian Gulf to Japan (WET)

Mar-26

$57.01

$62.95

-9.44%

-$5.94

$62.68

-9.05%

$84.48

-32.52%

 

 

Supramax Timecharter (DRY)

Mar-26

$110.42

$112.41

-1.77%

-$1.99

$109.40

0.93%

$130.24

-15.22%

 

 

Capesize Timecharter (DRY)

Mar-26

$10.66

$10.92

-2.31%

-$0.25

$9.93

7.40%

$15.71

-32.12%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

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