Morning Report: Gas * Power * NGL * Crude * Products * Vols — Feb-17-2026

Feb 17, 2026

  

 

 

 

 

 

 

 

 

 

Prices as of 7:05 AM CST

 

 

 

 

 

 

 

Current Price

Previous Settle

% Change

Change

Volume

 

 

Natural Gas

$3.137

$3.243

-3.27%

-$0.106

70,771

 

 

WTI

$63.87

$62.89

1.56%

$0.98

107,239

 

 

Brent

$68.76

$67.75

1.49%

$1.01

31,291

 

 

ULSD

$2.438

$2.388

2.10%

$0.050

14,404

 

 

RBOB

$1.931

$1.911

1.07%

$0.020

7,115

 

 

 

 

Spreads

 

 

 

 

 

 

 

Current

Previous

% Change

Change

Contract

 

 

WTI-Brent

$5.12

$5.00

2.40%

$0.12

Apr-26

 

 

3:2:1 Crack

$29.67

$29.37

1.00%

$0.29

Mar-26

 

 

PJM West Spark

$48.96

$49.24

-0.57%

-$0.28

Mar-26

 

 

 

 

Baker Hughes Rig Count

 

 

 

 

 

 

 

Date

Count

Change

1 Year Chg.

1 Year Date

 

 

U.S.

02/13/26

551

0

-37

02/14/25

 

 

Canada

02/13/26

222

-6

-23

02/14/25

 

 

International

Jan-2026

1079

14

-20

Jan-2025

 

 

 

 

CFTC Net Positions

 

 

 

 

 

 

As of 2/10/2026

Open Interest

Total Net Long

Total Net Short

Diff

 

 

PJM West On Peak

125,300

124,948

124,720

228

 

 

PJM West Off Peak

118,932

118,575

118,458

117

 

 

Natural Gas Henry Hub

373,447

360,724

353,184

7,540

 

 

WTI – Light Sweet Crude Futures

172,532

145,095

139,555

5,540

 

 

Brent Crude Last Day

352,270

345,298

346,522

-1,224

 

 

NYM Ethanol

43,421

42,495

42,779

-284

 

 

Mt Belvieu LDH Propane Swap

125,076

124,503

124,569

-66

 

 

RBOB

465,083

435,117

448,875

-13,758

 

 

HSC Basis

814,578

809,021

807,007

2,014

 

 

 

 

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

 

 

 

 

02/12/21

 

 

 

2/6/26

1/30/26

Net Change

% Change

2/7/25

% Change

5 Year Avg.

% Change

 

 

East

438

502

-64

-12.75%

468

-6.41%

484

-9.58%

 

 

Midwest

510

584

-74

-12.67%

559

-8.77%

581

-12.28%

 

 

Mountain

209

213

-4

-1.88%

193

8.29%

147

41.98%

 

 

Pacific

273

272

1

0.37%

224

21.88%

198

38.02%

 

 

South

784

891

-107

-12.01%

853

-8.09%

847

-7.44%

 

 

    Salt

176

228

-52

-22.81%

229

-23.14%

234

-24.66%

 

 

    Non_Salt

608

663

-55

-8.30%

624

-2.56%

614

-0.91%

 

 

Total

2,214

2,463

-249

-10.11%

2,297

-3.61%

2,258

-1.95%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Power Generation Additions/Retirements

 

 

  

 

Front Month Prices

 

 

 

 

 

 

 

 

 

 

 

 

 

Electricity

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

2/13/26

2/12/26

% Change

Change

1/15/26

% Change

2/13/25

% Change

 

 

PJM West On Peak

Mar-26

$55.65

$56.18

-0.94%

-$0.53

$44.55

24.92%

$53.06

4.88%

 

 

ERCOT North On Peak

Mar-26

$28.24

$30.99

-8.88%

-$2.75

$27.80

1.60%

$41.33

-31.66%

 

 

CAISO SP 15 On Peak

Mar-26

$16.25

$17.25

-5.80%

-$1.00

$11.87

36.89%

$13.02

24.84%

 

 

MISO Indiana On Peak

Mar-26

$42.22

$41.66

1.36%

$0.57

$37.00

14.10%

$48.96

-13.77%

 

 

NEISO Mass On Peak

Mar-26

$66.58

$67.89

-1.92%

-$1.30

$58.50

13.82%

$69.64

-4.39%

 

 

WECC Mid C On Peak

Mar-26

$29.50

$29.92

-1.39%

-$0.42

$20.90

41.18%

$43.26

-31.80%

 

 

NYISO Zone G On Peak

Mar-26

$65.19

$65.59

-0.60%

-$0.40

$54.07

20.56%

$59.85

8.92%

 

 

 

 

 

Natural Gas & Basis

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

2/13/26

2/12/26

% Change

Change

1/15/26

% Change

2/13/25

% Change

 

 

NYMEX Henry Hub

Mar-26

$3.243

$3.217

0.81%

$0.03

$2.67

21.51%

$4.05

-19.97%

 

 

Houston Ship Channel

Mar-26

-$0.707

-$0.640

10.55%

-$0.07

-$0.38

86.23%

-$0.48

47.89%

 

 

Chicago

Mar-26

-$0.165

-$0.123

-25.76%

-$0.04

-$0.13

22.61%

-$0.12

36.24%

 

 

Waha

Mar-26

-$4.102

-$4.000

-2.56%

-$0.10

-$3.00

36.94%

-$2.71

51.20%

 

 

Algonquin

Mar-26

$3.425

$3.050

12.30%

$0.38

$2.15

59.38%

$2.90

17.92%

 

 

Aeco

Mar-26

-$1.890

-$1.880

0.53%

-$0.01

-$1.23

53.88%

-$1.86

1.41%

 

 

Socal

Mar-26

-$1.410

-$1.360

3.68%

-$0.05

-$0.98

44.42%

-$0.47

199.43%

 

 

 

 

 

Natural Gas Liquids

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

2/13/26

2/12/26

% Change

Change

1/15/26

% Change

2/13/25

% Change

 

 

Mt. Belvieu Propane LST

Mar-26

$0.633

$0.636

-0.59%

$0.00

$0.61

3.67%

$0.79

-19.46%

 

 

Mt. Belvieu Propane non LST

Mar-26

$0.613

$0.615

-0.25%

$0.00

$0.60

2.44%

$0.79

-22.14%

 

 

Mt. Belview Ethane

Mar-26

$0.225

$0.231

-2.70%

-$0.01

$0.19

15.46%

$0.29

-22.87%

 

 

Mt. Belview Nat. Gasoline

Mar-26

$1.290

$1.283

0.58%

$0.01

$1.22

6.13%

$1.38

-6.40%

 

 

Mt. Belvieu Butane LST

Mar-26

$0.742

$0.755

-1.74%

-$0.01

$0.71

4.78%

$0.89

-16.30%

 

 

Far East Propane

Mar-26

$5.302

$5.434

-2.43%

-$0.13

$5.02

5.63%

$5.50

-3.59%

 

 

Saudi Propane

Mar-26

$5.260

$5.340

-1.50%

-$0.08

$5.08

3.53%

$5.32

-1.12%

 

 

 

 

Crude Oil

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

2/13/26

2/12/26

% Change

Change

1/15/26

% Change

2/13/25

% Change

 

 

WTI

Apr-26

$62.75

$62.65

0.16%

$0.10

$58.92

6.50%

$67.07

-6.44%

 

 

Brent

Apr-26

$67.75

$67.52

0.34%

$0.23

$63.08

7.40%

$70.78

-4.28%

 

 

WCS

Apr-26

-$15.50

-$15.50

0.01%

$0.00

-$12.81

21.02%

-$14.60

6.17%

 

 

LLS

Apr-26

$64.08

$64.46

-0.60%

-$0.38

$59.93

6.93%

$69.81

-8.21%

 

 

Mars

Apr-26

$61.62

$61.91

-0.47%

-$0.29

$57.17

7.79%

$67.76

-9.06%

 

 

Sour

Apr-26

$62.95

$63.38

-0.69%

-$0.43

$58.96

6.75%

$67.27

-6.43%

 

 

ESPO

Apr-26

$65.75

$65.52

0.35%

$0.23

$61.08

7.65%

$68.78

-4.41%

 

 

 

 

Refined Products

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

2/13/26

2/12/26

% Change

Change

1/15/26

% Change

2/13/25

% Change

 

 

NY Heating Oil

Mar-26

$2.38

$2.39

-0.38%

-$0.01

$2.19

8.85%

$2.26

5.76%

 

 

NY Gasoline

Mar-26

$1.90

$1.95

-2.31%

-$0.05

$1.81

5.14%

$1.91

-0.68%

 

 

GC Gasoline

Mar-26

$1.76

$1.81

-2.49%

-$0.05

$1.67

5.57%

$1.82

-2.92%

 

 

GC Jet

Mar-26

$2.06

$2.19

-6.33%

-$0.14

$2.01

2.49%

$2.09

-1.77%

 

 

Chicago Ethanol

Mar-26

$1.68

$1.69

-0.71%

-$0.01

$1.55

7.91%

$1.70

-1.41%

 

 

Rotterdam Gasoil

Mar-26

$603.25

$605.50

-0.37%

-$2.25

$584.41

3.22%

$598.31

0.83%

 

 

Singapore Jet Kero

Mar-26

$84.99

$87.20

-2.53%

-$2.21

$81.43

4.38%

$86.33

-1.55%

 

 

 

 

Implied Volatilities

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

2/13/26

2/12/26

% Change

Change

1/15/26

% Change

2/13/25

% Change

 

 

Henry Hub Straddle

Apr-26

65.15%

60.63%

7.46%

4.52%

58.26%

11.83%

34.75%

87.48%

 

 

Algonquin Straddle

Apr-26

61.24%

56.06%

9.24%

5.18%

53.42%

14.64%

36.60%

67.32%

 

 

Waha Straddle

Apr-26

1426.91%

1495.72%

-4.60%

-68.81%

825.29%

72.90%

344.58%

314.10%

 

 

Chicago Straddle

Apr-26

67.82%

62.68%

8.20%

5.14%

59.24%

14.48%

36.74%

84.59%

 

 

PJM West Straddle

Apr-26

43.33%

43.11%

0.51%

0.22%

35.00%

23.80%

43.96%

-1.43%

 

 

SP – 15 Straddle

Apr-26

312.19%

311.67%

0.17%

0.52%

187.42%

66.57%

111.07%

181.08%

 

 

Mid. C Straddle

Apr-26

40.12%

35.41%

13.30%

4.71%

20.78%

93.07%

16.17%

148.11%

 

 

 

 

Euro Gas and Power/LNG

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

2/13/26

2/12/26

% Change

Change

1/15/26

% Change

2/13/25

% Change

 

 

Dutch TTF

Apr-26

EUR 30.90

EUR 30.70

0.65%

EUR 0.20

EUR 29.67

4.16%

EUR 40.55

-23.81%

 

 

NBP

Apr-26

GBP 73.84

GBP 73.75

0.12%

GBP 0.09

GBP 71.43

3.38%

GBP 101.42

-27.19%

 

 

German Base

Apr-26

EUR 72.24

EUR 72.87

-0.86%

-EUR 0.63

EUR 80.11

-9.83%

EUR 83.37

-13.35%

 

 

UK Base

Apr-26

GBP 68.91

GBP 67.23

2.50%

GBP 1.68

GBP 74.04

-6.94%

GBP 79.11

-12.89%

 

 

French Base

Apr-26

EUR 34.99

EUR 34.02

2.86%

EUR 0.97

EUR 51.43

-31.96%

EUR 45.09

-22.38%

 

 

Italian Base

Apr-26

EUR 82.68

EUR 89.24

-7.35%

-EUR 6.56

EUR 97.77

-15.43%

EUR 117.85

-29.84%

 

 

JKM LNG

Apr-26

$10.91

$11.14

-2.06%

-$0.23

$10.19

7.05%

$15.35

-28.88%

 

 

 

 

Freight Forwards (WET & DRY)

 

OTCGH/EOXLive Market Data

 

 

 

Contract

2/13/26

2/12/26

% Change

Change

1/15/26

% Change

2/13/25

% Change

 

 

TD3C FFA Middle East to China (WET)

Apr-26

$30.90

$30.70

0.65%

$0.20

$29.67

4.16%

$40.55

-23.81%

 

 

USGC-UK Continent Dirty (WET)

Apr-26

$73.84

$73.75

0.12%

$0.09

$71.43

3.38%

$101.42

-27.19%

 

 

TD20 West Africa to UK Continent (WET)

Apr-26

$72.24

$72.87

-0.86%

-$0.63

$80.11

-9.83%

$83.37

-13.35%

 

 

LPG FFA Middle East Gulf to East (WET)

Apr-26

$68.91

$67.23

2.50%

$1.68

$74.04

-6.94%

$79.11

-12.89%

 

 

TC5 FFA Arabian Gulf to Japan (WET)

Apr-26

$34.99

$34.02

2.86%

$0.97

$51.43

-31.96%

$45.09

-22.38%

 

 

Supramax Timecharter (DRY)

Apr-26

$82.68

$89.24

-7.35%

-$6.56

$97.77

-15.43%

$117.85

-29.84%

 

 

Capesize Timecharter (DRY)

Apr-26

$10.91

$11.14

-2.06%

-$0.23

$10.19

7.05%

$15.35

-28.88%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

 

 

 

 

 

 

 

 

 

 

 

 

Cooling Degree Days

 

 

 

 

 

 

02/14/2026

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

4

-3

-11

23

-25

-12

NA

NA

 

 

E S Central

0

0

-1

0

-8

-1

NA

NA

 

 

W S Central

12

8

5

26

5

-2

NA

NA

 

 

Mountain

0

-1

0

0

-2

-1

NA

NA

 

 

Pacific

0

0

0

0

-2

0

NA

NA

 

 

United States

2

1

-1

7

-5

-2

NA

NA

 

 

 

 

Heating Degree Days

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

02/14/2026

Week Tot

Dev Norm

Dev L YR

Cum Tot

CumD Norm

CumD L YR

CumD Norm

CumD L YR

 

 

New England

303

31

19

4,406

147

346

3.00%

9.00%

 

 

Middle Atlantic

291

38

38

4,012

150

428

4.00%

12.00%

 

 

E N Central

258

-16

-37

4,334

0

396

0.00%

10.00%

 

 

W N Central

187

-92

-165

4,129

-530

-63

-11.00%

-2.00%

 

 

South Atlantic

140

8

36

2,070

73

199

4.00%

11.00%

 

 

E S Central

127

-36

-4

2,472

-94

214

-4.00%

10.00%

 

 

W S Central

43

-67

-58

1,386

-342

-27

-20.00%

-2.00%

 

 

Mountain

138

-52

-87

2,661

-827

-508

-24.00%

-16.00%

 

 

Pacific

99

-13

-57

1,533

-513

-401

-25.00%

-21.00%

 

 

United States

174

-15

-26

2,872

-171

89

-6.00%

3.00%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

Weather Forecast & Seasonal Outlook

 

 

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