Morning Report: Gas * Power * NGL * Crude * Products * Vols — Jan-13-2026

Jan 13, 2026

  

 

 

 

 

 

 

 

 

 

Prices as of 7:01 AM CST

 

 

 

 

 

 

 

Current Price

Previous Settle

% Change

Change

Volume

 

 

Natural Gas

$3.492

$3.409

2.43%

$0.083

26,543

 

 

WTI

$60.60

$59.50

1.85%

$1.10

79,531

 

 

Brent

$64.96

$63.87

1.71%

$1.09

17,599

 

 

ULSD

$2.196

$2.154

1.94%

$0.042

6,105

 

 

RBOB

$1.814

$1.794

1.11%

$0.020

3,892

 

 

 

 

Spreads

 

 

 

 

 

 

 

Current

Previous

% Change

Change

Contract

 

 

WTI-Brent

$4.63

$4.55

1.76%

$0.08

Mar-26

 

 

3:2:1 Crack

$21.82

$21.77

0.21%

$0.05

Feb-26

 

 

PJM West Spark

$53.27

$45.16

17.94%

$8.10

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

1/12/26

1/9/26

% Change

Change

12/11/25

% Change

1/10/25

% Change

 

 

PJM West On Peak

Feb-26

$60.71

$52.46

15.73%

$8.25

$75.19

-19.26%

$65.70

-7.60%

 

 

ERCOT North On Peak

Feb-26

$37.66

$39.69

-5.12%

-$2.03

$64.06

-41.21%

$72.41

-47.99%

 

 

CAISO SP 15 On Peak

Feb-26

$20.50

$22.76

-9.92%

-$2.26

$32.00

-35.94%

$52.36

-60.85%

 

 

MISO Indiana On Peak

Feb-26

$43.65

$43.10

1.27%

$0.55

$60.33

-27.65%

$56.09

-22.19%

 

 

NEISO Mass On Peak

Feb-26

$129.44

$119.47

8.35%

$9.98

$139.09

-6.93%

$109.22

18.52%

 

 

WECC Mid C On Peak

Feb-26

$27.52

$29.50

-6.71%

-$1.98

$46.80

-41.20%

$81.51

-66.24%

 

 

NYISO Zone G On Peak

Feb-26

$108.53

$100.89

7.57%

$7.64

$122.92

-11.71%

$84.95

27.76%

 

 

 

 

 

Natural Gas & Basis

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

1/12/26

1/9/26

% Change

Change

12/11/25

% Change

1/10/25

% Change

 

 

NYMEX Henry Hub

Feb-26

$3.409

$3.388

0.62%

$0.02

$3.97

-14.15%

$4.39

-22.29%

 

 

Houston Ship Channel

Feb-26

-$0.421

-$0.474

-11.28%

$0.05

-$0.21

105.02%

-$0.05

701.33%

 

 

Chicago

Feb-26

$0.198

$0.245

23.91%

-$0.05

$0.54

-63.36%

$0.82

-75.78%

 

 

Waha

Feb-26

-$3.005

-$3.046

-1.33%

$0.04

-$1.79

68.27%

-$0.75

302.22%

 

 

Algonquin

Feb-26

$9.201

$9.685

-5.00%

-$0.48

$10.46

-12.03%

$8.76

5.01%

 

 

Aeco

Feb-26

-$1.510

-$1.573

-4.04%

$0.06

-$1.53

-1.06%

-$2.00

-24.55%

 

 

Socal

Feb-26

-$0.792

-$0.784

1.03%

-$0.01

-$0.23

237.12%

$0.88

-189.90%

 

 

 

 

 

Natural Gas Liquids

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

1/12/26

1/9/26

% Change

Change

12/11/25

% Change

1/10/25

% Change

 

 

Mt. Belvieu Propane LST

Feb-26

$0.630

$0.636

-0.94%

-$0.01

$0.67

-5.60%

$0.78

-18.90%

 

 

Mt. Belvieu Propane non LST

Feb-26

$0.610

$0.622

-1.97%

-$0.01

$0.67

-8.68%

$0.79

-22.56%

 

 

Mt. Belview Ethane

Feb-26

$0.214

$0.209

2.42%

$0.01

$0.27

-20.02%

$0.29

-25.15%

 

 

Mt. Belview Nat. Gasoline

Feb-26

$1.227

$1.230

-0.19%

$0.00

$1.20

2.19%

$1.46

-15.99%

 

 

Mt. Belvieu Butane LST

Feb-26

$0.719

$0.730

-1.45%

-$0.01

$0.83

-13.33%

$0.92

-21.72%

 

 

Far East Propane

Feb-26

$5.152

$5.139

0.25%

$0.01

$5.05

2.09%

$5.66

-8.91%

 

 

Saudi Propane

Feb-26

$5.190

$5.201

-0.21%

-$0.01

$5.09

1.96%

$5.49

-5.37%

 

 

 

 

Crude Oil

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

1/12/26

1/9/26

% Change

Change

12/11/25

% Change

1/10/25

% Change

 

 

WTI

Mar-26

$59.32

$58.94

0.64%

$0.38

$57.35

3.44%

$69.19

-14.27%

 

 

Brent

Mar-26

$63.87

$63.34

0.83%

$0.53

$61.06

4.60%

$73.17

-12.71%

 

 

WCS

Mar-26

-$15.06

-$15.29

-1.47%

$0.22

-$13.97

7.87%

-$15.65

-3.74%

 

 

LLS

Mar-26

$60.38

$60.05

0.54%

$0.33

$58.57

3.10%

$70.32

-14.13%

 

 

Mars

Mar-26

$56.62

$56.32

0.54%

$0.30

$55.81

1.44%

$67.52

-16.14%

 

 

Sour

Mar-26

$59.07

$58.83

0.40%

$0.24

$57.09

3.47%

$68.47

-13.73%

 

 

ESPO

Mar-26

$61.87

$61.34

0.86%

$0.53

$59.06

4.76%

$71.17

-13.07%

 

 

 

 

Refined Products

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

1/12/26

1/9/26

% Change

Change

12/11/25

% Change

1/10/25

% Change

 

 

NY Heating Oil

Feb-26

$2.15

$2.13

0.89%

$0.02

$2.23

-3.36%

$2.33

-7.35%

 

 

NY Gasoline

Feb-26

$1.79

$1.79

0.17%

$0.00

$1.77

1.30%

$1.92

-6.42%

 

 

GC Gasoline

Feb-26

$1.65

$1.65

0.18%

$0.00

$1.63

1.41%

$1.82

-8.98%

 

 

GC Jet

Feb-26

$1.98

$1.97

0.81%

$0.02

$1.97

0.76%

$2.19

-9.37%

 

 

Chicago Ethanol

Feb-26

$1.56

$1.60

-2.50%

-$0.04

$1.62

-3.58%

$1.60

-2.74%

 

 

Rotterdam Gasoil

Feb-26

$582.75

$575.13

1.32%

$7.62

$567.22

2.74%

$634.16

-8.11%

 

 

Singapore Jet Kero

Feb-26

$80.30

$82.11

-2.20%

-$1.81

$81.26

-1.18%

$89.27

-10.04%

 

 

 

 

Implied Volatilities

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

1/12/26

1/9/26

% Change

Change

12/11/25

% Change

1/10/25

% Change

 

 

Henry Hub Straddle

Feb-26

73.87%

85.04%

-13.13%

-11.17%

77.10%

-4.19%

43.34%

70.44%

 

 

Algonquin Straddle

Feb-26

81.11%

91.94%

-11.78%

-10.83%

80.20%

1.13%

84.76%

-4.31%

 

 

Waha Straddle

Feb-26

469.18%

632.37%

-25.81%

-163.19%

110.83%

323.33%

78.32%

499.06%

 

 

Chicago Straddle

Feb-26

70.50%

82.63%

-14.68%

-12.13%

72.97%

-3.38%

47.35%

48.89%

 

 

PJM West Straddle

Feb-26

99.42%

72.85%

36.47%

26.57%

84.77%

17.28%

70.92%

40.19%

 

 

SP – 15 Straddle

Feb-26

299.91%

360.63%

-16.84%

-60.72%

172.55%

73.81%

65.71%

356.41%

 

 

Mid. C Straddle

Feb-26

48.91%

29.00%

68.66%

19.91%

57.95%

-15.60%

55.05%

-11.15%

 

 

 

 

Euro Gas and Power/LNG

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

1/12/26

1/9/26

% Change

Change

12/11/25

% Change

1/10/25

% Change

 

 

Dutch TTF

Feb-26

EUR 30.59

EUR 28.15

8.68%

EUR 2.44

EUR 26.78

14.23%

EUR 41.90

-27.00%

 

 

NBP

Feb-26

GBP 79.28

GBP 73.45

7.94%

GBP 5.83

GBP 69.07

14.78%

GBP 112.96

-29.82%

 

 

German Base

Feb-26

EUR 106.79

EUR 99.68

7.14%

EUR 7.12

EUR 97.45

9.59%

EUR 105.22

1.49%

 

 

UK Base

Feb-26

GBP 86.53

GBP 82.22

5.24%

GBP 4.31

GBP 77.45

11.72%

GBP 92.65

-6.61%

 

 

French Base

Feb-26

EUR 83.30

EUR 76.08

9.49%

EUR 7.22

EUR 71.42

16.63%

EUR 97.68

-14.73%

 

 

Italian Base

Feb-26

EUR 122.39

EUR 116.18

5.34%

EUR 6.20

EUR 108.40

12.90%

EUR 123.81

-1.15%

 

 

JKM LNG

Feb-26

$10.08

$9.69

3.98%

$0.39

$9.65

4.43%

$13.85

-27.23%

 

 

 

 

Freight Forwards (WET & DRY)

 

OTCGH/EOXLive Market Data

 

 

 

Contract

1/12/26

1/9/26

% Change

Change

12/11/25

% Change

1/10/25

% Change

 

 

TD3C FFA Middle East to China (WET)

Feb-26

$30.59

$28.15

8.68%

$2.44

$26.78

14.23%

$41.90

-27.00%

 

 

USGC-UK Continent Dirty (WET)

Feb-26

$79.28

$73.45

7.94%

$5.83

$69.07

14.78%

$112.96

-29.82%

 

 

TD20 West Africa to UK Continent (WET)

Feb-26

$106.79

$99.68

7.14%

$7.12

$97.45

9.59%

$105.22

1.49%

 

 

LPG FFA Middle East Gulf to East (WET)

Feb-26

$86.53

$82.22

5.24%

$4.31

$77.45

11.72%

$92.65

-6.61%

 

 

TC5 FFA Arabian Gulf to Japan (WET)

Feb-26

$83.30

$76.08

9.49%

$7.22

$71.42

16.63%

$97.68

-14.73%

 

 

Supramax Timecharter (DRY)

Feb-26

$122.39

$116.18

5.34%

$6.20

$108.40

12.90%

$123.81

-1.15%

 

 

Capesize Timecharter (DRY)

Feb-26

$10.08

$9.69

3.98%

$0.39

$9.65

4.43%

$13.85

-27.23%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

 

 

 

 

 

 

 

 

 

 

 

 

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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