Morning Report: Gas * Power * NGL * Crude * Products * Vols — Jan-07-2026

Jan 7, 2026

  

 

 

 

 

 

 

 

 

 

Prices as of 8:50 AM CST

 

 

 

 

 

 

 

Current Price

Previous Settle

% Change

Change

Volume

 

 

Natural Gas

$3.466

$3.350

3.46%

$0.116

57,949

 

 

WTI

$56.74

$57.13

-0.68%

-$0.39

168,013

 

 

Brent

$60.51

$60.70

-0.31%

-$0.19

30,470

 

 

ULSD

$2.087

$2.083

0.17%

$0.004

14,089

 

 

RBOB

$1.710

$1.701

0.57%

$0.010

12,663

 

 

 

 

Spreads

 

 

 

 

 

 

 

Current

Previous

% Change

Change

Contract

 

 

WTI-Brent

$3.92

$3.76

4.26%

$0.16

Mar-26

 

 

3:2:1 Crack

$21.12

$20.48

3.09%

$0.63

Feb-26

 

 

PJM West Spark

$50.29

$54.00

-6.87%

-$3.71

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

1/6/26

1/5/26

% Change

Change

12/5/25

% Change

1/6/25

% Change

 

 

PJM West On Peak

Feb-26

$57.80

$61.17

-5.51%

-$3.37

$83.09

-30.43%

$65.37

-11.57%

 

 

ERCOT North On Peak

Feb-26

$41.97

$44.18

-5.01%

-$2.21

$69.65

-39.74%

$70.70

-40.64%

 

 

CAISO SP 15 On Peak

Feb-26

$24.07

$26.59

-9.48%

-$2.52

$37.75

-36.25%

$51.84

-53.57%

 

 

MISO Indiana On Peak

Feb-26

$46.91

$47.35

-0.93%

-$0.44

$69.58

-32.58%

$55.96

-16.18%

 

 

NEISO Mass On Peak

Feb-26

$124.07

$123.63

0.35%

$0.43

$154.74

-19.82%

$107.70

15.20%

 

 

WECC Mid C On Peak

Feb-26

$33.50

$34.50

-2.90%

-$1.00

$56.88

-41.10%

$79.03

-57.61%

 

 

NYISO Zone G On Peak

Feb-26

$105.45

$104.54

0.87%

$0.91

$127.47

-17.28%

$83.52

26.26%

 

 

 

 

 

Natural Gas & Basis

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

1/6/26

1/5/26

% Change

Change

12/5/25

% Change

1/6/25

% Change

 

 

NYMEX Henry Hub

Feb-26

$3.350

$3.523

-4.91%

-$0.17

$4.87

-31.20%

$4.31

-22.29%

 

 

Houston Ship Channel

Feb-26

-$0.556

-$0.553

0.58%

$0.00

-$0.15

268.28%

-$0.11

388.24%

 

 

Chicago

Feb-26

$0.245

$0.211

-13.90%

$0.03

$0.78

-68.60%

$0.88

-72.02%

 

 

Waha

Feb-26

-$2.960

-$2.530

-17.00%

-$0.43

-$2.28

29.89%

-$1.05

180.68%

 

 

Algonquin

Feb-26

$9.130

$9.030

1.10%

$0.10

$11.30

-19.20%

$10.01

-8.78%

 

 

Aeco

Feb-26

-$1.339

-$1.383

-3.16%

$0.04

-$2.22

-39.61%

-$2.00

-32.99%

 

 

Socal

Feb-26

-$0.516

-$0.563

-8.26%

$0.05

-$0.08

579.34%

$1.06

-148.77%

 

 

 

 

 

Natural Gas Liquids

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

1/6/26

1/5/26

% Change

Change

12/5/25

% Change

1/6/25

% Change

 

 

Mt. Belvieu Propane LST

Feb-26

$0.634

$0.629

0.81%

$0.01

$0.70

-9.92%

$0.78

-19.04%

 

 

Mt. Belvieu Propane non LST

Feb-26

$0.611

$0.607

0.63%

$0.00

$0.69

-11.07%

$0.79

-22.98%

 

 

Mt. Belview Ethane

Feb-26

$0.225

$0.232

-3.23%

-$0.01

$0.31

-27.08%

$0.29

-21.48%

 

 

Mt. Belview Nat. Gasoline

Feb-26

$1.168

$1.180

-1.04%

-$0.01

$1.25

-6.35%

$1.42

-17.78%

 

 

Mt. Belvieu Butane LST

Feb-26

$0.710

$0.739

-3.85%

-$0.03

$0.86

-17.83%

$0.93

-23.31%

 

 

Far East Propane

Feb-26

$5.183

$5.119

1.25%

$0.06

$5.11

1.45%

$5.67

-8.64%

 

 

Saudi Propane

Feb-26

$5.248

$5.171

1.49%

$0.08

$4.97

5.49%

$5.45

-3.67%

 

 

 

 

Crude Oil

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

1/6/26

1/5/26

% Change

Change

12/5/25

% Change

1/6/25

% Change

 

 

WTI

Feb-26

$57.13

$58.32

-2.08%

-$1.19

$59.78

-4.43%

$68.76

-16.91%

 

 

Brent

Feb-26

$60.85

$61.91

-1.74%

-$1.06

$63.75

-4.54%

$72.32

-15.86%

 

 

WCS

Feb-26

-$13.37

-$13.38

-0.13%

$0.02

-$12.65

5.63%

-$14.55

-8.14%

 

 

LLS

Feb-26

$58.26

$58.96

-1.19%

-$0.70

$61.11

-4.66%

$70.57

-17.44%

 

 

Mars

Feb-26

$55.56

$56.48

-1.64%

-$0.91

$58.08

-4.33%

$67.72

-17.95%

 

 

Sour

Feb-26

$58.17

$57.97

0.35%

$0.20

$59.84

-2.79%

$68.74

-15.38%

 

 

ESPO

Feb-26

$58.85

$59.91

-1.80%

-$1.06

$61.75

-4.69%

$70.32

-16.31%

 

 

 

 

Refined Products

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

1/6/26

1/5/26

% Change

Change

12/5/25

% Change

1/6/25

% Change

 

 

NY Heating Oil

Feb-26

$2.08

$2.14

-2.71%

-$0.06

$2.33

-10.80%

$2.27

-8.41%

 

 

NY Gasoline

Feb-26

$1.72

$1.72

-0.06%

$0.00

$1.83

-6.01%

$1.88

-8.70%

 

 

GC Gasoline

Feb-26

$1.58

$1.58

-0.06%

$0.00

$1.69

-6.51%

$1.78

-11.43%

 

 

GC Jet

Feb-26

$1.91

$1.94

-1.65%

-$0.03

$2.07

-7.79%

$2.07

-7.87%

 

 

Chicago Ethanol

Feb-26

$1.61

$1.62

-0.50%

-$0.01

$1.62

-0.50%

$1.64

-2.07%

 

 

Rotterdam Gasoil

Feb-26

$556.49

$549.19

1.33%

$7.30

$587.93

-5.35%

$634.78

-12.33%

 

 

Singapore Jet Kero

Feb-26

$79.55

$80.00

-0.57%

-$0.45

$83.87

-5.15%

$87.46

-9.05%

 

 

 

 

Implied Volatilities

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

1/6/26

1/5/26

% Change

Change

12/5/25

% Change

1/6/25

% Change

 

 

Henry Hub Straddle

Feb-26

78.73%

71.82%

9.62%

6.91%

67.87%

16.00%

41.69%

88.85%

 

 

Algonquin Straddle

Feb-26

87.65%

83.31%

5.21%

4.34%

82.96%

5.65%

73.04%

20.00%

 

 

Waha Straddle

Feb-26

522.18%

372.35%

40.24%

149.83%

111.26%

369.33%

70.08%

645.12%

 

 

Chicago Straddle

Feb-26

77.25%

72.40%

6.70%

4.85%

65.40%

18.12%

41.60%

85.70%

 

 

PJM West Straddle

Feb-26

81.54%

88.98%

-8.36%

-7.44%

81.28%

0.32%

72.53%

12.42%

 

 

SP – 15 Straddle

Feb-26

298.30%

268.82%

10.97%

29.48%

159.26%

87.30%

62.73%

375.53%

 

 

Mid. C Straddle

Feb-26

22.02%

20.82%

5.76%

1.20%

68.81%

-68.00%

56.60%

-61.10%

 

 

 

 

Euro Gas and Power/LNG

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

1/6/26

1/5/26

% Change

Change

12/5/25

% Change

1/6/25

% Change

 

 

Dutch TTF

Feb-26

EUR 28.13

EUR 27.55

2.11%

EUR 0.58

EUR 27.39

2.72%

EUR 44.24

-36.41%

 

 

NBP

Feb-26

GBP 72.85

GBP 71.17

2.36%

GBP 1.68

GBP 70.65

3.11%

GBP 113.92

-36.06%

 

 

German Base

Feb-26

EUR 97.84

EUR 96.01

1.90%

EUR 1.82

EUR 95.97

1.94%

EUR 109.29

-10.48%

 

 

UK Base

Feb-26

GBP 81.55

GBP 81.84

-0.35%

-GBP 0.29

GBP 78.77

3.53%

GBP 97.20

-16.10%

 

 

French Base

Feb-26

EUR 72.49

EUR 72.46

0.03%

EUR 0.02

EUR 71.88

0.85%

EUR 99.05

-26.82%

 

 

Italian Base

Feb-26

EUR 114.30

EUR 113.68

0.55%

EUR 0.63

EUR 109.59

4.31%

EUR 129.45

-11.70%

 

 

JKM LNG

Feb-26

$9.60

$9.23

3.95%

$0.36

$10.10

-4.99%

$14.05

-31.70%

 

 

 

 

Freight Forwards (WET & DRY)

 

OTCGH/EOXLive Market Data

 

 

 

Contract

1/6/26

1/5/26

% Change

Change

12/5/25

% Change

1/6/25

% Change

 

 

TD3C FFA Middle East to China (WET)

Feb-26

$28.13

$27.55

2.11%

$0.58

$27.39

2.72%

$44.24

-36.41%

 

 

USGC-UK Continent Dirty (WET)

Feb-26

$72.85

$71.17

2.36%

$1.68

$70.65

3.11%

$113.92

-36.06%

 

 

TD20 West Africa to UK Continent (WET)

Feb-26

$97.84

$96.01

1.90%

$1.82

$95.97

1.94%

$109.29

-10.48%

 

 

LPG FFA Middle East Gulf to East (WET)

Feb-26

$81.55

$81.84

-0.35%

-$0.29

$78.77

3.53%

$97.20

-16.10%

 

 

TC5 FFA Arabian Gulf to Japan (WET)

Feb-26

$72.49

$72.46

0.03%

$0.02

$71.88

0.85%

$99.05

-26.82%

 

 

Supramax Timecharter (DRY)

Feb-26

$114.30

$113.68

0.55%

$0.63

$109.59

4.31%

$129.45

-11.70%

 

 

Capesize Timecharter (DRY)

Feb-26

$9.60

$9.23

3.95%

$0.36

$10.10

-4.99%

$14.05

-31.70%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

 

 

 

 

 

 

 

 

 

 

 

 

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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