Morning Report: Gas * Power * NGL * Crude * Products * Vols — Jan-06-2026

Jan 6, 2026

  

 

 

 

 

 

 

 

 

 

Prices as of 7:59 AM CST

 

 

 

 

 

 

 

Current Price

Previous Settle

% Change

Change

Volume

 

 

Natural Gas

$3.368

$3.523

-4.40%

-$0.155

31,134

 

 

WTI

$58.57

$58.32

0.43%

$0.25

81,558

 

 

Brent

$62.04

$61.76

0.45%

$0.28

16,064

 

 

ULSD

$2.122

$2.143

-0.97%

-$0.021

9,011

 

 

RBOB

$1.724

$1.720

0.23%

$0.004

6,868

 

 

 

 

Spreads

 

 

 

 

 

 

 

Current

Previous

% Change

Change

Contract

 

 

WTI-Brent

$3.74

$3.68

1.63%

$0.06

Mar-26

 

 

3:2:1 Crack

$20.37

$20.63

-1.25%

-$0.26

Feb-26

 

 

PJM West Spark

$53.98

$54.93

-1.71%

-$0.94

Feb-26

 

 

 

 

Baker Hughes Rig Count

 

 

 

 

 

 

 

Date

Count

Change

1 Year Chg.

1 Year Date

 

 

U.S.

12/30/26

546

1

-43

01/03/25

 

 

Canada

12/30/26

101

-17

7

01/03/25

 

 

International

Dec-2025

1065

-8

-49

Dec-2024

 

 

 

 

CFTC Net Positions

 

 

 

 

 

 

As of 12/23/2025

Open Interest

Total Net Long

Total Net Short

Diff

 

 

PJM West On Peak

131,842

131,416

131,672

-256

 

 

PJM West Off Peak

123,642

123,281

123,474

-193

 

 

Natural Gas Henry Hub

361,638

347,237

348,929

-1,692

 

 

WTI – Light Sweet Crude Futures

174,882

147,581

139,041

8,540

 

 

Brent Crude Last Day

250,012

242,292

244,943

-2,651

 

 

NYM Ethanol

38,467

37,825

38,010

-185

 

 

Mt Belvieu LDH Propane Swap

138,475

137,895

138,027

-132

 

 

RBOB

421,249

397,080

402,784

-5,704

 

 

HSC Basis

799,197

791,753

794,583

-2,830

 

 

 

 

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

 

 

 

 

12/25/20

 

 

 

12/19/25

12/12/25

Net Change

% Change

12/20/24

% Change

5 Year Avg.

% Change

 

 

East

751

797

-46

-5.77%

792

-5.18%

786

-4.48%

 

 

Midwest

904

966

-62

-6.42%

960

-5.83%

947

-4.54%

 

 

Mountain

266

271

-5

-1.85%

267

-0.37%

210

26.79%

 

 

Pacific

303

304

-1

-0.33%

293

3.41%

252

20.05%

 

 

South

1,190

1,242

-52

-4.19%

1,217

-2.22%

1,168

1.90%

 

 

    Salt

323

338

-15

-4.44%

349

-7.45%

332

-2.77%

 

 

    Non_Salt

867

903

-36

-3.99%

868

-0.12%

836

3.76%

 

 

Total

3,413

3,579

-166

-4.64%

3,529

-3.29%

3,363

1.47%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Power Generation Additions/Retirements

 

 

  

 

Front Month Prices

 

 

 

 

 

 

 

 

 

 

 

 

 

Electricity

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

1/5/26

1/2/26

% Change

Change

12/4/25

% Change

1/3/25

% Change

 

 

PJM West On Peak

Feb-26

$61.17

$62.46

-2.07%

-$1.29

$80.62

-24.13%

$66.24

-7.65%

 

 

ERCOT North On Peak

Feb-26

$44.18

$48.66

-9.19%

-$4.47

$67.88

-34.91%

$69.14

-36.10%

 

 

CAISO SP 15 On Peak

Feb-26

$26.59

$28.00

-5.03%

-$1.41

$37.60

-29.28%

$51.64

-48.50%

 

 

MISO Indiana On Peak

Feb-26

$47.35

$47.73

-0.79%

-$0.38

$67.62

-29.98%

$57.08

-17.05%

 

 

NEISO Mass On Peak

Feb-26

$123.63

$124.80

-0.93%

-$1.17

$147.11

-15.96%

$106.28

16.33%

 

 

WECC Mid C On Peak

Feb-26

$34.50

$37.21

-7.29%

-$2.71

$58.63

-41.15%

$77.39

-55.42%

 

 

NYISO Zone G On Peak

Feb-26

$104.54

$106.15

-1.51%

-$1.61

$119.64

-12.62%

$82.76

26.32%

 

 

 

 

 

Natural Gas & Basis

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

1/5/26

1/2/26

% Change

Change

12/4/25

% Change

1/3/25

% Change

 

 

NYMEX Henry Hub

Feb-26

$3.523

$3.618

-2.63%

-$0.10

$4.71

-25.17%

$4.25

-17.18%

 

 

Houston Ship Channel

Feb-26

-$0.553

-$0.567

-2.40%

$0.01

-$0.10

447.97%

-$0.06

750.62%

 

 

Chicago

Feb-26

$0.211

$0.255

20.69%

-$0.04

$0.78

-73.05%

$0.80

-73.57%

 

 

Waha

Feb-26

-$2.530

-$2.680

-5.58%

$0.15

-$1.97

28.52%

-$0.64

295.98%

 

 

Algonquin

Feb-26

$9.030

$9.787

-7.73%

-$0.76

$11.10

-18.68%

$8.48

6.52%

 

 

Aeco

Feb-26

-$1.383

-$1.566

-11.70%

$0.18

-$2.06

-32.96%

-$1.96

-29.47%

 

 

Socal

Feb-26

-$0.563

-$0.588

-4.32%

$0.03

$0.05

-1243.90%

$0.88

-164.25%

 

 

 

 

 

Natural Gas Liquids

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

1/5/26

1/2/26

% Change

Change

12/4/25

% Change

1/3/25

% Change

 

 

Mt. Belvieu Propane LST

Feb-26

$0.629

$0.620

1.30%

$0.01

$0.70

-9.87%

$0.78

-19.75%

 

 

Mt. Belvieu Propane non LST

Feb-26

$0.607

$0.602

0.93%

$0.01

$0.68

-11.19%

$0.79

-23.41%

 

 

Mt. Belview Ethane

Feb-26

$0.232

$0.242

-4.12%

-$0.01

$0.30

-22.36%

$0.28

-16.28%

 

 

Mt. Belview Nat. Gasoline

Feb-26

$1.180

$1.170

0.84%

$0.01

$1.23

-4.35%

$1.43

-17.73%

 

 

Mt. Belvieu Butane LST

Feb-26

$0.739

$0.753

-1.89%

-$0.01

$0.86

-13.86%

$0.92

-20.06%

 

 

Far East Propane

Feb-26

$5.119

$5.058

1.20%

$0.06

$5.08

0.81%

$5.67

-9.69%

 

 

Saudi Propane

Feb-26

$5.171

$5.147

0.47%

$0.02

$4.96

4.25%

$5.43

-4.85%

 

 

 

 

Crude Oil

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

1/5/26

1/2/26

% Change

Change

12/4/25

% Change

1/3/25

% Change

 

 

WTI

Feb-26

$58.32

$57.32

1.71%

$1.00

$59.31

-1.67%

$68.69

-15.10%

 

 

Brent

Feb-26

$61.91

$60.87

1.68%

$1.04

$63.26

-2.13%

$72.35

-14.42%

 

 

WCS

Feb-26

-$13.38

-$13.19

1.47%

-$0.20

-$12.48

7.19%

-$14.30

-6.41%

 

 

LLS

Feb-26

$58.96

$58.49

0.79%

$0.47

$60.79

-3.01%

$70.22

-16.04%

 

 

Mars

Feb-26

$56.48

$54.26

3.93%

$2.22

$57.47

-1.73%

$67.52

-16.35%

 

 

Sour

Feb-26

$57.97

$57.38

1.02%

$0.59

$59.04

-1.81%

$68.36

-15.20%

 

 

ESPO

Feb-26

$59.91

$58.87

1.74%

$1.04

$61.26

-2.20%

$70.35

-14.83%

 

 

 

 

Refined Products

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

1/5/26

1/2/26

% Change

Change

12/4/25

% Change

1/3/25

% Change

 

 

NY Heating Oil

Feb-26

$2.14

$2.12

1.09%

$0.02

$2.29

-6.51%

$2.27

-5.65%

 

 

NY Gasoline

Feb-26

$1.72

$1.71

0.41%

$0.01

$1.83

-5.96%

$1.89

-8.94%

 

 

GC Gasoline

Feb-26

$1.58

$1.57

0.44%

$0.01

$1.69

-6.45%

$1.79

-11.68%

 

 

GC Jet

Feb-26

$1.94

$1.86

4.53%

$0.08

$1.99

-2.76%

$2.08

-6.96%

 

 

Chicago Ethanol

Feb-26

$1.62

$1.60

0.94%

$0.01

$1.59

1.57%

$1.63

-0.74%

 

 

Rotterdam Gasoil

Feb-26

$549.19

$547.75

0.26%

$1.43

$587.94

-6.59%

$630.87

-12.95%

 

 

Singapore Jet Kero

Feb-26

$80.00

$79.54

0.59%

$0.47

$82.93

-3.52%

$88.05

-9.14%

 

 

 

 

Implied Volatilities

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

1/5/26

1/2/26

% Change

Change

12/4/25

% Change

1/3/25

% Change

 

 

Henry Hub Straddle

Feb-26

71.82%

80.40%

-10.67%

-8.58%

69.44%

3.43%

49.47%

45.18%

 

 

Algonquin Straddle

Feb-26

83.31%

85.55%

-2.62%

-2.24%

87.75%

-5.06%

52.43%

58.90%

 

 

Waha Straddle

Feb-26

372.35%

388.68%

-4.20%

-16.33%

137.60%

170.60%

54.88%

578.48%

 

 

Chicago Straddle

Feb-26

72.40%

78.58%

-7.86%

-6.18%

67.33%

7.53%

47.08%

53.78%

 

 

PJM West Straddle

Feb-26

88.98%

89.39%

-0.46%

-0.41%

81.05%

9.78%

74.08%

20.11%

 

 

SP – 15 Straddle

Feb-26

268.82%

259.34%

3.66%

9.48%

157.33%

70.86%

61.66%

335.97%

 

 

Mid. C Straddle

Feb-26

20.82%

4.43%

369.98%

16.39%

75.71%

-72.50%

57.30%

-63.66%

 

 

 

 

Euro Gas and Power/LNG

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

1/5/26

1/2/26

% Change

Change

12/4/25

% Change

1/3/25

% Change

 

 

Dutch TTF

Feb-26

EUR 27.55

EUR 28.79

-4.31%

-EUR 1.24

EUR 27.20

1.30%

EUR 44.92

-38.66%

 

 

NBP

Feb-26

GBP 71.17

GBP 75.08

-5.22%

-GBP 3.92

GBP 69.79

1.98%

GBP 116.86

-39.10%

 

 

German Base

Feb-26

EUR 96.01

EUR 98.93

-2.94%

-EUR 2.91

EUR 96.19

-0.19%

EUR 110.51

-13.12%

 

 

UK Base

Feb-26

GBP 81.84

GBP 83.69

-2.22%

-GBP 1.85

GBP 77.98

4.95%

GBP 97.45

-16.02%

 

 

French Base

Feb-26

EUR 72.46

EUR 73.79

-1.80%

-EUR 1.33

EUR 72.51

-0.06%

EUR 96.93

-25.24%

 

 

Italian Base

Feb-26

EUR 113.68

EUR 115.48

-1.56%

-EUR 1.80

EUR 108.92

4.36%

EUR 129.70

-12.35%

 

 

JKM LNG

Feb-26

$9.23

$9.90

-6.78%

-$0.67

$10.05

-8.15%

$14.35

-35.67%

 

 

 

 

Freight Forwards (WET & DRY)

 

OTCGH/EOXLive Market Data

 

 

 

Contract

1/5/26

1/2/26

% Change

Change

12/4/25

% Change

1/3/25

% Change

 

 

TD3C FFA Middle East to China (WET)

Feb-26

$27.55

$28.79

-4.31%

-$1.24

$27.20

1.30%

$44.92

-38.66%

 

 

USGC-UK Continent Dirty (WET)

Feb-26

$71.17

$75.08

-5.22%

-$3.92

$69.79

1.98%

$116.86

-39.10%

 

 

TD20 West Africa to UK Continent (WET)

Feb-26

$96.01

$98.93

-2.94%

-$2.91

$96.19

-0.19%

$110.51

-13.12%

 

 

LPG FFA Middle East Gulf to East (WET)

Feb-26

$81.84

$83.69

-2.22%

-$1.85

$77.98

4.95%

$97.45

-16.02%

 

 

TC5 FFA Arabian Gulf to Japan (WET)

Feb-26

$72.46

$73.79

-1.80%

-$1.33

$72.51

-0.06%

$96.93

-25.24%

 

 

Supramax Timecharter (DRY)

Feb-26

$113.68

$115.48

-1.56%

-$1.80

$108.92

4.36%

$129.70

-12.35%

 

 

Capesize Timecharter (DRY)

Feb-26

$9.23

$9.90

-6.78%

-$0.67

$10.05

-8.15%

$14.35

-35.67%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

 

 

 

 

 

 

 

 

 

 

 

 

Cooling Degree Days

 

 

 

 

 

 

01/03/2026

Week Tot

Dev Norm

Dev L YR

Cum Tot

CumD Norm

CumD L YR

CumD Norm

CumD L YR

 

 

New England

0

0

0

549

132

-40

32.00%

-7.00%

 

 

Middle Atlantic

0

0

0

801

145

-62

22.00%

-7.00%

 

 

E N Central

0

0

0

862

153

46

22.00%

6.00%

 

 

W N Central

0

0

0

1,057

130

59

14.00%

6.00%

 

 

South Atlantic

3

-4

-6

2,140

176

-98

9.00%

-4.00%

 

 

E S Central

1

0

1

1,788

241

-40

16.00%

-2.00%

 

 

W S Central

7

5

3

2,859

410

-74

17.00%

-2.00%

 

 

Mountain

0

0

0

1,342

99

-108

8.00%

-7.00%

 

 

Pacific

0

0

0

729

25

-190

4.00%

-21.00%

 

 

United States

1

0

-1

1,379

163

-65

13.00%

-5.00%

 

 

 

 

Heating Degree Days

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

01/03/2026

Week Tot

Dev Norm

Dev L YR

Cum Tot

CumD Norm

CumD L YR

CumD Norm

CumD L YR

 

 

New England

296

24

106

2,613

33

302

1.00%

13.00%

 

 

Middle Atlantic

269

17

95

2,289

-11

322

0.00%

16.00%

 

 

E N Central

281

-5

79

2,517

-79

363

-3.00%

17.00%

 

 

W N Central

278

-32

45

2,427

-402

124

-14.00%

5.00%

 

 

South Atlantic

137

-5

42

1,114

-30

124

-3.00%

13.00%

 

 

E S Central

157

-26

39

1,342

-147

163

-10.00%

14.00%

 

 

W S Central

94

-40

14

683

-280

51

-29.00%

8.00%

 

 

Mountain

178

-42

-1

1,618

-623

-234

-28.00%

-13.00%

 

 

Pacific

116

-17

6

979

-331

-158

-25.00%

-14.00%

 

 

United States

192

-12

47

1,650

-177

127

-10.00%

8.00%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

Weather Forecast & Seasonal Outlook

 

 

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