Morning Report: Gas * Power * NGL * Crude * Products * Vols — Jan-15-2026

Jan 15, 2026

  

 

 

 

 

 

 

 

 

 

Prices as of 7:02 AM CST

 

 

 

 

 

 

 

Current Price

Previous Settle

% Change

Change

Volume

 

 

Natural Gas

$3.190

$3.120

2.24%

$0.070

30,351

 

 

WTI

$59.60

$62.02

-3.90%

-$2.42

27,565

 

 

Brent

$63.96

$66.52

-3.85%

-$2.56

21,634

 

 

ULSD

$2.209

$2.282

-3.22%

-$0.073

5,811

 

 

RBOB

$1.777

$1.830

-2.92%

-$0.053

3,400

 

 

 

 

Spreads

 

 

 

 

 

 

 

Current

Previous

% Change

Change

Contract

 

 

WTI-Brent

$4.53

$4.64

-2.37%

-$0.11

Mar-26

 

 

3:2:1 Crack

$21.81

$21.99

-0.82%

-$0.18

Feb-26

 

 

PJM West Spark

$47.41

$52.86

-10.31%

-$5.45

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

1/14/26

1/13/26

% Change

Change

12/15/25

% Change

1/14/25

% Change

 

 

PJM West On Peak

Feb-26

$54.15

$59.54

-9.04%

-$5.38

$70.89

-23.61%

$62.39

-13.20%

 

 

ERCOT North On Peak

Feb-26

$39.29

$40.45

-2.86%

-$1.15

$53.66

-26.78%

$71.84

-45.31%

 

 

CAISO SP 15 On Peak

Feb-26

$19.50

$21.25

-8.24%

-$1.75

$30.00

-35.00%

$51.13

-61.86%

 

 

MISO Indiana On Peak

Feb-26

$45.36

$46.49

-2.43%

-$1.13

$57.91

-21.67%

$52.99

-14.39%

 

 

NEISO Mass On Peak

Feb-26

$114.37

$122.14

-6.37%

-$7.78

$138.26

-17.28%

$107.81

6.08%

 

 

WECC Mid C On Peak

Feb-26

$23.50

$24.50

-4.08%

-$1.00

$41.25

-43.03%

$76.66

-69.34%

 

 

NYISO Zone G On Peak

Feb-26

$88.41

$103.29

-14.41%

-$14.88

$124.04

-28.73%

$84.29

4.88%

 

 

 

 

 

Natural Gas & Basis

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

1/14/26

1/13/26

% Change

Change

12/15/25

% Change

1/14/25

% Change

 

 

NYMEX Henry Hub

Feb-26

$3.120

$3.419

-8.75%

-$0.30

$3.75

-16.73%

$4.43

-29.56%

 

 

Houston Ship Channel

Feb-26

-$0.331

-$0.388

-14.62%

$0.06

-$0.20

66.02%

-$0.05

555.84%

 

 

Chicago

Feb-26

$0.236

$0.188

-20.45%

$0.05

$0.46

-49.26%

$0.84

-71.82%

 

 

Waha

Feb-26

-$2.837

-$3.089

-8.16%

$0.25

-$1.93

47.10%

-$0.73

289.31%

 

 

Algonquin

Feb-26

$8.760

$9.410

-6.91%

-$0.65

$10.34

-15.27%

$8.70

0.64%

 

 

Aeco

Feb-26

-$1.613

-$1.781

-9.41%

$0.17

-$1.47

9.80%

-$2.13

-24.41%

 

 

Socal

Feb-26

-$0.883

-$0.998

-11.52%

$0.11

-$0.18

379.15%

$0.93

-194.62%

 

 

 

 

 

Natural Gas Liquids

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

1/14/26

1/13/26

% Change

Change

12/15/25

% Change

1/14/25

% Change

 

 

Mt. Belvieu Propane LST

Feb-26

$0.623

$0.641

-2.85%

-$0.02

$0.66

-5.31%

$0.78

-19.91%

 

 

Mt. Belvieu Propane non LST

Feb-26

$0.620

$0.620

0.02%

$0.00

$0.64

-2.94%

$0.79

-21.95%

 

 

Mt. Belview Ethane

Feb-26

$0.199

$0.212

-6.54%

-$0.01

$0.26

-23.63%

$0.28

-29.94%

 

 

Mt. Belview Nat. Gasoline

Feb-26

$1.270

$1.257

1.00%

$0.01

$1.18

7.82%

$1.43

-11.20%

 

 

Mt. Belvieu Butane LST

Feb-26

$0.716

$0.709

0.99%

$0.01

$0.80

-10.91%

$0.93

-23.07%

 

 

Far East Propane

Feb-26

$5.346

$5.252

1.79%

$0.09

$4.90

9.17%

$5.72

-6.50%

 

 

Saudi Propane

Feb-26

$5.338

$5.298

0.76%

$0.04

$5.00

6.77%

$5.45

-2.14%

 

 

 

 

Crude Oil

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

1/14/26

1/13/26

% Change

Change

12/15/25

% Change

1/14/25

% Change

 

 

WTI

Mar-26

$61.88

$60.93

1.54%

$0.95

$56.56

9.41%

$69.07

-10.41%

 

 

Brent

Mar-26

$66.52

$65.47

1.58%

$1.05

$60.30

10.32%

$72.96

-8.83%

 

 

WCS

Mar-26

-$14.83

-$14.72

0.73%

-$0.11

-$12.74

16.38%

-$15.75

-5.82%

 

 

LLS

Mar-26

$60.07

$61.96

-3.16%

-$1.90

$57.72

4.07%

$70.74

-15.09%

 

 

Mars

Mar-26

$59.40

$58.44

1.62%

$0.97

$54.67

8.66%

$68.14

-12.83%

 

 

Sour

Mar-26

$61.48

$61.07

0.66%

$0.40

$56.24

9.32%

$68.80

-10.64%

 

 

ESPO

Mar-26

$64.52

$63.47

1.63%

$1.05

$58.30

10.67%

$70.96

-9.08%

 

 

 

 

Refined Products

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

1/14/26

1/13/26

% Change

Change

12/15/25

% Change

1/14/25

% Change

 

 

NY Heating Oil

Feb-26

$2.20

$2.24

-1.57%

-$0.04

$2.17

1.43%

$2.32

-5.17%

 

 

NY Gasoline

Feb-26

$1.78

$1.83

-2.41%

-$0.04

$1.74

2.47%

$1.94

-8.19%

 

 

GC Gasoline

Feb-26

$1.64

$1.69

-2.61%

-$0.04

$1.60

2.69%

$1.84

-10.80%

 

 

GC Jet

Feb-26

$2.05

$2.07

-0.87%

-$0.02

$1.92

6.88%

$2.13

-3.93%

 

 

Chicago Ethanol

Feb-26

$1.53

$1.54

-0.84%

-$0.01

$1.61

-4.67%

$1.64

-6.41%

 

 

Rotterdam Gasoil

Feb-26

$588.71

$593.26

-0.77%

-$4.54

$565.91

4.03%

$611.69

-3.76%

 

 

Singapore Jet Kero

Feb-26

$82.76

$83.75

-1.17%

-$0.98

$79.49

4.12%

$88.87

-6.87%

 

 

 

 

Implied Volatilities

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

1/14/26

1/13/26

% Change

Change

12/15/25

% Change

1/14/25

% Change

 

 

Henry Hub Straddle

Feb-26

94.69%

82.89%

14.24%

11.80%

76.22%

24.23%

48.64%

94.68%

 

 

Algonquin Straddle

Feb-26

98.73%

89.13%

10.77%

9.60%

75.72%

30.39%

87.95%

12.26%

 

 

Waha Straddle

Feb-26

477.59%

477.71%

-0.03%

-0.12%

122.35%

290.35%

84.00%

468.56%

 

 

Chicago Straddle

Feb-26

89.44%

79.95%

11.87%

9.49%

74.55%

19.97%

50.30%

77.81%

 

 

PJM West Straddle

Feb-26

81.76%

91.71%

-10.85%

-9.95%

91.61%

-10.75%

73.07%

11.89%

 

 

SP – 15 Straddle

Feb-26

356.55%

335.19%

6.37%

21.36%

181.55%

96.39%

65.80%

441.87%

 

 

Mid. C Straddle

Feb-26

76.09%

70.85%

7.40%

5.24%

32.44%

134.56%

55.46%

37.20%

 

 

 

 

Euro Gas and Power/LNG

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

1/14/26

1/13/26

% Change

Change

12/15/25

% Change

1/14/25

% Change

 

 

Dutch TTF

Feb-26

EUR 32.20

EUR 31.13

3.45%

EUR 1.07

EUR 26.77

20.27%

EUR 44.60

-27.80%

 

 

NBP

Feb-26

GBP 83.74

GBP 81.13

3.23%

GBP 2.62

GBP 69.95

19.72%

GBP 116.43

-28.07%

 

 

German Base

Feb-26

EUR 113.07

EUR 109.86

2.92%

EUR 3.21

EUR 97.17

16.36%

EUR 109.27

3.48%

 

 

UK Base

Feb-26

GBP 95.03

GBP 89.18

6.56%

GBP 5.85

GBP 77.18

23.13%

GBP 98.40

-3.43%

 

 

French Base

Feb-26

EUR 93.60

EUR 89.81

4.22%

EUR 3.79

EUR 71.74

30.48%

EUR 97.13

-3.63%

 

 

Italian Base

Feb-26

EUR 125.63

EUR 125.24

0.31%

EUR 0.39

EUR 109.63

14.60%

EUR 130.10

-3.44%

 

 

JKM LNG

Feb-26

$9.80

$9.63

1.76%

$0.17

$9.60

2.15%

$14.48

-32.33%

 

 

 

 

Freight Forwards (WET & DRY)

 

OTCGH/EOXLive Market Data

 

 

 

Contract

1/14/26

1/13/26

% Change

Change

12/15/25

% Change

1/14/25

% Change

 

 

TD3C FFA Middle East to China (WET)

Feb-26

$32.20

$31.13

3.45%

$1.07

$26.77

20.27%

$44.60

-27.80%

 

 

USGC-UK Continent Dirty (WET)

Feb-26

$83.74

$81.13

3.23%

$2.62

$69.95

19.72%

$116.43

-28.07%

 

 

TD20 West Africa to UK Continent (WET)

Feb-26

$113.07

$109.86

2.92%

$3.21

$97.17

16.36%

$109.27

3.48%

 

 

LPG FFA Middle East Gulf to East (WET)

Feb-26

$95.03

$89.18

6.56%

$5.85

$77.18

23.13%

$98.40

-3.43%

 

 

TC5 FFA Arabian Gulf to Japan (WET)

Feb-26

$93.60

$89.81

4.22%

$3.79

$71.74

30.48%

$97.13

-3.63%

 

 

Supramax Timecharter (DRY)

Feb-26

$125.63

$125.24

0.31%

$0.39

$109.63

14.60%

$130.10

-3.44%

 

 

Capesize Timecharter (DRY)

Feb-26

$9.80

$9.63

1.76%

$0.17

$9.60

2.15%

$14.48

-32.33%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

 

 

 

 

 

 

 

 

 

 

 

 

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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