Morning Report: Gas * Power * NGL * Crude * Products * Vols — Jul-11-2025

Jul 11, 2025

  

 

 

 

 

 

 

 

 

 

Prices as of 7:39 AM CST

 

 

 

 

 

 

 

Current Price

Previous Settle

% Change

Change

Volume

 

 

Natural Gas

$3.378

$3.337

1.23%

$0.041

22,811

 

 

WTI

$67.42

$66.57

1.28%

$0.85

42,891

 

 

Brent

$69.40

$68.64

1.11%

$0.76

11,611

 

 

ULSD

$2.418

$2.384

1.43%

$0.034

8,448

 

 

RBOB

$2.165

$2.152

0.59%

$0.013

5,733

 

 

 

 

Spreads

 

 

 

 

 

 

 

Current

Previous

% Change

Change

Contract

 

 

WTI-Brent

$3.26

$3.26

0.00%

$0.00

Sep-25

 

 

3:2:1 Crack

$26.58

$26.47

0.45%

$0.12

Aug-25

 

 

PJM West Spark

$63.53

$59.86

6.14%

$3.67

Aug-25

 

 

 

 

Baker Hughes Rig Count

 

 

 

 

 

 

 

Date

Count

Change

1 Year Chg.

1 Year Date

 

 

U.S.

07/03/25

539

-8

-46

07/05/24

 

 

Canada

07/03/25

151

11

-24

07/05/24

 

 

International

June

913

27

-44

June

 

 

 

 

CFTC Net Positions

 

 

 

 

 

 

As of 6/24/2025

Open Interest

Total Net Long

Total Net Short

Diff

 

 

PJM West On Peak

102,947

102,647

102,144

503

 

 

PJM West Off Peak

91,048

90,918

90,345

573

 

 

Natural Gas Henry Hub

364,271

347,530

352,021

-4,491

 

 

WTI – Light Sweet Crude Futures

172,759

144,248

131,238

13,010

 

 

Brent Crude Last Day

217,471

208,169

209,697

-1,528

 

 

NYM Ethanol

30,244

29,622

29,827

-205

 

 

Mt Belvieu LDH Propane Swap

159,002

158,311

158,546

-235

 

 

RBOB

356,627

333,127

341,787

-8,660

 

 

HSC Basis

830,992

825,339

824,817

522

 

 

 

 

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

 

 

 

 

07/10/20

 

 

 

7/4/25

6/27/25

Net Change

% Change

7/5/24

% Change

5 Year Avg.

% Change

 

 

East

616

602

14

2.33%

682

-9.68%

610

0.95%

 

 

Midwest

710

688

22

3.20%

800

-11.25%

710

-0.06%

 

 

Mountain

231

228

3

1.32%

245

-5.71%

187

23.66%

 

 

Pacific

291

287

4

1.39%

289

0.69%

265

9.81%

 

 

South

1,158

1,148

10

0.87%

1,183

-2.11%

1,089

6.38%

 

 

    Salt

339

342

-3

-0.88%

327

3.67%

303

12.03%

 

 

    Non_Salt

819

806

13

1.61%

856

-4.32%

786

4.20%

 

 

Total

3,006

2,953

53

1.79%

3,199

-6.03%

2,861

5.07%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Power Generation Additions/Retirements

 

 

  

 

Front Month Prices

 

 

 

 

 

 

 

 

 

 

 

 

 

Electricity

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

7/10/25

7/9/25

% Change

Change

6/10/25

% Change

7/10/24

% Change

 

 

PJM West On Peak

Aug-25

$70.72

$67.00

5.55%

$3.72

$64.69

9.31%

$69.22

2.16%

 

 

ERCOT North On Peak

Aug-25

$123.70

$116.42

6.26%

$7.29

$129.52

-4.49%

$131.62

-6.02%

 

 

CAISO SP 15 On Peak

Aug-25

$62.55

$59.37

5.36%

$3.18

$68.23

-8.33%

$77.42

-19.21%

 

 

MISO Indiana On Peak

Aug-25

$65.82

$62.33

5.59%

$3.48

$58.56

12.38%

$67.12

-1.95%

 

 

NEISO Mass On Peak

Aug-25

$68.45

$65.92

3.84%

$2.53

$57.62

18.80%

$67.00

2.16%

 

 

WECC Mid C On Peak

Aug-25

$98.21

$91.57

7.25%

$6.64

$93.39

5.16%

$141.28

-30.48%

 

 

NYISO Zone G On Peak

Aug-25

$67.53

$65.42

3.23%

$2.11

$53.13

27.10%

$60.65

11.34%

 

 

 

 

 

Natural Gas & Basis

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

7/10/25

7/9/25

% Change

Change

6/10/25

% Change

7/10/24

% Change

 

 

NYMEX Henry Hub

Aug-25

$3.337

$3.214

3.83%

$0.12

$3.63

-8.10%

$3.39

-1.71%

 

 

Houston Ship Channel

Aug-25

-$0.337

-$0.365

-7.75%

$0.03

-$0.43

-21.95%

-$0.32

5.12%

 

 

Chicago

Aug-25

-$0.298

-$0.332

11.24%

$0.03

-$0.49

-38.70%

-$0.39

-23.68%

 

 

Waha

Aug-25

-$1.232

-$1.418

-13.05%

$0.19

-$1.69

-27.14%

-$0.79

55.85%

 

 

Algonquin

Aug-25

-$0.245

-$0.338

27.46%

$0.09

-$0.66

-62.73%

-$0.13

87.10%

 

 

Aeco

Aug-25

-$2.373

-$2.360

0.52%

-$0.01

-$2.38

-0.30%

-$1.47

61.23%

 

 

Socal

Aug-25

$0.312

$0.256

22.18%

$0.06

$0.11

185.73%

$1.38

-77.29%

 

 

 

 

 

Natural Gas Liquids

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

7/10/25

7/9/25

% Change

Change

6/10/25

% Change

7/10/24

% Change

 

 

Mt. Belvieu Propane LST

Aug-25

$0.740

$0.746

-0.85%

-$0.01

$0.75

-1.85%

$0.75

-1.41%

 

 

Mt. Belvieu Propane non LST

Aug-25

$0.736

$0.740

-0.51%

$0.00

$0.75

-2.19%

$0.74

0.16%

 

 

Mt. Belview Ethane

Aug-25

$0.237

$0.231

2.41%

$0.01

$0.25

-3.88%

$0.24

-0.94%

 

 

Mt. Belview Nat. Gasoline

Aug-25

$1.315

$1.344

-2.14%

-$0.03

$1.30

1.35%

$1.50

-12.13%

 

 

Mt. Belvieu Butane LST

Aug-25

$0.828

$0.828

0.02%

$0.00

$0.85

-2.31%

$0.85

-2.84%

 

 

Far East Propane

Aug-25

$5.445

$5.498

-0.96%

-$0.05

$5.37

1.40%

$5.59

-2.58%

 

 

Saudi Propane

Aug-25

$5.630

$5.650

-0.36%

-$0.02

$5.67

-0.62%

$5.20

8.17%

 

 

 

 

Crude Oil

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

7/10/25

7/9/25

% Change

Change

6/10/25

% Change

7/10/24

% Change

 

 

WTI

Aug-25

$66.57

$68.38

-2.72%

-$1.81

$63.91

4.16%

$74.46

-10.60%

 

 

Brent

Aug-25

$69.15

$70.77

-2.35%

-$1.62

$66.87

3.41%

$79.23

-12.72%

 

 

WCS

Aug-25

-$10.11

-$10.24

-1.38%

$0.14

-$9.57

5.62%

-$13.38

-24.45%

 

 

LLS

Aug-25

$67.74

$68.39

-0.97%

-$0.66

$65.85

2.87%

$77.09

-12.13%

 

 

Mars

Aug-25

$66.01

$67.09

-1.63%

-$1.08

$64.08

3.01%

$74.68

-11.60%

 

 

Sour

Aug-25

$67.56

$67.87

-0.45%

-$0.30

$64.94

4.03%

$74.72

-9.58%

 

 

ESPO

Aug-25

$67.15

$68.77

-2.42%

-$1.62

$64.87

3.51%

$77.23

-13.05%

 

 

 

 

Refined Products

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

7/10/25

7/9/25

% Change

Change

6/10/25

% Change

7/10/24

% Change

 

 

NY Heating Oil

Aug-25

$2.39

$2.41

-0.75%

-$0.02

$2.14

11.87%

$2.46

-2.76%

 

 

NY Gasoline

Aug-25

$2.16

$2.19

-1.51%

-$0.03

$2.07

4.20%

$2.30

-6.05%

 

 

GC Gasoline

Aug-25

$2.02

$2.05

-1.61%

-$0.03

$1.97

2.39%

$2.20

-8.15%

 

 

GC Jet

Aug-25

$2.13

$2.16

-1.43%

-$0.03

$1.99

7.30%

$2.37

-10.05%

 

 

Chicago Ethanol

Aug-25

$1.74

$1.74

0.29%

$0.00

$1.66

4.50%

$1.63

6.95%

 

 

Rotterdam Gasoil

Aug-25

$646.06

$666.98

-3.14%

-$20.92

$628.25

2.84%

$698.81

-7.55%

 

 

Singapore Jet Kero

Aug-25

$90.50

$87.36

3.60%

$3.14

$80.95

11.80%

$95.81

-5.54%

 

 

 

 

Implied Volatilities

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

7/10/25

7/9/25

% Change

Change

6/10/25

% Change

7/10/24

% Change

 

 

Henry Hub Straddle

Aug-25

56.47%

56.27%

0.36%

0.20%

61.67%

-8.43%

39.38%

43.40%

 

 

Algonquin Straddle

Aug-25

65.31%

61.99%

5.36%

3.32%

58.25%

12.12%

42.86%

52.38%

 

 

Waha Straddle

Aug-25

129.67%

113.88%

13.87%

15.79%

99.84%

29.88%

56.48%

129.59%

 

 

Chicago Straddle

Aug-25

63.79%

60.01%

6.30%

3.78%

62.03%

2.84%

41.90%

52.24%

 

 

PJM West Straddle

Aug-25

71.89%

64.31%

11.79%

7.58%

65.57%

9.64%

54.74%

31.33%

 

 

SP – 15 Straddle

Aug-25

301.32%

278.55%

8.17%

22.77%

307.39%

-1.97%

98.43%

206.13%

 

 

Mid. C Straddle

Aug-25

166.53%

148.65%

12.03%

17.88%

130.31%

27.80%

88.76%

87.62%

 

 

 

 

Euro Gas and Power/LNG

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

7/10/25

7/9/25

% Change

Change

6/10/25

% Change

7/10/24

% Change

 

 

Dutch TTF

Aug-25

EUR 35.05

EUR 34.62

1.26%

EUR 0.44

EUR 35.09

-0.12%

EUR 34.94

0.31%

 

 

NBP

Aug-25

GBP 84.00

GBP 82.90

1.33%

GBP 1.10

GBP 82.00

2.45%

GBP 85.84

-2.14%

 

 

German Base

Aug-25

EUR 82.18

EUR 82.39

-0.26%

-EUR 0.21

EUR 80.63

1.93%

EUR 83.44

-1.50%

 

 

UK Base

Aug-25

GBP 74.00

GBP 75.28

-1.71%

-GBP 1.28

GBP 73.17

1.13%

GBP 70.28

5.29%

 

 

French Base

Aug-25

EUR 51.67

EUR 49.29

4.83%

EUR 2.38

EUR 39.20

31.80%

EUR 56.40

-8.39%

 

 

Italian Base

Aug-25

EUR 115.23

EUR 114.64

0.52%

EUR 0.60

EUR 115.64

-0.35%

EUR 104.43

10.35%

 

 

JKM LNG

Aug-25

$13.26

$13.06

1.53%

$0.20

$12.18

8.89%

$12.14

9.24%

 

 

 

 

Freight Forwards (WET & DRY)

 

OTCGH/EOXLive Market Data

 

 

 

Contract

7/10/25

7/9/25

% Change

Change

6/10/25

% Change

7/10/24

% Change

 

 

TD3C FFA Middle East to China (WET)

Aug-25

$35.05

$34.62

1.26%

$0.44

$35.09

-0.12%

$34.94

0.31%

 

 

USGC-UK Continent Dirty (WET)

Aug-25

$84.00

$82.90

1.33%

$1.10

$82.00

2.45%

$85.84

-2.14%

 

 

TD20 West Africa to UK Continent (WET)

Aug-25

$82.18

$82.39

-0.26%

-$0.21

$80.63

1.93%

$83.44

-1.50%

 

 

LPG FFA Middle East Gulf to East (WET)

Aug-25

$74.00

$75.28

-1.71%

-$1.28

$73.17

1.13%

$70.28

5.29%

 

 

TC5 FFA Arabian Gulf to Japan (WET)

Aug-25

$51.67

$49.29

4.83%

$2.38

$39.20

31.80%

$56.40

-8.39%

 

 

Supramax Timecharter (DRY)

Aug-25

$115.23

$114.64

0.52%

$0.60

$115.64

-0.35%

$104.43

10.35%

 

 

Capesize Timecharter (DRY)

Aug-25

$13.26

$13.06

1.53%

$0.20

$12.18

8.89%

$12.14

9.24%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

 

 

 

 

 

 

 

 

 

 

 

 

Cooling Degree Days

 

 

 

 

 

 

07/05/2025

Week Tot

Dev Norm

Dev L YR

Cum Tot

CumD Norm

CumD L YR

CumD Norm

CumD L YR

 

 

New England

50

19

22

168

76

3

NA

NA

 

 

Middle Atlantic

70

23

21

251

76

-32

43.00%

-11.00%

 

 

E N Central

80

31

38

291

57

12

24.00%

4.00%

 

 

W N Central

78

15

27

331

20

2

6.00%

1.00%

 

 

South Atlantic

102

11

0

893

149

16

20.00%

2.00%

 

 

E S Central

97

10

-10

677

126

-18

23.00%

-3.00%

 

 

W S Central

113

-4

-32

1,116

175

-50

19.00%

-4.00%

 

 

Mountain

79

8

1

446

22

12

5.00%

3.00%

 

 

Pacific

42

6

-14

158

-24

-6

-13.00%

-4.00%

 

 

United States

80

14

6

499

76

-6

18.00%

-1.00%

 

 

 

 

Heating Degree Days

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

07/05/2025

Week Tot

Dev Norm

Dev L YR

Cum Tot

CumD Norm

CumD L YR

CumD Norm

CumD L YR

 

 

New England

2

-1

-3

6,198

-413

416

-6.00%

7.00%

 

 

Middle Atlantic

0

0

-2

5,355

-556

347

-9.00%

7.00%

 

 

E N Central

0

-1

-7

5,937

-560

544

-9.00%

10.00%

 

 

W N Central

0

-4

-7

6,153

-597

426

-9.00%

7.00%

 

 

South Atlantic

0

0

0

2,594

-259

71

-9.00%

3.00%

 

 

E S Central

0

0

0

3,182

-422

34

-12.00%

1.00%

 

 

W S Central

0

0

0

1,943

-344

-165

-15.00%

-8.00%

 

 

Mountain

1

-7

-4

4,748

-461

-184

-9.00%

-4.00%

 

 

Pacific

2

-7

0

3,080

-148

-84

-5.00%

-3.00%

 

 

United States

1

-1

-2

4,128

-396

159

-9.00%

4.00%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

Weather Forecast & Seasonal Outlook

 

Tropical Outlook

 

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