Morning Report: Gas * Power * NGL * Crude * Products * Vols — Feb-25-2026

Feb 25, 2026

  

 

 

 

 

 

 

 

 

 

Prices as of 9:09 AM CST

 

 

 

 

 

 

 

Current Price

Previous Settle

% Change

Change

Volume

 

 

Natural Gas

$2.960

$2.915

1.54%

$0.045

1,402

 

 

WTI

$65.57

$65.63

-0.09%

-$0.06

117,509

 

 

Brent

$70.81

$70.77

0.06%

$0.04

6,974

 

 

ULSD

$2.606

$2.687

-3.00%

-$0.081

9,301

 

 

RBOB

$1.988

$1.971

0.83%

$0.016

3,227

 

 

 

 

Spreads

 

 

 

 

 

 

 

Current

Previous

% Change

Change

Contract

 

 

WTI-Brent

$5.33

$5.14

3.70%

$0.19

Apr-26

 

 

3:2:1 Crack

$32.14

$32.02

0.37%

$0.12

Apr-26

 

 

PJM West Spark

$44.56

$46.30

-3.76%

-$1.74

Mar-26

 

 

 

 

Baker Hughes Rig Count

 

 

 

 

 

 

 

Date

Count

Change

1 Year Chg.

1 Year Date

 

 

U.S.

02/20/26

551

0

-41

02/21/25

 

 

Canada

02/20/26

224

2

-20

02/21/25

 

 

International

Jan-2026

1079

14

-20

Jan-2025

 

 

 

 

CFTC Net Positions

 

 

 

 

 

 

As of 2/17/2026

Open Interest

Total Net Long

Total Net Short

Diff

 

 

PJM West On Peak

127,340

126,983

126,708

275

 

 

PJM West Off Peak

121,201

120,826

120,673

153

 

 

Natural Gas Henry Hub

379,727

367,004

358,264

8,740

 

 

WTI – Light Sweet Crude Futures

176,823

148,733

144,273

4,460

 

 

Brent Crude Last Day

349,606

342,433

343,126

-693

 

 

NYM Ethanol

45,084

44,197

44,478

-281

 

 

Mt Belvieu LDH Propane Swap

128,372

127,784

127,805

-21

 

 

RBOB

466,515

438,086

451,411

-13,325

 

 

HSC Basis

832,199

825,720

826,108

-388

 

 

 

 

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

 

 

 

 

02/19/21

 

 

 

2/13/26

2/6/26

Net Change

% Change

2/14/25

% Change

5 Year Avg.

% Change

 

 

East

388

438

-50

-11.42%

419

-7.40%

445

-12.73%

 

 

Midwest

457

510

-53

-10.39%

494

-7.49%

532

-14.03%

 

 

Mountain

207

209

-2

-0.96%

182

13.74%

138

50.22%

 

 

Pacific

271

273

-2

-0.73%

208

30.29%

185

46.17%

 

 

South

747

784

-37

-4.72%

799

-6.51%

799

-6.48%

 

 

    Salt

168

176

-8

-4.55%

214

-21.50%

214

-21.64%

 

 

    Non_Salt

579

608

-29

-4.77%

585

-1.03%

584

-0.92%

 

 

Total

2,070

2,214

-144

-6.50%

2,101

-1.48%

2,098

-1.34%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Power Generation Additions/Retirements

 

 

  

 

Front Month Prices

 

 

 

 

 

 

 

 

 

 

 

 

 

Electricity

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

2/24/26

2/23/26

% Change

Change

1/26/26

% Change

2/24/25

% Change

 

 

PJM West On Peak

Mar-26

$50.90

$52.53

-3.11%

-$1.64

$62.31

-18.31%

$51.43

-1.04%

 

 

ERCOT North On Peak

Mar-26

$24.26

$24.70

-1.78%

-$0.44

$31.27

-22.43%

$41.78

-41.93%

 

 

CAISO SP 15 On Peak

Mar-26

$12.50

$15.00

-16.67%

-$2.50

$16.59

-24.68%

$13.60

-8.06%

 

 

MISO Indiana On Peak

Mar-26

$37.55

$38.66

-2.88%

-$1.11

$50.05

-24.99%

$47.30

-20.61%

 

 

NEISO Mass On Peak

Mar-26

$60.80

$61.02

-0.37%

-$0.22

$70.44

-13.69%

$65.68

-7.44%

 

 

WECC Mid C On Peak

Mar-26

$24.96

$26.00

-4.00%

-$1.04

$29.77

-16.17%

$44.39

-43.77%

 

 

NYISO Zone G On Peak

Mar-26

$57.06

$57.90

-1.45%

-$0.84

$68.77

-17.03%

$59.29

-3.77%

 

 

 

 

 

Natural Gas & Basis

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

2/24/26

2/23/26

% Change

Change

1/26/26

% Change

2/24/25

% Change

 

 

NYMEX Henry Hub

Mar-26

$2.915

$2.985

-2.35%

-$0.07

$3.90

-25.22%

$4.15

-29.74%

 

 

Houston Ship Channel

Mar-26

-$0.618

-$0.614

0.60%

$0.00

-$1.03

-40.15%

-$0.45

38.30%

 

 

Chicago

Mar-26

-$0.240

-$0.235

-1.92%

$0.00

$0.04

-752.17%

-$0.13

85.19%

 

 

Waha

Mar-26

-$5.085

-$5.185

-1.93%

$0.10

-$3.66

38.93%

-$3.02

68.62%

 

 

Algonquin

Mar-26

$2.000

$2.500

-20.00%

-$0.50

$2.46

-18.72%

$2.67

-25.09%

 

 

Aeco

Mar-26

-$1.590

-$1.670

-4.79%

$0.08

-$3.22

-50.57%

-$2.07

-23.36%

 

 

Socal

Mar-26

-$1.340

-$1.403

-4.49%

$0.06

-$1.75

-23.49%

-$0.57

136.83%

 

 

 

 

 

Natural Gas Liquids

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

2/24/26

2/23/26

% Change

Change

1/26/26

% Change

2/24/25

% Change

 

 

Mt. Belvieu Propane LST

Mar-26

$0.633

$0.648

-2.32%

-$0.02

$0.66

-4.16%

$0.79

-20.19%

 

 

Mt. Belvieu Propane non LST

Mar-26

$0.600

$0.616

-2.64%

-$0.02

$0.65

-7.42%

$0.79

-24.20%

 

 

Mt. Belview Ethane

Mar-26

$0.215

$0.223

-3.37%

-$0.01

$0.26

-18.10%

$0.28

-24.00%

 

 

Mt. Belview Nat. Gasoline

Mar-26

$1.329

$1.322

0.51%

$0.01

$1.26

5.80%

$1.39

-4.69%

 

 

Mt. Belvieu Butane LST

Mar-26

$0.756

$0.766

-1.29%

-$0.01

$0.77

-1.45%

$0.91

-16.90%

 

 

Far East Propane

Mar-26

$5.620

$5.587

0.60%

$0.03

$5.23

7.49%

$5.54

1.37%

 

 

Saudi Propane

Mar-26

$5.370

$5.380

-0.19%

-$0.01

$5.25

2.38%

$5.37

-0.02%

 

 

 

 

Crude Oil

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

2/24/26

2/23/26

% Change

Change

1/26/26

% Change

2/24/25

% Change

 

 

WTI

Apr-26

$65.63

$66.31

-1.04%

-$0.68

$60.42

8.62%

$66.69

-1.59%

 

 

Brent

Apr-26

$70.77

$71.49

-1.02%

-$0.72

$64.77

9.26%

$70.50

0.38%

 

 

WCS

Apr-26

-$14.19

-$14.43

-1.69%

$0.24

-$14.90

-4.75%

-$14.60

-2.79%

 

 

LLS

Apr-26

$67.50

$67.28

0.32%

$0.22

$61.90

9.04%

$69.08

-2.29%

 

 

Mars

Apr-26

$65.22

$65.26

-0.06%

-$0.04

$57.96

12.53%

$67.43

-3.26%

 

 

Sour

Apr-26

$66.25

$66.11

0.21%

$0.14

$60.86

8.87%

$66.81

-0.83%

 

 

ESPO

Apr-26

$68.77

$69.49

-1.05%

-$0.72

$62.77

9.56%

$68.50

0.39%

 

 

 

 

Refined Products

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

2/24/26

2/23/26

% Change

Change

1/26/26

% Change

2/24/25

% Change

 

 

NY Heating Oil

Mar-26

$2.72

$2.64

2.92%

$0.08

$2.35

15.38%

$2.26

20.28%

 

 

NY Gasoline

Mar-26

$1.99

$2.00

-0.40%

-$0.01

$2.06

-3.25%

$1.92

4.02%

 

 

GC Gasoline

Mar-26

$1.85

$1.86

-0.43%

-$0.01

$1.92

-3.49%

$1.82

2.04%

 

 

GC Jet

Mar-26

$2.27

$2.32

-2.03%

-$0.05

$2.06

10.25%

$2.10

8.30%

 

 

Chicago Ethanol

Mar-26

$1.73

$1.74

-0.29%

$0.00

$1.66

4.15%

$1.68

2.97%

 

 

Rotterdam Gasoil

Mar-26

$639.00

$640.50

-0.23%

-$1.50

$588.01

8.67%

$618.27

3.35%

 

 

Singapore Jet Kero

Mar-26

$91.65

$91.61

0.04%

$0.04

$84.94

7.90%

$85.79

6.83%

 

 

 

 

Implied Volatilities

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

2/24/26

2/23/26

% Change

Change

1/26/26

% Change

2/24/25

% Change

 

 

Henry Hub Straddle

Apr-26

55.12%

59.15%

-6.81%

-4.03%

60.91%

-9.51%

35.37%

55.84%

 

 

Algonquin Straddle

Apr-26

114.48%

85.77%

33.47%

28.71%

57.15%

100.31%

35.42%

223.21%

 

 

Waha Straddle

Apr-26

1209.45%

1218.77%

-0.76%

-9.32%

1128.36%

7.19%

384.04%

214.93%

 

 

Chicago Straddle

Apr-26

59.13%

61.83%

-4.37%

-2.70%

65.21%

-9.32%

37.88%

56.10%

 

 

PJM West Straddle

Apr-26

41.65%

45.03%

-7.51%

-3.38%

37.07%

12.36%

48.16%

-13.52%

 

 

SP – 15 Straddle

Apr-26

334.59%

326.89%

2.36%

7.70%

250.82%

33.40%

198.59%

68.48%

 

 

Mid. C Straddle

Apr-26

33.57%

23.80%

41.05%

9.77%

32.67%

2.75%

23.10%

45.32%

 

 

 

 

Euro Gas and Power/LNG

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

2/24/26

2/23/26

% Change

Change

1/26/26

% Change

2/24/25

% Change

 

 

Dutch TTF

Apr-26

EUR 30.14

EUR 31.25

-3.55%

-EUR 1.11

EUR 33.16

-9.12%

EUR 37.38

-19.36%

 

 

NBP

Apr-26

GBP 73.08

GBP 76.19

-4.08%

-GBP 3.11

GBP 79.70

-8.31%

GBP 95.38

-23.38%

 

 

German Base

Apr-26

EUR 72.28

EUR 74.03

-2.36%

-EUR 1.75

EUR 82.27

-12.14%

EUR 78.43

-7.85%

 

 

UK Base

Apr-26

GBP 69.25

GBP 69.39

-0.19%

-GBP 0.13

GBP 79.97

-13.40%

GBP 72.62

-4.64%

 

 

French Base

Apr-26

EUR 33.81

EUR 35.71

-5.32%

-EUR 1.90

EUR 44.85

-24.62%

EUR 45.07

-24.99%

 

 

Italian Base

Apr-26

EUR 89.07

EUR 93.01

-4.24%

-EUR 3.95

EUR 107.64

-17.26%

EUR 100.90

-11.73%

 

 

JKM LNG

Apr-26

$10.67

$10.68

-0.08%

-$0.01

$11.39

-6.32%

$13.89

-23.21%

 

 

 

 

Freight Forwards (WET & DRY)

 

OTCGH/EOXLive Market Data

 

 

 

Contract

2/24/26

2/23/26

% Change

Change

1/26/26

% Change

2/24/25

% Change

 

 

TD3C FFA Middle East to China (WET)

Apr-26

$30.14

$31.25

-3.55%

-$1.11

$33.16

-9.12%

$37.38

-19.36%

 

 

USGC-UK Continent Dirty (WET)

Apr-26

$73.08

$76.19

-4.08%

-$3.11

$79.70

-8.31%

$95.38

-23.38%

 

 

TD20 West Africa to UK Continent (WET)

Apr-26

$72.28

$74.03

-2.36%

-$1.75

$82.27

-12.14%

$78.43

-7.85%

 

 

LPG FFA Middle East Gulf to East (WET)

Apr-26

$69.25

$69.39

-0.19%

-$0.13

$79.97

-13.40%

$72.62

-4.64%

 

 

TC5 FFA Arabian Gulf to Japan (WET)

Apr-26

$33.81

$35.71

-5.32%

-$1.90

$44.85

-24.62%

$45.07

-24.99%

 

 

Supramax Timecharter (DRY)

Apr-26

$89.07

$93.01

-4.24%

-$3.95

$107.64

-17.26%

$100.90

-11.73%

 

 

Capesize Timecharter (DRY)

Apr-26

$10.67

$10.68

-0.08%

-$0.01

$11.39

-6.32%

$13.89

-23.21%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

 

 

 

 

 

 

 

 

 

 

 

 

Cooling Degree Days

 

 

 

 

 

 

02/21/2026

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

13

5

4

36

-19

-7

NA

NA

 

 

E S Central

3

2

3

3

-6

2

NA

NA

 

 

W S Central

15

11

15

40

15

13

NA

NA

 

 

Mountain

0

-1

0

0

-3

-1

NA

NA

 

 

Pacific

0

0

0

0

-2

0

NA

NA

 

 

United States

4

2

3

11

-3

0

NA

NA

 

 

 

 

Heating Degree Days

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

02/21/2026

Week Tot

Dev Norm

Dev L YR

Cum Tot

CumD Norm

CumD L YR

CumD Norm

CumD L YR

 

 

New England

245

-16

-55

4,651

130

291

3.00%

7.00%

 

 

Middle Atlantic

205

-37

-81

4,216

112

347

3.00%

9.00%

 

 

E N Central

171

-88

-175

4,505

-88

220

-2.00%

5.00%

 

 

W N Central

187

-74

-221

4,317

-603

-285

-12.00%

-6.00%

 

 

South Atlantic

77

-46

-71

2,147

27

127

1.00%

6.00%

 

 

E S Central

74

-76

-144

2,546

-170

70

-6.00%

3.00%

 

 

W S Central

39

-59

-152

1,425

-401

-179

-22.00%

-11.00%

 

 

Mountain

193

14

-9

2,854

-813

-517

-22.00%

-15.00%

 

 

Pacific

154

47

45

1,687

-466

-356

-22.00%

-17.00%

 

 

United States

141

-37

-91

3,014

-208

-1

-6.00%

0.00%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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.