Morning Report: Gas * Power * NGL * Crude * Products * Vols — Feb-12-2026

Feb 12, 2026

  

 

 

 

 

 

 

 

 

 

Prices as of 8:05 AM CST

 

 

 

 

 

 

 

Current Price

Previous Settle

% Change

Change

Volume

 

 

Natural Gas

$3.271

$3.159

3.55%

$0.112

35,643

 

 

WTI

$64.32

$64.63

-0.48%

-$0.31

60,505

 

 

Brent

$68.97

$69.40

-0.62%

-$0.43

13,663

 

 

ULSD

$2.420

$2.440

-0.82%

-$0.020

8,354

 

 

RBOB

$1.955

$1.979

-1.22%

-$0.024

4,387

 

 

 

 

Spreads

 

 

 

 

 

 

 

Current

Previous

% Change

Change

Contract

 

 

WTI-Brent

$4.92

$4.94

-0.40%

-$0.02

Apr-26

 

 

3:2:1 Crack

$29.83

$30.36

-1.76%

-$0.53

Mar-26

 

 

PJM West Spark

$48.30

$46.80

3.21%

$1.50

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

2/11/26

2/10/26

% Change

Change

1/13/26

% Change

2/11/25

% Change

 

 

PJM West On Peak

Mar-26

$55.29

$53.55

3.25%

$1.74

$47.24

17.04%

$52.78

4.76%

 

 

ERCOT North On Peak

Mar-26

$29.43

$30.03

-1.98%

-$0.60

$31.77

-7.35%

$42.32

-30.45%

 

 

CAISO SP 15 On Peak

Mar-26

$17.00

$16.46

3.26%

$0.54

$13.56

25.36%

$13.90

22.28%

 

 

MISO Indiana On Peak

Mar-26

$40.79

$40.67

0.30%

$0.12

$37.64

8.38%

$48.89

-16.57%

 

 

NEISO Mass On Peak

Mar-26

$66.37

$67.63

-1.86%

-$1.26

$63.04

5.28%

$66.54

-0.26%

 

 

WECC Mid C On Peak

Mar-26

$29.74

$31.00

-4.06%

-$1.26

$22.00

35.19%

$42.84

-30.57%

 

 

NYISO Zone G On Peak

Mar-26

$64.97

$65.67

-1.06%

-$0.70

$57.06

13.86%

$53.59

21.25%

 

 

 

 

 

Natural Gas & Basis

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

2/11/26

2/10/26

% Change

Change

1/13/26

% Change

2/11/25

% Change

 

 

NYMEX Henry Hub

Mar-26

$3.159

$3.115

1.41%

$0.04

$2.88

9.61%

$4.01

-21.26%

 

 

Houston Ship Channel

Mar-26

-$0.587

-$0.555

5.86%

-$0.03

-$0.38

54.81%

-$0.49

20.69%

 

 

Chicago

Mar-26

-$0.120

-$0.101

-15.58%

-$0.02

-$0.15

-19.84%

-$0.09

27.25%

 

 

Waha

Mar-26

-$3.839

-$3.825

-0.36%

-$0.01

-$3.20

19.86%

-$2.68

43.25%

 

 

Algonquin

Mar-26

$3.125

$3.275

-4.58%

-$0.15

$2.27

37.87%

$2.62

19.49%

 

 

Aeco

Mar-26

-$1.855

-$1.755

5.70%

-$0.10

-$1.40

32.08%

-$1.78

3.92%

 

 

Socal

Mar-26

-$1.285

-$1.185

8.44%

-$0.10

-$1.05

22.91%

-$0.39

227.22%

 

 

 

 

 

Natural Gas Liquids

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

2/11/26

2/10/26

% Change

Change

1/13/26

% Change

2/11/25

% Change

 

 

Mt. Belvieu Propane LST

Mar-26

$0.653

$0.625

4.40%

$0.03

$0.63

3.58%

$0.79

-17.53%

 

 

Mt. Belvieu Propane non LST

Mar-26

$0.635

$0.625

1.60%

$0.01

$0.62

2.84%

$0.79

-19.57%

 

 

Mt. Belview Ethane

Mar-26

$0.233

$0.233

0.00%

$0.00

$0.21

9.44%

$0.29

-19.13%

 

 

Mt. Belview Nat. Gasoline

Mar-26

$1.335

$1.320

1.14%

$0.01

$1.25

6.51%

$1.42

-5.80%

 

 

Mt. Belvieu Butane LST

Mar-26

$0.777

$0.774

0.44%

$0.00

$0.71

9.36%

$0.90

-13.75%

 

 

Far East Propane

Mar-26

$5.437

$5.467

-0.55%

-$0.03

$5.05

7.65%

$5.60

-2.85%

 

 

Saudi Propane

Mar-26

$5.380

$5.380

0.00%

$0.00

$5.13

4.88%

$5.32

1.06%

 

 

 

 

Crude Oil

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

2/11/26

2/10/26

% Change

Change

1/13/26

% Change

2/11/25

% Change

 

 

WTI

Apr-26

$64.46

$63.79

1.04%

$0.67

$60.65

6.28%

$68.39

-5.75%

 

 

Brent

Apr-26

$69.40

$68.80

0.86%

$0.60

$64.75

7.18%

$72.21

-3.89%

 

 

WCS

Apr-26

-$15.30

-$15.10

1.31%

-$0.20

-$14.05

8.90%

-$14.25

7.37%

 

 

LLS

Apr-26

$66.48

$64.99

2.25%

$1.49

$61.84

7.50%

$69.80

-4.75%

 

 

Mars

Apr-26

$63.72

$62.16

2.46%

$1.57

$58.27

9.35%

$67.75

-5.95%

 

 

Sour

Apr-26

$65.32

$63.87

2.22%

$1.45

$60.87

7.32%

$67.45

-3.15%

 

 

ESPO

Apr-26

$67.40

$66.80

0.89%

$0.60

$62.75

7.41%

$70.21

-4.00%

 

 

 

 

Refined Products

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

2/11/26

2/10/26

% Change

Change

1/13/26

% Change

2/11/25

% Change

 

 

NY Heating Oil

Mar-26

$2.45

$2.40

1.96%

$0.05

$2.22

10.02%

$2.32

5.56%

 

 

NY Gasoline

Mar-26

$1.99

$1.96

1.22%

$0.02

$1.84

7.99%

$1.96

1.43%

 

 

GC Gasoline

Mar-26

$1.85

$1.82

1.32%

$0.02

$1.70

8.65%

$1.86

-0.65%

 

 

GC Jet

Mar-26

$2.15

$2.14

0.28%

$0.01

$2.06

4.27%

$2.17

-0.97%

 

 

Chicago Ethanol

Mar-26

$1.68

$1.66

1.20%

$0.02

$1.57

6.80%

$1.69

-0.53%

 

 

Rotterdam Gasoil

Mar-26

$630.75

$626.25

0.72%

$4.50

$606.59

3.98%

$642.10

-1.77%

 

 

Singapore Jet Kero

Mar-26

$87.70

$86.61

1.25%

$1.09

$82.97

5.70%

$88.97

-1.43%

 

 

 

 

Implied Volatilities

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

2/11/26

2/10/26

% Change

Change

1/13/26

% Change

2/11/25

% Change

 

 

Henry Hub Straddle

Mar-26

72.20%

76.77%

-5.95%

-4.57%

62.20%

16.08%

45.70%

57.99%

 

 

Algonquin Straddle

Mar-26

67.17%

69.87%

-3.86%

-2.70%

82.82%

-18.90%

70.12%

-4.21%

 

 

Waha Straddle

Mar-26

1339.69%

1340.62%

-0.07%

-0.93%

1412.38%

-5.15%

90.29%

1383.76%

 

 

Chicago Straddle

Mar-26

89.69%

94.66%

-5.25%

-4.97%

67.15%

33.57%

49.96%

79.52%

 

 

PJM West Straddle

Mar-26

89.74%

88.96%

0.88%

0.78%

51.14%

75.48%

41.86%

114.38%

 

 

SP – 15 Straddle

Mar-26

339.57%

334.37%

1.56%

5.20%

210.44%

61.36%

61.07%

456.03%

 

 

Mid. C Straddle

Mar-26

11.13%

19.88%

-44.01%

-8.75%

56.89%

-80.44%

67.96%

-83.62%

 

 

 

 

Euro Gas and Power/LNG

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

2/11/26

2/10/26

% Change

Change

1/13/26

% Change

2/11/25

% Change

 

 

Dutch TTF

Mar-26

EUR 32.22

EUR 31.75

1.50%

EUR 0.47

EUR 30.30

6.35%

EUR 48.64

-33.75%

 

 

NBP

Mar-26

GBP 75.54

GBP 74.35

1.60%

GBP 1.19

GBP 74.23

1.76%

GBP 125.62

-39.87%

 

 

German Base

Mar-26

EUR 88.00

EUR 88.69

-0.78%

-EUR 0.69

EUR 90.06

-2.29%

EUR 103.91

-15.31%

 

 

UK Base

Mar-26

GBP 75.78

GBP 79.62

-4.83%

-GBP 3.85

GBP 78.14

-3.02%

GBP 105.26

-28.01%

 

 

French Base

Mar-26

EUR 56.26

EUR 57.01

-1.32%

-EUR 0.75

EUR 63.95

-12.03%

EUR 85.34

-34.08%

 

 

Italian Base

Mar-26

EUR 107.78

EUR 110.42

-2.39%

-EUR 2.64

EUR 111.23

-3.10%

EUR 127.43

-15.43%

 

 

JKM LNG

Mar-26

$11.18

$10.66

4.87%

$0.52

$9.88

13.26%

$15.35

-27.14%

 

 

 

 

Freight Forwards (WET & DRY)

 

OTCGH/EOXLive Market Data

 

 

 

Contract

2/11/26

2/10/26

% Change

Change

1/13/26

% Change

2/11/25

% Change

 

 

TD3C FFA Middle East to China (WET)

Mar-26

$32.22

$31.75

1.50%

$0.47

$30.30

6.35%

$48.64

-33.75%

 

 

USGC-UK Continent Dirty (WET)

Mar-26

$75.54

$74.35

1.60%

$1.19

$74.23

1.76%

$125.62

-39.87%

 

 

TD20 West Africa to UK Continent (WET)

Mar-26

$88.00

$88.69

-0.78%

-$0.69

$90.06

-2.29%

$103.91

-15.31%

 

 

LPG FFA Middle East Gulf to East (WET)

Mar-26

$75.78

$79.62

-4.83%

-$3.85

$78.14

-3.02%

$105.26

-28.01%

 

 

TC5 FFA Arabian Gulf to Japan (WET)

Mar-26

$56.26

$57.01

-1.32%

-$0.75

$63.95

-12.03%

$85.34

-34.08%

 

 

Supramax Timecharter (DRY)

Mar-26

$107.78

$110.42

-2.39%

-$2.64

$111.23

-3.10%

$127.43

-15.43%

 

 

Capesize Timecharter (DRY)

Mar-26

$11.18

$10.66

4.87%

$0.52

$9.88

13.26%

$15.35

-27.14%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

 

 

 

 

 

 

 

 

 

 

 

 

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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