Morning Report: Gas * Power * NGL * Crude * Products * Vols — Jan-08-2026

Jan 8, 2026

  

 

 

 

 

 

 

 

 

 

Prices as of 7:27 AM CST

 

 

 

 

 

 

 

Current Price

Previous Settle

% Change

Change

Volume

 

 

Natural Gas

$3.451

$3.525

-2.10%

-$0.074

31,626

 

 

WTI

$56.84

$55.99

1.52%

$0.85

57,538

 

 

Brent

$60.93

$59.96

1.62%

$0.97

14,991

 

 

ULSD

$2.087

$2.057

1.48%

$0.030

5,399

 

 

RBOB

$1.730

$1.694

2.12%

$0.036

6,266

 

 

 

 

Spreads

 

 

 

 

 

 

 

Current

Previous

% Change

Change

Contract

 

 

WTI-Brent

$4.18

$4.06

2.96%

$0.12

Mar-26

 

 

3:2:1 Crack

$21.42

$20.94

2.33%

$0.49

Feb-26

 

 

PJM West Spark

$58.23

$50.26

15.86%

$7.97

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

1/7/26

1/6/26

% Change

Change

12/8/25

% Change

1/7/25

% Change

 

 

PJM West On Peak

Feb-26

$65.61

$57.80

13.51%

$7.81

$81.69

-19.69%

$65.33

0.44%

 

 

ERCOT North On Peak

Feb-26

$46.02

$41.97

9.64%

$4.05

$64.99

-29.19%

$71.17

-35.34%

 

 

CAISO SP 15 On Peak

Feb-26

$26.56

$24.07

10.36%

$2.49

$35.39

-24.95%

$52.05

-48.97%

 

 

MISO Indiana On Peak

Feb-26

$48.57

$46.91

3.53%

$1.66

$67.09

-27.61%

$55.89

-13.10%

 

 

NEISO Mass On Peak

Feb-26

$127.39

$124.07

2.68%

$3.33

$147.80

-13.81%

$117.07

8.82%

 

 

WECC Mid C On Peak

Feb-26

$36.46

$33.50

8.84%

$2.96

$52.25

-30.22%

$80.05

-54.45%

 

 

NYISO Zone G On Peak

Feb-26

$108.36

$105.45

2.76%

$2.91

$121.29

-10.66%

$91.04

19.02%

 

 

 

 

 

Natural Gas & Basis

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

1/7/26

1/6/26

% Change

Change

12/8/25

% Change

1/7/25

% Change

 

 

NYMEX Henry Hub

Feb-26

$3.525

$3.350

5.22%

$0.18

$4.47

-21.16%

$4.28

-17.64%

 

 

Houston Ship Channel

Feb-26

-$0.611

-$0.556

9.89%

-$0.06

-$0.16

284.82%

-$0.06

865.40%

 

 

Chicago

Feb-26

$0.221

$0.245

11.10%

-$0.02

$0.74

-70.28%

$0.81

-72.57%

 

 

Waha

Feb-26

-$3.169

-$2.960

-7.06%

-$0.21

-$1.86

70.57%

-$0.69

357.96%

 

 

Algonquin

Feb-26

$9.684

$9.130

6.07%

$0.55

$10.38

-6.70%

$8.58

12.82%

 

 

Aeco

Feb-26

-$1.520

-$1.339

13.50%

-$0.18

-$2.04

-25.54%

-$1.95

-22.01%

 

 

Socal

Feb-26

-$0.672

-$0.516

30.08%

-$0.16

-$0.12

468.67%

$0.92

-173.25%

 

 

 

 

 

Natural Gas Liquids

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

1/7/26

1/6/26

% Change

Change

12/8/25

% Change

1/7/25

% Change

 

 

Mt. Belvieu Propane LST

Feb-26

$0.623

$0.634

-1.72%

-$0.01

$0.71

-11.68%

$0.78

-20.37%

 

 

Mt. Belvieu Propane non LST

Feb-26

$0.600

$0.611

-1.81%

-$0.01

$0.69

-13.03%

$0.78

-22.81%

 

 

Mt. Belview Ethane

Feb-26

$0.230

$0.225

2.23%

$0.01

$0.29

-21.38%

$0.28

-17.21%

 

 

Mt. Belview Nat. Gasoline

Feb-26

$1.168

$1.168

-0.01%

$0.00

$1.22

-4.13%

$1.44

-18.77%

 

 

Mt. Belvieu Butane LST

Feb-26

$0.702

$0.710

-1.22%

-$0.01

$0.86

-18.33%

$0.91

-22.95%

 

 

Far East Propane

Feb-26

$5.101

$5.183

-1.57%

-$0.08

$5.13

-0.55%

$5.67

-10.03%

 

 

Saudi Propane

Feb-26

$5.276

$5.248

0.54%

$0.03

$5.04

4.71%

$5.41

-2.47%

 

 

 

 

Crude Oil

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

1/7/26

1/6/26

% Change

Change

12/8/25

% Change

1/7/25

% Change

 

 

WTI

Feb-26

$55.99

$57.13

-2.04%

-$1.14

$58.63

-4.50%

$69.02

-18.88%

 

 

Brent

Feb-26

$60.10

$60.85

-1.25%

-$0.75

$62.49

-3.82%

$72.67

-17.29%

 

 

WCS

Feb-26

-$13.21

-$13.37

-1.20%

$0.16

-$12.85

2.79%

-$14.80

-10.76%

 

 

LLS

Feb-26

$57.54

$58.26

-1.25%

-$0.72

$59.92

-3.97%

$70.66

-18.57%

 

 

Mars

Feb-26

$54.35

$55.56

-2.24%

-$1.22

$57.58

-5.61%

$67.86

-19.92%

 

 

Sour

Feb-26

$56.58

$58.17

-2.80%

-$1.58

$58.92

-3.96%

$68.82

-17.78%

 

 

ESPO

Feb-26

$58.10

$58.85

-1.29%

-$0.75

$60.49

-3.94%

$70.67

-17.78%

 

 

 

 

Refined Products

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

1/7/26

1/6/26

% Change

Change

12/8/25

% Change

1/7/25

% Change

 

 

NY Heating Oil

Feb-26

$2.06

$2.08

-0.86%

-$0.02

$2.28

-9.32%

$2.28

-9.40%

 

 

NY Gasoline

Feb-26

$1.70

$1.72

-1.28%

-$0.02

$1.81

-6.03%

$1.91

-11.29%

 

 

GC Gasoline

Feb-26

$1.56

$1.58

-1.39%

-$0.02

$1.67

-6.54%

$1.81

-14.11%

 

 

GC Jet

Feb-26

$1.86

$1.91

-2.41%

-$0.05

$1.98

-5.77%

$2.12

-12.34%

 

 

Chicago Ethanol

Feb-26

$1.59

$1.61

-0.93%

-$0.01

$1.62

-1.42%

$1.61

-1.24%

 

 

Rotterdam Gasoil

Feb-26

$547.72

$556.49

-1.58%

-$8.77

$580.28

-5.61%

$637.14

-14.04%

 

 

Singapore Jet Kero

Feb-26

$77.90

$79.55

-2.08%

-$1.65

$82.53

-5.61%

$87.79

-11.27%

 

 

 

 

Implied Volatilities

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

1/7/26

1/6/26

% Change

Change

12/8/25

% Change

1/7/25

% Change

 

 

Henry Hub Straddle

Feb-26

70.26%

78.73%

-10.76%

-8.47%

79.59%

-11.72%

48.74%

44.15%

 

 

Algonquin Straddle

Feb-26

77.46%

87.65%

-11.63%

-10.19%

89.74%

-13.68%

95.25%

-18.68%

 

 

Waha Straddle

Feb-26

497.59%

522.18%

-4.71%

-24.59%

108.63%

358.06%

90.06%

452.51%

 

 

Chicago Straddle

Feb-26

68.06%

77.25%

-11.90%

-9.19%

76.42%

-10.94%

50.09%

35.88%

 

 

PJM West Straddle

Feb-26

89.85%

81.54%

10.19%

8.31%

80.22%

12.00%

70.92%

26.69%

 

 

SP – 15 Straddle

Feb-26

324.69%

298.30%

8.85%

26.39%

160.28%

102.58%

62.78%

417.19%

 

 

Mid. C Straddle

Feb-26

18.62%

22.02%

-15.44%

-3.40%

57.63%

-67.69%

56.57%

-67.09%

 

 

 

 

Euro Gas and Power/LNG

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

1/7/26

1/6/26

% Change

Change

12/8/25

% Change

1/7/25

% Change

 

 

Dutch TTF

Feb-26

EUR 28.36

EUR 28.13

0.80%

EUR 0.23

EUR 26.81

5.77%

EUR 44.15

-35.76%

 

 

NBP

Feb-26

GBP 73.47

GBP 72.85

0.86%

GBP 0.63

GBP 69.18

6.21%

GBP 114.91

-36.06%

 

 

German Base

Feb-26

EUR 99.00

EUR 97.84

1.19%

EUR 1.16

EUR 95.82

3.32%

EUR 107.18

-7.63%

 

 

UK Base

Feb-26

GBP 84.35

GBP 81.55

3.43%

GBP 2.80

GBP 75.84

11.22%

GBP 94.50

-10.74%

 

 

French Base

Feb-26

EUR 73.52

EUR 72.49

1.43%

EUR 1.04

EUR 71.68

2.57%

EUR 97.28

-24.43%

 

 

Italian Base

Feb-26

EUR 116.88

EUR 114.30

2.26%

EUR 2.58

EUR 108.97

7.26%

EUR 128.91

-9.33%

 

 

JKM LNG

Feb-26

$9.68

$9.60

0.90%

$0.09

$9.90

-2.18%

$13.82

-29.94%

 

 

 

 

Freight Forwards (WET & DRY)

 

OTCGH/EOXLive Market Data

 

 

 

Contract

1/7/26

1/6/26

% Change

Change

12/8/25

% Change

1/7/25

% Change

 

 

TD3C FFA Middle East to China (WET)

Feb-26

$28.36

$28.13

0.80%

$0.23

$26.81

5.77%

$44.15

-35.76%

 

 

USGC-UK Continent Dirty (WET)

Feb-26

$73.47

$72.85

0.86%

$0.63

$69.18

6.21%

$114.91

-36.06%

 

 

TD20 West Africa to UK Continent (WET)

Feb-26

$99.00

$97.84

1.19%

$1.16

$95.82

3.32%

$107.18

-7.63%

 

 

LPG FFA Middle East Gulf to East (WET)

Feb-26

$84.35

$81.55

3.43%

$2.80

$75.84

11.22%

$94.50

-10.74%

 

 

TC5 FFA Arabian Gulf to Japan (WET)

Feb-26

$73.52

$72.49

1.43%

$1.04

$71.68

2.57%

$97.28

-24.43%

 

 

Supramax Timecharter (DRY)

Feb-26

$116.88

$114.30

2.26%

$2.58

$108.97

7.26%

$128.91

-9.33%

 

 

Capesize Timecharter (DRY)

Feb-26

$9.68

$9.60

0.90%

$0.09

$9.90

-2.18%

$13.82

-29.94%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

 

 

 

 

 

 

 

 

 

 

 

 

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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