Morning Report: Gas * Power * NGL * Crude * Products * Vols — Jan-12-2026

Jan 12, 2026

  

 

 

 

 

 

 

 

 

 

Prices as of 7:00 AM CST

 

 

 

 

 

 

 

Current Price

Previous Settle

% Change

Change

Volume

 

 

Natural Gas

$3.214

$3.169

1.42%

$0.045

36,398

 

 

WTI

$58.85

$59.12

-0.46%

-$0.27

75,343

 

 

Brent

$63.10

$63.34

-0.38%

-$0.24

16,575

 

 

ULSD

$2.129

$2.135

-0.26%

-$0.006

3,822

 

 

RBOB

$1.785

$1.781

0.27%

$0.005

4,551

 

 

 

 

Spreads

 

 

 

 

 

 

 

Current

Previous

% Change

Change

Contract

 

 

WTI-Brent

$4.45

$4.40

1.14%

$0.05

Mar-26

 

 

3:2:1 Crack

$21.83

$21.43

1.89%

$0.40

Feb-26

 

 

PJM West Spark

$45.57

$52.12

-12.57%

-$6.55

Feb-26

 

 

 

 

Baker Hughes Rig Count

 

 

 

 

 

 

 

Date

Count

Change

1 Year Chg.

1 Year Date

 

 

U.S.

01/09/26

544

-2

-40

01/10/25

 

 

Canada

01/09/26

197

96

-19

01/10/25

 

 

International

Dec-2025

1065

-8

-49

Dec-2024

 

 

 

 

CFTC Net Positions

 

 

 

 

 

 

As of 1/6/2026

Open Interest

Total Net Long

Total Net Short

Diff

 

 

PJM West On Peak

121,472

121,127

121,115

12

 

 

PJM West Off Peak

114,770

114,417

114,412

5

 

 

Natural Gas Henry Hub

349,816

335,573

329,255

6,318

 

 

WTI – Light Sweet Crude Futures

492,331

408,399

387,335

21,064

 

 

Brent Crude Last Day

245,702

238,027

240,506

-2,479

 

 

NYM Ethanol

33,596

32,968

32,926

42

 

 

Mt Belvieu LDH Propane Swap

124,830

124,178

124,529

-351

 

 

RBOB

421,968

398,450

402,943

-4,493

 

 

HSC Basis

742,476

736,243

737,540

-1,297

 

 

 

 

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

1/9/26

1/8/26

% Change

Change

12/10/25

% Change

1/9/25

% Change

 

 

PJM West On Peak

Feb-26

$52.46

$58.90

-10.94%

-$6.45

$78.94

-33.55%

$63.78

-17.75%

 

 

ERCOT North On Peak

Feb-26

$39.69

$43.87

-9.53%

-$4.18

$59.80

-33.63%

$72.47

-45.23%

 

 

CAISO SP 15 On Peak

Feb-26

$22.76

$24.50

-7.11%

-$1.74

$34.00

-33.07%

$50.99

-55.37%

 

 

MISO Indiana On Peak

Feb-26

$43.10

$46.62

-7.55%

-$3.52

$62.67

-31.23%

$54.40

-20.77%

 

 

NEISO Mass On Peak

Feb-26

$119.47

$118.18

1.09%

$1.29

$144.18

-17.14%

$105.20

13.56%

 

 

WECC Mid C On Peak

Feb-26

$29.50

$33.98

-13.19%

-$4.48

$51.44

-42.65%

$76.54

-61.46%

 

 

NYISO Zone G On Peak

Feb-26

$100.89

$101.14

-0.24%

-$0.25

$126.62

-20.32%

$85.13

18.51%

 

 

 

 

 

Natural Gas & Basis

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

1/9/26

1/8/26

% Change

Change

12/10/25

% Change

1/9/25

% Change

 

 

NYMEX Henry Hub

Feb-26

$3.169

$3.407

-6.99%

-$0.24

$4.24

-25.29%

$4.34

-27.00%

 

 

Houston Ship Channel

Feb-26

-$0.440

-$0.548

-19.57%

$0.11

-$0.20

120.47%

-$0.06

685.20%

 

 

Chicago

Feb-26

$0.242

$0.255

5.42%

-$0.01

$0.55

-56.05%

$0.81

-70.30%

 

 

Waha

Feb-26

-$4.291

-$3.009

-42.62%

-$1.28

-$2.13

101.56%

-$0.73

485.47%

 

 

Algonquin

Feb-26

$9.109

$9.820

-7.24%

-$0.71

$10.97

-16.94%

$8.71

4.59%

 

 

Aeco

Feb-26

-$1.476

-$1.595

-7.47%

$0.12

-$1.69

-12.77%

-$1.97

-24.91%

 

 

Socal

Feb-26

-$0.719

-$0.705

1.97%

-$0.01

-$0.19

278.77%

$0.88

-182.10%

 

 

 

 

 

Natural Gas Liquids

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

1/9/26

1/8/26

% Change

Change

12/10/25

% Change

1/9/25

% Change

 

 

Mt. Belvieu Propane LST

Feb-26

$0.636

$0.622

2.19%

$0.01

$0.68

-7.02%

$0.77

-17.65%

 

 

Mt. Belvieu Propane non LST

Feb-26

$0.622

$0.600

3.72%

$0.02

$0.68

-8.49%

$0.77

-19.32%

 

 

Mt. Belview Ethane

Feb-26

$0.209

$0.221

-5.68%

-$0.01

$0.28

-25.51%

$0.29

-28.62%

 

 

Mt. Belview Nat. Gasoline

Feb-26

$1.230

$1.200

2.51%

$0.03

$1.20

2.12%

$1.43

-14.05%

 

 

Mt. Belvieu Butane LST

Feb-26

$0.730

$0.701

4.05%

$0.03

$0.84

-12.77%

$0.89

-18.26%

 

 

Far East Propane

Feb-26

$5.139

$5.087

1.01%

$0.05

$5.05

1.76%

$5.63

-8.73%

 

 

Saudi Propane

Feb-26

$5.201

$5.186

0.29%

$0.02

$5.08

2.43%

$5.39

-3.57%

 

 

 

 

Crude Oil

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

1/9/26

1/8/26

% Change

Change

12/10/25

% Change

1/9/25

% Change

 

 

WTI

Mar-26

$58.94

$57.64

2.21%

$1.30

$58.16

1.34%

$68.48

-13.93%

 

 

Brent

Mar-26

$63.34

$61.99

2.13%

$1.35

$61.87

2.38%

$71.88

-11.88%

 

 

WCS

Mar-26

-$15.29

-$15.20

0.55%

-$0.08

-$12.68

20.51%

-$15.65

-2.33%

 

 

LLS

Mar-26

$60.05

$59.65

0.68%

$0.41

$59.21

1.43%

$70.09

-14.32%

 

 

Mars

Mar-26

$56.32

$56.25

0.12%

$0.07

$56.15

0.29%

$67.24

-16.25%

 

 

Sour

Mar-26

$58.83

$57.29

2.63%

$1.55

$57.69

1.99%

$68.24

-13.78%

 

 

ESPO

Mar-26

$61.34

$59.99

2.20%

$1.35

$59.87

2.46%

$69.88

-12.22%

 

 

 

 

Refined Products

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

1/9/26

1/8/26

% Change

Change

12/10/25

% Change

1/9/25

% Change

 

 

NY Heating Oil

Feb-26

$2.13

$2.15

-0.70%

-$0.02

$2.25

-5.11%

$2.28

-6.36%

 

 

NY Gasoline

Feb-26

$1.79

$1.75

2.23%

$0.04

$1.79

0.00%

$1.89

-5.29%

 

 

GC Gasoline

Feb-26

$1.65

$1.61

2.42%

$0.04

$1.65

0.00%

$1.79

-7.82%

 

 

GC Jet

Feb-26

$1.97

$1.96

0.31%

$0.01

$1.96

0.25%

$2.06

-4.75%

 

 

Chicago Ethanol

Feb-26

$1.60

$1.59

0.63%

$0.01

$1.59

0.44%

$1.59

0.76%

 

 

Rotterdam Gasoil

Feb-26

$575.13

$565.00

1.79%

$10.13

$577.93

-0.48%

$621.74

-7.50%

 

 

Singapore Jet Kero

Feb-26

$82.11

$77.80

5.54%

$4.31

$82.38

-0.33%

$88.83

-7.57%

 

 

 

 

Implied Volatilities

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

1/9/26

1/8/26

% Change

Change

12/10/25

% Change

1/9/25

% Change

 

 

Henry Hub Straddle

Feb-26

85.04%

83.84%

1.43%

1.20%

68.47%

24.20%

45.10%

88.56%

 

 

Algonquin Straddle

Feb-26

91.94%

85.99%

6.92%

5.95%

74.41%

23.56%

87.42%

5.17%

 

 

Waha Straddle

Feb-26

632.37%

497.60%

27.08%

134.77%

117.18%

439.66%

84.00%

652.82%

 

 

Chicago Straddle

Feb-26

82.63%

80.52%

2.62%

2.11%

66.23%

24.76%

45.92%

79.94%

 

 

PJM West Straddle

Feb-26

72.85%

81.00%

-10.06%

-8.15%

85.59%

-14.88%

71.78%

1.49%

 

 

SP – 15 Straddle

Feb-26

360.63%

333.48%

8.14%

27.15%

172.46%

109.11%

63.70%

466.14%

 

 

Mid. C Straddle

Feb-26

29.00%

23.37%

24.09%

5.63%

33.60%

-13.69%

56.32%

-48.51%

 

 

 

 

Euro Gas and Power/LNG

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

1/9/26

1/8/26

% Change

Change

12/10/25

% Change

1/9/25

% Change

 

 

Dutch TTF

Feb-26

EUR 28.15

EUR 27.66

1.75%

EUR 0.48

EUR 26.78

5.11%

EUR 41.83

-32.71%

 

 

NBP

Feb-26

GBP 73.45

GBP 71.53

2.69%

GBP 1.92

GBP 69.10

6.30%

GBP 110.99

-33.83%

 

 

German Base

Feb-26

EUR 99.68

EUR 98.71

0.98%

EUR 0.97

EUR 96.76

3.01%

EUR 105.92

-5.89%

 

 

UK Base

Feb-26

GBP 82.22

GBP 81.36

1.05%

GBP 0.86

GBP 75.90

8.33%

GBP 90.99

-9.64%

 

 

French Base

Feb-26

EUR 76.08

EUR 71.77

6.00%

EUR 4.31

EUR 71.63

6.21%

EUR 96.73

-21.35%

 

 

Italian Base

Feb-26

EUR 116.18

EUR 113.75

2.14%

EUR 2.43

EUR 109.41

6.19%

EUR 124.96

-7.02%

 

 

JKM LNG

Feb-26

$9.69

$9.30

4.19%

$0.39

$9.60

1.00%

$13.44

-27.88%

 

 

 

 

Freight Forwards (WET & DRY)

 

OTCGH/EOXLive Market Data

 

 

 

Contract

1/9/26

1/8/26

% Change

Change

12/10/25

% Change

1/9/25

% Change

 

 

TD3C FFA Middle East to China (WET)

Feb-26

$28.15

$27.66

1.75%

$0.48

$26.78

5.11%

$41.83

-32.71%

 

 

USGC-UK Continent Dirty (WET)

Feb-26

$73.45

$71.53

2.69%

$1.92

$69.10

6.30%

$110.99

-33.83%

 

 

TD20 West Africa to UK Continent (WET)

Feb-26

$99.68

$98.71

0.98%

$0.97

$96.76

3.01%

$105.92

-5.89%

 

 

LPG FFA Middle East Gulf to East (WET)

Feb-26

$82.22

$81.36

1.05%

$0.86

$75.90

8.33%

$90.99

-9.64%

 

 

TC5 FFA Arabian Gulf to Japan (WET)

Feb-26

$76.08

$71.77

6.00%

$4.31

$71.63

6.21%

$96.73

-21.35%

 

 

Supramax Timecharter (DRY)

Feb-26

$116.18

$113.75

2.14%

$2.43

$109.41

6.19%

$124.96

-7.02%

 

 

Capesize Timecharter (DRY)

Feb-26

$9.69

$9.30

4.19%

$0.39

$9.60

1.00%

$13.44

-27.88%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

 

 

 

 

 

 

 

 

 

 

 

 

Cooling Degree Days

 

 

 

 

 

 

01/10/2026

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

9

1

9

10

-1

7

NA

NA

 

 

E S Central

0

-2

0

0

-3

0

NA

NA

 

 

W S Central

11

8

9

13

9

11

NA

NA

 

 

Mountain

0

0

0

0

0

0

NA

NA

 

 

Pacific

0

0

0

0

0

0

NA

NA

 

 

United States

3

1

3

3

0

3

NA

NA

 

 

 

 

Heating Degree Days

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

01/10/2026

Week Tot

Dev Norm

Dev L YR

Cum Tot

CumD Norm

CumD L YR

CumD Norm

CumD L YR

 

 

New England

253

-26

-40

2,866

7

262

0.00%

10.00%

 

 

Middle Atlantic

208

-51

-76

2,498

-61

246

-2.00%

11.00%

 

 

E N Central

196

-97

-126

2,713

-176

236

-6.00%

10.00%

 

 

W N Central

206

-110

-144

2,633

-512

-20

-16.00%

-1.00%

 

 

South Atlantic

86

-59

-105

1,200

-89

19

-7.00%

2.00%

 

 

E S Central

89

-98

-147

1,431

-245

16

-15.00%

1.00%

 

 

W S Central

53

-84

-121

735

-365

-70

-33.00%

-9.00%

 

 

Mountain

188

-32

-35

1,806

-655

-269

-27.00%

-13.00%

 

 

Pacific

128

-4

20

1,107

-335

-138

-23.00%

-11.00%

 

 

United States

147

-61

-84

1,797

-238

43

-12.00%

2.00%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

Weather Forecast & Seasonal Outlook

 

 

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