Morning Report: Gas * Power * NGL * Crude * Products * Vols — Jan-09-2026

Jan 9, 2026

  

 

 

 

 

 

 

 

 

 

Prices as of 7:01 AM CST

 

 

 

 

 

 

 

Current Price

Previous Settle

% Change

Change

Volume

 

 

Natural Gas

$3.393

$3.407

-0.41%

-$0.014

112,518

 

 

WTI

$58.26

$57.76

0.87%

$0.50

68,567

 

 

Brent

$62.52

$61.99

0.85%

$0.53

16,530

 

 

ULSD

$2.146

$2.119

1.26%

$0.027

5,344

 

 

RBOB

$1.778

$1.760

0.98%

$0.017

6,500

 

 

 

 

Spreads

 

 

 

 

 

 

 

Current

Previous

% Change

Change

Contract

 

 

WTI-Brent

$4.40

$4.35

1.15%

$0.05

Mar-26

 

 

3:2:1 Crack

$22.17

$21.80

1.69%

$0.37

Feb-26

 

 

PJM West Spark

$51.63

$58.32

-11.47%

-$6.69

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

 

 

 

 

01/08/21

 

 

 

1/2/26

12/19/25

Net Change

% Change

1/3/25

% Change

5 Year Avg.

% Change

 

 

East

697

751

-54

-7.19%

737

-5.43%

730

-4.52%

 

 

Midwest

821

904

-83

-9.18%

881

-6.81%

868

-5.46%

 

 

Mountain

256

266

-10

-3.76%

255

0.39%

195

31.28%

 

 

Pacific

304

303

1

0.33%

293

3.75%

242

25.62%

 

 

South

1,178

1,190

-12

-1.01%

1,207

-2.40%

1,130

4.28%

 

 

    Salt

343

323

20

6.19%

364

-5.77%

330

4.07%

 

 

    Non_Salt

835

867

-32

-3.69%

844

-1.07%

800

4.32%

 

 

Total

3,256

3,413

-157

-4.60%

3,373

-3.47%

3,165

2.89%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Power Generation Additions/Retirements

 

 

  

 

Front Month Prices

 

 

 

 

 

 

 

 

 

 

 

 

 

Electricity

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

1/8/26

1/7/26

% Change

Change

12/9/25

% Change

1/8/25

% Change

 

 

PJM West On Peak

Feb-26

$58.90

$65.61

-10.23%

-$6.71

$80.08

-26.45%

$65.02

-9.41%

 

 

ERCOT North On Peak

Feb-26

$43.87

$46.02

-4.66%

-$2.14

$60.29

-27.23%

$72.51

-39.49%

 

 

CAISO SP 15 On Peak

Feb-26

$24.50

$26.56

-7.77%

-$2.06

$33.75

-27.41%

$50.47

-51.46%

 

 

MISO Indiana On Peak

Feb-26

$46.62

$48.57

-4.01%

-$1.95

$64.85

-28.12%

$55.56

-16.09%

 

 

NEISO Mass On Peak

Feb-26

$118.18

$127.39

-7.23%

-$9.22

$147.83

-20.06%

$103.11

14.62%

 

 

WECC Mid C On Peak

Feb-26

$33.98

$36.46

-6.80%

-$2.48

$47.54

-28.52%

$77.61

-56.22%

 

 

NYISO Zone G On Peak

Feb-26

$101.14

$108.36

-6.67%

-$7.22

$120.18

-15.85%

$80.05

26.34%

 

 

 

 

 

Natural Gas & Basis

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

1/8/26

1/7/26

% Change

Change

12/9/25

% Change

1/8/25

% Change

 

 

NYMEX Henry Hub

Feb-26

$3.407

$3.525

-3.35%

-$0.12

$4.21

-19.15%

$4.33

-21.39%

 

 

Houston Ship Channel

Feb-26

-$0.548

-$0.611

-10.37%

$0.06

-$0.18

209.09%

-$0.06

742.62%

 

 

Chicago

Feb-26

$0.255

$0.221

-13.34%

$0.03

$0.70

-63.43%

$0.81

-68.45%

 

 

Waha

Feb-26

-$3.009

-$3.169

-5.06%

$0.16

-$1.93

55.84%

-$0.71

322.33%

 

 

Algonquin

Feb-26

$9.820

$9.684

1.40%

$0.14

$11.13

-11.77%

$8.63

13.75%

 

 

Aeco

Feb-26

-$1.595

-$1.520

4.97%

-$0.08

-$1.76

-9.22%

-$2.00

-20.09%

 

 

Socal

Feb-26

-$0.705

-$0.672

4.97%

-$0.03

-$0.17

309.65%

$0.86

-182.21%

 

 

 

 

 

Natural Gas Liquids

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

1/8/26

1/7/26

% Change

Change

12/9/25

% Change

1/8/25

% Change

 

 

Mt. Belvieu Propane LST

Feb-26

$0.622

$0.623

-0.04%

$0.00

$0.69

-10.18%

$0.78

-20.28%

 

 

Mt. Belvieu Propane non LST

Feb-26

$0.600

$0.600

-0.02%

$0.00

$0.69

-12.59%

$0.78

-23.55%

 

 

Mt. Belview Ethane

Feb-26

$0.221

$0.230

-3.78%

-$0.01

$0.29

-23.05%

$0.28

-21.93%

 

 

Mt. Belview Nat. Gasoline

Feb-26

$1.200

$1.168

2.76%

$0.03

$1.22

-1.46%

$1.42

-15.24%

 

 

Mt. Belvieu Butane LST

Feb-26

$0.701

$0.702

-0.08%

$0.00

$0.84

-16.40%

$0.91

-22.53%

 

 

Far East Propane

Feb-26

$5.087

$5.101

-0.27%

-$0.01

$5.08

0.13%

$5.64

-9.73%

 

 

Saudi Propane

Feb-26

$5.186

$5.276

-1.71%

-$0.09

$5.03

3.13%

$5.43

-4.42%

 

 

 

 

Crude Oil

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

1/8/26

1/7/26

% Change

Change

12/9/25

% Change

1/8/25

% Change

 

 

WTI

Feb-26

$57.76

$55.99

3.06%

$1.77

$58.08

-0.55%

$68.46

-15.63%

 

 

Brent

Feb-26

$62.19

$60.10

3.35%

$2.08

$61.94

0.40%

$72.12

-13.77%

 

 

WCS

Feb-26

-$13.86

-$13.21

4.73%

-$0.66

-$13.05

6.24%

-$15.05

-7.88%

 

 

LLS

Feb-26

$59.69

$57.54

3.60%

$2.15

$59.43

0.45%

$70.92

-15.84%

 

 

Mars

Feb-26

$56.25

$54.35

3.38%

$1.90

$56.62

-0.64%

$68.12

-17.43%

 

 

Sour

Feb-26

$57.59

$56.58

1.76%

$1.01

$58.47

-1.50%

$69.08

-16.62%

 

 

ESPO

Feb-26

$60.19

$58.10

3.46%

$2.08

$59.94

0.41%

$70.12

-14.17%

 

 

 

 

Refined Products

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

1/8/26

1/7/26

% Change

Change

12/9/25

% Change

1/8/25

% Change

 

 

NY Heating Oil

Feb-26

$2.15

$2.06

4.22%

$0.09

$2.26

-4.87%

$2.28

-5.49%

 

 

NY Gasoline

Feb-26

$1.75

$1.70

3.12%

$0.05

$1.81

-3.26%

$1.89

-7.50%

 

 

GC Gasoline

Feb-26

$1.61

$1.56

3.40%

$0.05

$1.67

-3.53%

$1.79

-10.15%

 

 

GC Jet

Feb-26

$1.96

$1.86

5.32%

$0.10

$1.98

-0.76%

$2.07

-5.08%

 

 

Chicago Ethanol

Feb-26

$1.59

$1.59

-0.13%

$0.00

$1.59

0.00%

$1.59

-0.13%

 

 

Rotterdam Gasoil

Feb-26

$565.00

$547.72

3.16%

$17.28

$583.23

-3.13%

$626.51

-9.82%

 

 

Singapore Jet Kero

Feb-26

$77.80

$77.90

-0.13%

-$0.10

$82.29

-5.46%

$87.61

-11.20%

 

 

 

 

Implied Volatilities

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

1/8/26

1/7/26

% Change

Change

12/9/25

% Change

1/8/25

% Change

 

 

Henry Hub Straddle

Feb-26

83.84%

70.26%

19.33%

13.58%

75.54%

10.99%

43.07%

94.66%

 

 

Algonquin Straddle

Feb-26

85.99%

77.46%

11.01%

8.53%

77.99%

10.26%

84.23%

2.09%

 

 

Waha Straddle

Feb-26

497.60%

497.59%

0.00%

0.01%

114.81%

333.41%

77.87%

539.01%

 

 

Chicago Straddle

Feb-26

80.52%

68.06%

18.31%

12.46%

71.87%

12.04%

43.66%

84.43%

 

 

PJM West Straddle

Feb-26

81.00%

89.85%

-9.85%

-8.85%

78.56%

3.11%

71.52%

13.26%

 

 

SP – 15 Straddle

Feb-26

333.48%

324.69%

2.71%

8.79%

165.63%

101.34%

63.61%

424.26%

 

 

Mid. C Straddle

Feb-26

23.37%

18.62%

25.51%

4.75%

59.11%

-60.46%

56.39%

-58.56%

 

 

 

 

Euro Gas and Power/LNG

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

1/8/26

1/7/26

% Change

Change

12/9/25

% Change

1/8/25

% Change

 

 

Dutch TTF

Feb-26

EUR 27.66

EUR 28.36

-2.46%

-EUR 0.70

EUR 27.34

1.18%

EUR 42.51

-34.92%

 

 

NBP

Feb-26

GBP 71.53

GBP 73.47

-2.65%

-GBP 1.95

GBP 70.79

1.04%

GBP 112.75

-36.56%

 

 

German Base

Feb-26

EUR 98.71

EUR 99.00

-0.29%

-EUR 0.29

EUR 96.92

1.85%

EUR 107.43

-8.12%

 

 

UK Base

Feb-26

GBP 81.36

GBP 84.35

-3.54%

-GBP 2.99

GBP 78.65

3.45%

GBP 93.00

-12.51%

 

 

French Base

Feb-26

EUR 71.77

EUR 73.52

-2.38%

-EUR 1.75

EUR 73.00

-1.68%

EUR 97.82

-26.63%

 

 

Italian Base

Feb-26

EUR 113.75

EUR 116.88

-2.68%

-EUR 3.13

EUR 110.11

3.31%

EUR 128.11

-11.21%

 

 

JKM LNG

Feb-26

$9.30

$9.68

-3.91%

-$0.38

$10.10

-7.91%

$13.65

-31.86%

 

 

 

 

Freight Forwards (WET & DRY)

 

OTCGH/EOXLive Market Data

 

 

 

Contract

1/8/26

1/7/26

% Change

Change

12/9/25

% Change

1/8/25

% Change

 

 

TD3C FFA Middle East to China (WET)

Feb-26

$27.66

$28.36

-2.46%

-$0.70

$27.34

1.18%

$42.51

-34.92%

 

 

USGC-UK Continent Dirty (WET)

Feb-26

$71.53

$73.47

-2.65%

-$1.95

$70.79

1.04%

$112.75

-36.56%

 

 

TD20 West Africa to UK Continent (WET)

Feb-26

$98.71

$99.00

-0.29%

-$0.29

$96.92

1.85%

$107.43

-8.12%

 

 

LPG FFA Middle East Gulf to East (WET)

Feb-26

$81.36

$84.35

-3.54%

-$2.99

$78.65

3.45%

$93.00

-12.51%

 

 

TC5 FFA Arabian Gulf to Japan (WET)

Feb-26

$71.77

$73.52

-2.38%

-$1.75

$73.00

-1.68%

$97.82

-26.63%

 

 

Supramax Timecharter (DRY)

Feb-26

$113.75

$116.88

-2.68%

-$3.13

$110.11

3.31%

$128.11

-11.21%

 

 

Capesize Timecharter (DRY)

Feb-26

$9.30

$9.68

-3.91%

-$0.38

$10.10

-7.91%

$13.65

-31.86%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

 

 

 

 

 

 

 

 

 

 

 

 

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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