Morning Report: Gas * Power * NGL * Crude * Products * Vols — Jan-23-2026

Jan 23, 2026

  

 

 

 

 

 

 

 

 

 

Prices as of 7:02 AM CST

 

 

 

 

 

 

 

Current Price

Previous Settle

% Change

Change

Volume

 

 

Natural Gas

$4.947

$5.045

-1.94%

-$0.098

19,774

 

 

WTI

$60.53

$59.36

1.97%

$1.17

58,077

 

 

Brent

$65.27

$64.06

1.89%

$1.21

8,668

 

 

ULSD

$2.391

$2.367

1.02%

$0.024

5,200

 

 

RBOB

$1.833

$1.817

0.87%

$0.016

1,069

 

 

 

 

Spreads

 

 

 

 

 

 

 

Current

Previous

% Change

Change

Contract

 

 

WTI-Brent

$4.78

$4.70

1.70%

$0.08

Mar-26

 

 

3:2:1 Crack

$23.90

$24.30

-1.67%

-$0.41

Mar-26

 

 

PJM West Spark

$73.92

$74.76

-1.13%

-$0.84

Feb-26

 

 

 

 

Baker Hughes Rig Count

 

 

 

 

 

 

 

Date

Count

Change

1 Year Chg.

1 Year Date

 

 

U.S.

01/16/26

543

-1

-37

01/17/25

 

 

Canada

01/16/26

226

29

-3

01/17/25

 

 

International

Dec-2025

1065

-8

-49

Dec-2024

 

 

 

 

CFTC Net Positions

 

 

 

 

 

 

As of 1/13/2026

Open Interest

Total Net Long

Total Net Short

Diff

 

 

PJM West On Peak

123,122

122,789

122,595

194

 

 

PJM West Off Peak

115,700

115,311

115,171

140

 

 

Natural Gas Henry Hub

354,480

340,573

333,819

6,754

 

 

WTI – Light Sweet Crude Futures

163,182

126,794

125,890

904

 

 

Brent Crude Last Day

278,464

270,071

273,165

-3,094

 

 

NYM Ethanol

36,112

35,458

35,415

43

 

 

Mt Belvieu LDH Propane Swap

129,147

128,475

128,842

-367

 

 

RBOB

452,923

426,553

433,163

-6,610

 

 

HSC Basis

756,345

750,728

751,068

-340

 

 

 

 

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

 

 

 

 

01/22/21

 

 

 

1/16/26

1/9/26

Net Change

% Change

1/17/25

% Change

5 Year Avg.

% Change

 

 

East

632

664

-32

-4.82%

613

3.10%

628

0.57%

 

 

Midwest

752

790

-38

-4.81%

744

1.08%

752

-0.05%

 

 

Mountain

242

251

-9

-3.59%

229

5.68%

175

38.13%

 

 

Pacific

300

302

-2

-0.66%

269

11.52%

225

33.57%

 

 

South

1,139

1,178

-39

-3.31%

1,037

9.84%

1,009

12.86%

 

 

    Salt

343

355

-12

-3.38%

297

15.49%

289

18.85%

 

 

    Non_Salt

796

823

-27

-3.28%

739

7.71%

720

10.52%

 

 

Total

3,065

3,185

-120

-3.77%

2,892

5.98%

2,790

9.86%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Power Generation Additions/Retirements

 

 

  

 

Front Month Prices

 

 

 

 

 

 

 

 

 

 

 

 

 

Electricity

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

1/22/26

1/21/26

% Change

Change

12/22/25

% Change

1/22/25

% Change

 

 

PJM West On Peak

Feb-26

$84.58

$85.56

-1.15%

-$0.98

$68.85

22.83%

$64.98

30.17%

 

 

ERCOT North On Peak

Feb-26

$66.10

$58.78

12.46%

$7.32

$52.75

25.31%

$71.40

-7.42%

 

 

CAISO SP 15 On Peak

Feb-26

$32.50

$28.75

13.04%

$3.75

$28.50

14.04%

$48.63

-33.17%

 

 

MISO Indiana On Peak

Feb-26

$59.35

$60.05

-1.16%

-$0.70

$52.31

13.47%

$55.01

7.89%

 

 

NEISO Mass On Peak

Feb-26

$135.52

$158.66

-14.59%

-$23.15

$132.74

2.10%

$110.09

23.10%

 

 

WECC Mid C On Peak

Feb-26

$35.00

$33.50

4.48%

$1.50

$35.00

0.00%

$78.06

-55.16%

 

 

NYISO Zone G On Peak

Feb-26

$123.17

$141.16

-12.74%

-$17.98

$117.24

5.06%

$87.02

41.55%

 

 

 

 

 

Natural Gas & Basis

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

1/22/26

1/21/26

% Change

Change

12/22/25

% Change

1/22/25

% Change

 

 

NYMEX Henry Hub

Feb-26

$5.045

$4.875

3.49%

$0.17

$3.57

41.28%

$4.56

10.54%

 

 

Houston Ship Channel

Feb-26

-$0.414

-$0.424

-2.43%

$0.01

-$0.27

50.76%

-$0.08

420.75%

 

 

Chicago

Feb-26

$0.938

$0.725

-22.69%

$0.21

$0.41

125.98%

$0.83

13.59%

 

 

Waha

Feb-26

-$3.326

-$2.970

-11.97%

-$0.36

-$2.28

45.83%

-$0.85

293.32%

 

 

Algonquin

Feb-26

$12.574

$11.308

11.20%

$1.27

$9.82

27.98%

$9.10

38.22%

 

 

Aeco

Feb-26

-$3.675

-$2.977

23.42%

-$0.70

-$1.47

149.96%

-$2.41

52.80%

 

 

Socal

Feb-26

-$1.973

-$1.587

24.27%

-$0.39

-$0.40

391.92%

$1.01

-295.09%

 

 

 

 

 

Natural Gas Liquids

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

1/22/26

1/21/26

% Change

Change

12/22/25

% Change

1/22/25

% Change

 

 

Mt. Belvieu Propane LST

Feb-26

$0.659

$0.673

-2.10%

-$0.01

$0.65

1.61%

$0.78

-15.81%

 

 

Mt. Belvieu Propane non LST

Feb-26

$0.662

$0.672

-1.51%

-$0.01

$0.63

4.55%

$0.78

-15.67%

 

 

Mt. Belview Ethane

Feb-26

$0.252

$0.243

3.99%

$0.01

$0.25

2.40%

$0.29

-13.67%

 

 

Mt. Belview Nat. Gasoline

Feb-26

$1.238

$1.247

-0.78%

-$0.01

$1.20

3.48%

$1.42

-12.99%

 

 

Mt. Belvieu Butane LST

Feb-26

$0.803

$0.780

2.96%

$0.02

$0.78

2.75%

$0.92

-12.48%

 

 

Far East Propane

Feb-26

$5.519

$5.505

0.26%

$0.01

$5.01

10.21%

$5.74

-3.80%

 

 

Saudi Propane

Feb-26

$5.353

$5.378

-0.45%

-$0.02

$5.00

7.12%

$5.54

-3.42%

 

 

 

 

Crude Oil

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

1/22/26

1/21/26

% Change

Change

12/22/25

% Change

1/22/25

% Change

 

 

WTI

Mar-26

$59.36

$60.62

-2.12%

-$1.26

$57.84

2.63%

$68.87

-13.81%

 

 

Brent

Mar-26

$64.06

$65.24

-1.84%

-$1.18

$61.58

4.03%

$72.69

-11.87%

 

 

WCS

Mar-26

-$14.60

-$14.75

-1.06%

$0.15

-$12.77

14.28%

-$16.05

-9.07%

 

 

LLS

Mar-26

$60.51

$61.35

-1.39%

-$0.84

$59.27

2.10%

$70.76

-14.48%

 

 

Mars

Mar-26

$57.20

$58.30

-1.93%

-$1.10

$56.19

1.78%

$68.21

-16.14%

 

 

Sour

Mar-26

$59.54

$60.41

-1.46%

-$0.87

$57.89

2.85%

$68.81

-13.48%

 

 

ESPO

Mar-26

$62.06

$63.24

-1.90%

-$1.18

$59.58

4.16%

$70.69

-12.21%

 

 

 

 

Refined Products

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

1/22/26

1/21/26

% Change

Change

12/22/25

% Change

1/22/25

% Change

 

 

NY Heating Oil

Feb-26

$2.37

$2.41

-1.49%

-$0.04

$2.15

10.32%

$2.31

2.68%

 

 

NY Gasoline

Feb-26

$1.82

$1.86

-2.05%

-$0.04

$1.75

3.89%

$1.94

-6.10%

 

 

GC Gasoline

Feb-26

$1.68

$1.72

-2.21%

-$0.04

$1.61

4.22%

$1.84

-8.61%

 

 

GC Jet

Feb-26

$2.14

$2.30

-7.16%

-$0.16

$1.95

9.86%

$2.08

2.99%

 

 

Chicago Ethanol

Feb-26

$1.60

$1.58

1.27%

$0.02

$1.59

0.50%

$1.62

-1.30%

 

 

Rotterdam Gasoil

Feb-26

$587.67

$587.23

0.08%

$0.44

$561.98

4.57%

$630.74

-6.83%

 

 

Singapore Jet Kero

Feb-26

$83.79

$84.80

-1.19%

-$1.01

$80.52

4.06%

$88.42

-5.24%

 

 

 

 

Implied Volatilities

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

1/22/26

1/21/26

% Change

Change

12/22/25

% Change

1/22/25

% Change

 

 

Henry Hub Straddle

Mar-26

87.62%

64.58%

35.68%

23.04%

69.55%

25.98%

41.02%

113.60%

 

 

Algonquin Straddle

Mar-26

96.76%

66.45%

45.61%

30.31%

90.43%

7.00%

73.75%

31.20%

 

 

Waha Straddle

Mar-26

1877.84%

1443.72%

30.07%

434.12%

1968.49%

-4.61%

102.30%

1735.62%

 

 

Chicago Straddle

Mar-26

100.01%

76.64%

30.49%

23.37%

74.31%

34.58%

44.60%

124.24%

 

 

PJM West Straddle

Mar-26

64.20%

53.68%

19.60%

10.52%

53.27%

20.52%

47.47%

35.24%

 

 

SP – 15 Straddle

Mar-26

900.78%

214.74%

319.47%

686.04%

163.78%

449.99%

220.88%

307.81%

 

 

Mid. C Straddle

Mar-26

149.38%

134.98%

10.67%

14.40%

26.25%

469.07%

71.25%

109.66%

 

 

 

 

Euro Gas and Power/LNG

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

1/22/26

1/21/26

% Change

Change

12/22/25

% Change

1/22/25

% Change

 

 

Dutch TTF

Mar-26

EUR 36.43

EUR 37.72

-3.41%

-EUR 1.29

EUR 27.31

33.40%

EUR 41.85

-12.93%

 

 

NBP

Mar-26

GBP 88.61

GBP 92.91

-4.63%

-GBP 4.30

GBP 68.16

30.01%

GBP 111.00

-20.17%

 

 

German Base

Mar-26

EUR 97.16

EUR 100.36

-3.19%

-EUR 3.20

EUR 83.39

16.50%

EUR 97.06

0.10%

 

 

UK Base

Mar-26

GBP 88.39

GBP 83.75

5.54%

GBP 4.64

GBP 71.82

23.06%

GBP 91.80

-3.72%

 

 

French Base

Mar-26

EUR 76.12

EUR 76.57

-0.59%

-EUR 0.45

EUR 57.95

31.36%

EUR 81.34

-6.42%

 

 

Italian Base

Mar-26

EUR 120.94

EUR 125.51

-3.63%

-EUR 4.56

EUR 102.37

18.14%

EUR 116.19

4.09%

 

 

JKM LNG

Mar-26

$11.53

$11.56

-0.27%

-$0.03

$9.63

19.78%

$14.12

-18.35%

 

 

 

 

Freight Forwards (WET & DRY)

 

OTCGH/EOXLive Market Data

 

 

 

Contract

1/22/26

1/21/26

% Change

Change

12/22/25

% Change

1/22/25

% Change

 

 

TD3C FFA Middle East to China (WET)

Mar-26

$36.43

$37.72

-3.41%

-$1.29

$27.31

33.40%

$41.85

-12.93%

 

 

USGC-UK Continent Dirty (WET)

Mar-26

$88.61

$92.91

-4.63%

-$4.30

$68.16

30.01%

$111.00

-20.17%

 

 

TD20 West Africa to UK Continent (WET)

Mar-26

$97.16

$100.36

-3.19%

-$3.20

$83.39

16.50%

$97.06

0.10%

 

 

LPG FFA Middle East Gulf to East (WET)

Mar-26

$88.39

$83.75

5.54%

$4.64

$71.82

23.06%

$91.80

-3.72%

 

 

TC5 FFA Arabian Gulf to Japan (WET)

Mar-26

$76.12

$76.57

-0.59%

-$0.45

$57.95

31.36%

$81.34

-6.42%

 

 

Supramax Timecharter (DRY)

Mar-26

$120.94

$125.51

-3.63%

-$4.56

$102.37

18.14%

$116.19

4.09%

 

 

Capesize Timecharter (DRY)

Mar-26

$11.53

$11.56

-0.27%

-$0.03

$9.63

19.78%

$14.12

-18.35%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

 

 

 

 

 

 

 

 

 

 

 

 

Cooling Degree Days

 

 

 

 

 

 

01/17/2026

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

3

-5

3

13

-6

11

NA

NA

 

 

E S Central

0

-2

0

0

-5

0

NA

NA

 

 

W S Central

0

-3

0

13

6

11

NA

NA

 

 

Mountain

0

0

0

0

0

0

NA

NA

 

 

Pacific

0

-1

0

0

-1

0

NA

NA

 

 

United States

1

-1

1

4

-1

3

NA

NA

 

 

 

 

Heating Degree Days

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

01/17/2026

Week Tot

Dev Norm

Dev L YR

Cum Tot

CumD Norm

CumD L YR

CumD Norm

CumD L YR

 

 

New England

223

-60

-56

3,089

-53

206

-2.00%

7.00%

 

 

Middle Atlantic

224

-39

-43

2,722

-100

202

-4.00%

8.00%

 

 

E N Central

260

-37

-44

2,973

-213

192

-7.00%

7.00%

 

 

W N Central

261

-57

-43

2,894

-569

-64

-16.00%

-2.00%

 

 

South Atlantic

146

-1

-26

1,345

-91

-7

-6.00%

-1.00%

 

 

E S Central

193

5

-13

1,625

-239

3

-13.00%

0.00%

 

 

W S Central

126

-11

-20

861

-375

-90

-30.00%

-10.00%

 

 

Mountain

173

-45

-55

1,979

-699

-324

-26.00%

-14.00%

 

 

Pacific

73

-56

-56

1,179

-392

-194

-25.00%

-14.00%

 

 

United States

178

-31

-39

1,975

-269

3

-12.00%

0.00%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

Weather Forecast & Seasonal Outlook

 

 

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