Morning Report: Gas * Power * NGL * Crude * Products * Vols — Jul-25-2025

Jul 25, 2025

  

 

 

 

 

 

 

 

 

 

Prices as of 7:00 AM CST

 

 

 

 

 

 

 

Current Price

Previous Settle

% Change

Change

Volume

 

 

Natural Gas

$3.128

$3.094

1.10%

$0.034

4,092

 

 

WTI

$66.26

$66.03

0.35%

$0.23

44,914

 

 

Brent

$69.41

$69.18

0.33%

$0.23

5,751

 

 

ULSD

$2.420

$2.413

0.30%

$0.007

1,514

 

 

RBOB

$2.113

$2.104

0.42%

$0.009

676

 

 

 

 

Spreads

 

 

 

 

 

 

 

Current

Previous

% Change

Change

Contract

 

 

WTI-Brent

$3.15

$3.15

0.00%

$0.00

Sep-25

 

 

3:2:1 Crack

$25.74

$25.52

0.85%

$0.22

Sep-25

 

 

PJM West Spark

$61.91

$61.51

0.66%

$0.40

Aug-25

 

 

 

 

Baker Hughes Rig Count

 

 

 

 

 

 

 

Date

Count

Change

1 Year Chg.

1 Year Date

 

 

U.S.

07/18/25

544

7

-42

07/19/24

 

 

Canada

07/18/25

172

10

-25

07/19/24

 

 

International

June-2025

913

27

-44

June-2024

 

 

 

 

CFTC Net Positions

 

 

 

 

 

 

As of 7/8/2025

Open Interest

Total Net Long

Total Net Short

Diff

 

 

PJM West On Peak

97,671

97,428

96,967

461

 

 

PJM West Off Peak

87,402

87,240

86,727

513

 

 

Natural Gas Henry Hub

346,360

329,955

334,554

-4,599

 

 

WTI – Light Sweet Crude Futures

480,348

405,153

374,067

31,086

 

 

Brent Crude Last Day

195,094

187,734

187,980

-246

 

 

NYM Ethanol

30,432

29,956

30,003

-47

 

 

Mt Belvieu LDH Propane Swap

147,992

147,254

147,599

-345

 

 

RBOB

348,966

325,617

334,986

-9,369

 

 

HSC Basis

758,958

753,115

755,712

-2,597

 

 

 

 

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

 

 

 

 

07/24/20

 

 

 

7/18/25

7/11/25

Net Change

% Change

7/19/24

% Change

5 Year Avg.

% Change

 

 

East

634

628

6

0.96%

697

-9.04%

638

-0.56%

 

 

Midwest

746

730

16

2.19%

827

-9.79%

745

0.11%

 

 

Mountain

239

235

4

1.70%

251

-4.78%

193

23.96%

 

 

Pacific

297

295

2

0.68%

289

2.77%

267

11.40%

 

 

South

1,159

1,164

-5

-0.43%

1,167

-0.69%

1,076

7.75%

 

 

    Salt

325

335

-10

-2.99%

313

3.83%

285

13.96%

 

 

    Non_Salt

834

829

5

0.60%

854

-2.34%

790

5.54%

 

 

Total

3,075

3,052

23

0.75%

3,231

-4.83%

2,918

5.39%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Power Generation Additions/Retirements

 

 

  

 

Front Month Prices

 

 

 

 

 

 

 

 

 

 

 

 

 

Electricity

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

7/24/25

7/23/25

% Change

Change

6/25/25

% Change

7/24/24

% Change

 

 

PJM West On Peak

Aug-25

$68.60

$68.13

0.70%

$0.48

$67.77

1.22%

$65.21

5.21%

 

 

ERCOT North On Peak

Aug-25

$101.75

$104.58

-2.71%

-$2.83

$152.43

-33.25%

$129.69

-21.54%

 

 

CAISO SP 15 On Peak

Aug-25

$50.00

$49.80

0.41%

$0.20

$68.07

-26.54%

$78.01

-35.91%

 

 

MISO Indiana On Peak

Aug-25

$67.02

$65.89

1.71%

$1.13

$61.91

8.25%

$62.56

7.13%

 

 

NEISO Mass On Peak

Aug-25

$66.50

$66.58

-0.12%

-$0.08

$58.71

13.27%

$66.51

-0.02%

 

 

WECC Mid C On Peak

Aug-25

$68.47

$66.34

3.21%

$2.13

$104.36

-34.39%

$141.46

-51.60%

 

 

NYISO Zone G On Peak

Aug-25

$68.76

$70.81

-2.91%

-$2.06

$60.14

14.32%

$57.26

20.09%

 

 

 

 

 

Natural Gas & Basis

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

7/24/25

7/23/25

% Change

Change

6/25/25

% Change

7/24/24

% Change

 

 

NYMEX Henry Hub

Aug-25

$3.094

$3.077

0.55%

$0.02

$3.57

-13.31%

$3.31

-6.47%

 

 

Houston Ship Channel

Aug-25

-$0.411

-$0.407

1.08%

$0.00

-$0.44

-5.99%

-$0.35

18.72%

 

 

Chicago

Aug-25

-$0.328

-$0.343

4.42%

$0.01

-$0.52

-37.10%

-$0.36

-9.31%

 

 

Waha

Aug-25

-$1.800

-$1.662

-8.30%

-$0.14

-$1.73

3.81%

-$0.77

132.95%

 

 

Algonquin

Aug-25

-$0.149

-$0.248

39.91%

$0.10

-$0.65

-77.26%

-$0.11

35.49%

 

 

Aeco

Aug-25

-$2.516

-$2.587

-2.76%

$0.07

-$2.49

0.96%

-$1.58

59.43%

 

 

Socal

Aug-25

$0.015

$0.032

-51.88%

-$0.02

-$0.15

-110.34%

$1.15

-98.67%

 

 

 

 

 

Natural Gas Liquids

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

7/24/25

7/23/25

% Change

Change

6/25/25

% Change

7/24/24

% Change

 

 

Mt. Belvieu Propane LST

Aug-25

$0.710

$0.703

1.00%

$0.01

$0.75

-5.43%

$0.71

0.66%

 

 

Mt. Belvieu Propane non LST

Aug-25

$0.711

$0.697

2.01%

$0.01

$0.75

-5.87%

$0.71

-0.11%

 

 

Mt. Belview Ethane

Aug-25

$0.219

$0.222

-1.32%

$0.00

$0.23

-2.88%

$0.23

-6.14%

 

 

Mt. Belview Nat. Gasoline

Aug-25

$1.315

$1.305

0.77%

$0.01

$1.28

2.94%

$1.43

-8.22%

 

 

Mt. Belvieu Butane LST

Aug-25

$0.786

$0.795

-1.12%

-$0.01

$0.87

-9.61%

$0.83

-5.48%

 

 

Far East Propane

Aug-25

$5.300

$5.239

1.17%

$0.06

$5.43

-2.39%

$5.39

-1.63%

 

 

Saudi Propane

Aug-25

$5.315

$5.302

0.25%

$0.01

$5.74

-7.40%

$5.06

4.96%

 

 

 

 

Crude Oil

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

7/24/25

7/23/25

% Change

Change

6/25/25

% Change

7/24/24

% Change

 

 

WTI

Sep-25

$66.03

$65.25

1.18%

$0.78

$63.46

4.05%

$71.53

-7.69%

 

 

Brent

Sep-25

$69.18

$68.51

0.97%

$0.67

$66.43

4.14%

$76.36

-9.40%

 

 

WCS

Sep-25

-$11.29

-$11.63

-2.98%

$0.34

-$10.23

10.40%

-$14.75

-23.43%

 

 

LLS

Sep-25

$67.34

$66.52

1.22%

$0.82

$65.09

3.46%

$74.07

-9.08%

 

 

Mars

Sep-25

$65.32

$63.87

2.21%

$1.44

$63.01

3.66%

$71.08

-8.11%

 

 

Sour

Sep-25

$66.18

$64.83

2.03%

$1.34

$63.31

4.52%

$71.68

-7.68%

 

 

ESPO

Sep-25

$67.18

$66.51

1.00%

$0.67

$64.43

4.27%

$74.36

-9.66%

 

 

 

 

Refined Products

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

7/24/25

7/23/25

% Change

Change

6/25/25

% Change

7/24/24

% Change

 

 

NY Heating Oil

Aug-25

$2.42

$2.45

-1.35%

-$0.03

$2.26

6.85%

$2.42

0.00%

 

 

NY Gasoline

Aug-25

$2.10

$2.12

-1.04%

-$0.02

$2.08

0.72%

$2.24

-6.55%

 

 

GC Gasoline

Aug-25

$1.96

$1.98

-1.11%

-$0.02

$1.94

0.77%

$2.14

-8.72%

 

 

GC Jet

Aug-25

$2.14

$2.17

-1.38%

-$0.03

$2.08

3.13%

$2.31

-7.20%

 

 

Chicago Ethanol

Aug-25

$1.77

$1.76

0.40%

$0.01

$1.63

9.05%

$1.60

10.75%

 

 

Rotterdam Gasoil

Aug-25

$638.01

$641.50

-0.54%

-$3.49

$629.00

1.43%

$678.11

-5.91%

 

 

Singapore Jet Kero

Aug-25

$86.62

$87.38

-0.87%

-$0.76

$83.89

3.26%

$93.81

-7.67%

 

 

 

 

Implied Volatilities

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

7/24/25

7/23/25

% Change

Change

6/25/25

% Change

7/24/24

% Change

 

 

Henry Hub Straddle

Sep-25

66.99%

56.13%

19.35%

10.86%

58.29%

14.93%

46.06%

45.44%

 

 

Algonquin Straddle

Sep-25

79.91%

67.78%

17.90%

12.13%

72.23%

10.63%

53.40%

49.64%

 

 

Waha Straddle

Sep-25

152.22%

134.44%

13.23%

17.78%

136.58%

11.45%

55.82%

172.70%

 

 

Chicago Straddle

Sep-25

72.65%

63.17%

15.01%

9.48%

63.80%

13.87%

49.42%

47.01%

 

 

PJM West Straddle

Sep-25

41.11%

44.89%

-8.42%

-3.78%

48.52%

-15.27%

39.78%

3.34%

 

 

SP – 15 Straddle

Sep-25

238.93%

224.66%

6.35%

14.27%

174.60%

36.84%

64.66%

269.52%

 

 

Mid. C Straddle

Sep-25

90.81%

87.34%

3.97%

3.47%

124.52%

-27.07%

70.99%

27.92%

 

 

 

 

Euro Gas and Power/LNG

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

7/24/25

7/23/25

% Change

Change

6/25/25

% Change

7/24/24

% Change

 

 

Dutch TTF

Sep-25

EUR 32.74

EUR 33.35

-1.82%

-EUR 0.61

EUR 36.50

-10.30%

EUR 36.76

-10.92%

 

 

NBP

Sep-25

GBP 80.71

GBP 81.83

-1.36%

-GBP 1.12

GBP 88.51

-8.81%

GBP 90.13

-10.45%

 

 

German Base

Sep-25

EUR 83.91

EUR 83.25

0.78%

EUR 0.65

EUR 90.66

-7.45%

EUR 92.92

-9.70%

 

 

UK Base

Sep-25

GBP 76.96

GBP 77.79

-1.07%

-GBP 0.83

GBP 80.61

-4.53%

GBP 74.51

3.29%

 

 

French Base

Sep-25

EUR 52.47

EUR 51.35

2.19%

EUR 1.12

EUR 55.16

-4.88%

EUR 74.48

-29.56%

 

 

Italian Base

Sep-25

EUR 110.13

EUR 111.96

-1.64%

-EUR 1.84

EUR 120.19

-8.37%

EUR 115.36

-4.54%

 

 

JKM LNG

Sep-25

$11.65

$11.86

-1.70%

-$0.20

$13.34

-12.64%

$12.54

-7.08%

 

 

 

 

Freight Forwards (WET & DRY)

 

OTCGH/EOXLive Market Data

 

 

 

Contract

7/24/25

7/23/25

% Change

Change

6/25/25

% Change

7/24/24

% Change

 

 

TD3C FFA Middle East to China (WET)

Sep-25

$32.74

$33.35

-1.82%

-$0.61

$36.50

-10.30%

$36.76

-10.92%

 

 

USGC-UK Continent Dirty (WET)

Sep-25

$80.71

$81.83

-1.36%

-$1.12

$88.51

-8.81%

$90.13

-10.45%

 

 

TD20 West Africa to UK Continent (WET)

Sep-25

$83.91

$83.25

0.78%

$0.65

$90.66

-7.45%

$92.92

-9.70%

 

 

LPG FFA Middle East Gulf to East (WET)

Sep-25

$76.96

$77.79

-1.07%

-$0.83

$80.61

-4.53%

$74.51

3.29%

 

 

TC5 FFA Arabian Gulf to Japan (WET)

Sep-25

$52.47

$51.35

2.19%

$1.12

$55.16

-4.88%

$74.48

-29.56%

 

 

Supramax Timecharter (DRY)

Sep-25

$110.13

$111.96

-1.64%

-$1.84

$120.19

-8.37%

$115.36

-4.54%

 

 

Capesize Timecharter (DRY)

Sep-25

$11.65

$11.86

-1.70%

-$0.20

$13.34

-12.64%

$12.54

-7.08%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

 

 

 

 

 

 

 

 

 

 

 

 

Cooling Degree Days

 

 

 

 

 

 

07/19/2025

Week Tot

Dev Norm

Dev L YR

Cum Tot

CumD Norm

CumD L YR

CumD Norm

CumD L YR

 

 

New England

71

28

-16

302

130

-36

76.00%

-11.00%

 

 

Middle Atlantic

83

25

-8

421

135

-50

47.00%

-11.00%

 

 

E N Central

64

7

-5

428

83

25

24.00%

6.00%

 

 

W N Central

65

-7

-12

468

18

12

4.00%

2.00%

 

 

South Atlantic

114

17

-5

1,115

178

-3

19.00%

0.00%

 

 

E S Central

110

16

0

891

154

-15

21.00%

-2.00%

 

 

W S Central

121

-3

-7

1,353

166

-56

14.00%

-4.00%

 

 

Mountain

83

4

-18

619

40

-7

7.00%

-1.00%

 

 

Pacific

48

5

-19

255

-9

-62

-3.00%

-20.00%

 

 

United States

84

10

-9

669

101

-22

18.00%

-3.00%

 

 

 

 

Heating Degree Days

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

07/19/2025

Week Tot

Dev Norm

Dev L YR

Cum Tot

CumD Norm

CumD L YR

CumD Norm

CumD L YR

 

 

New England

0

-2

0

2

-4

0

NA

NA

 

 

Middle Atlantic

0

-1

0

0

-1

-2

NA

NA

 

 

E N Central

1

-1

-1

2

-1

-7

NA

NA

 

 

W N Central

5

2

3

5

-5

-2

NA

NA

 

 

South Atlantic

0

0

0

0

0

0

NA

NA

 

 

E S Central

0

0

0

0

0

0

NA

NA

 

 

W S Central

0

0

0

0

0

0

NA

NA

 

 

Mountain

1

-3

1

2

-13

-3

NA

NA

 

 

Pacific

0

-5

0

3

-14

2

NA

NA

 

 

United States

1

-1

0

1

-4

-1

NA

NA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

Weather Forecast & Seasonal Outlook

 

Tropical Outlook

 

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