Morning Report: Gas * Power * NGL * Crude * Products * Vols — Jul-28-2025

Jul 28, 2025

  

 

 

 

 

 

 

 

 

 

Prices as of 7:42 AM CST

 

 

 

 

 

 

 

Current Price

Previous Settle

% Change

Change

Volume

 

 

Natural Gas

$3.101

$3.110

-0.29%

-$0.009

6,778

 

 

WTI

$66.34

$65.16

1.81%

$1.18

65,504

 

 

Brent

$69.61

$68.44

1.71%

$1.17

8,665

 

 

ULSD

$2.439

$2.406

1.35%

$0.033

1,511

 

 

RBOB

$2.129

$2.097

1.54%

$0.032

1,596

 

 

 

 

Spreads

 

 

 

 

 

 

 

Current

Previous

% Change

Change

Contract

 

 

WTI-Brent

$3.27

$3.28

-0.30%

-$0.01

Sep-25

 

 

3:2:1 Crack

$26.13

$25.92

0.81%

$0.21

Sep-25

 

 

PJM West Spark

$60.34

$61.95

-2.59%

-$1.60

Aug-25

 

 

 

 

Baker Hughes Rig Count

 

 

 

 

 

 

 

Date

Count

Change

1 Year Chg.

1 Year Date

 

 

U.S.

07/25/25

542

-2

-47

07/26/24

 

 

Canada

07/25/25

182

10

-29

07/26/24

 

 

International

June-2025

913

27

-44

June-2024

 

 

 

 

CFTC Net Positions

 

 

 

 

 

 

As of 7/22/2025

Open Interest

Total Net Long

Total Net Short

Diff

 

 

PJM West On Peak

100,544

100,281

99,999

282

 

 

PJM West Off Peak

90,226

90,060

89,552

508

 

 

Natural Gas Henry Hub

349,860

333,415

338,014

-4,599

 

 

WTI – Light Sweet Crude Futures

338,766

289,460

271,385

18,075

 

 

Brent Crude Last Day

207,786

200,429

201,269

-840

 

 

NYM Ethanol

33,102

32,358

32,718

-360

 

 

Mt Belvieu LDH Propane Swap

150,271

149,221

149,986

-765

 

 

RBOB

370,894

349,581

354,845

-5,264

 

 

HSC Basis

766,656

757,585

763,764

-6,179

 

 

 

 

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

7/25/25

7/24/25

% Change

Change

6/26/25

% Change

7/25/24

% Change

 

 

PJM West On Peak

Aug-25

$67.00

$68.60

-2.34%

-$1.60

$67.81

-1.20%

$64.60

3.71%

 

 

ERCOT North On Peak

Aug-25

$91.76

$101.75

-9.82%

-$9.99

$142.05

-35.40%

$129.11

-28.93%

 

 

CAISO SP 15 On Peak

Aug-25

$49.36

$50.00

-1.29%

-$0.64

$67.86

-27.26%

$82.89

-40.45%

 

 

MISO Indiana On Peak

Aug-25

$63.82

$67.02

-4.78%

-$3.20

$61.77

3.31%

$61.92

3.06%

 

 

NEISO Mass On Peak

Aug-25

$66.55

$66.50

0.07%

$0.05

$58.23

14.29%

$64.39

3.35%

 

 

WECC Mid C On Peak

Aug-25

$70.21

$68.47

2.54%

$1.74

$101.10

-30.55%

$141.59

-50.41%

 

 

NYISO Zone G On Peak

Aug-25

$67.15

$68.76

-2.34%

-$1.61

$59.18

13.46%

$55.49

20.99%

 

 

 

 

 

Natural Gas & Basis

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

7/25/25

7/24/25

% Change

Change

6/26/25

% Change

7/25/24

% Change

 

 

NYMEX Henry Hub

Aug-25

$3.110

$3.094

0.52%

$0.02

$3.53

-11.80%

$3.23

-3.86%

 

 

Houston Ship Channel

Aug-25

-$0.401

-$0.411

-2.34%

$0.01

-$0.43

-6.48%

-$0.34

18.27%

 

 

Chicago

Aug-25

-$0.319

-$0.328

2.98%

$0.01

-$0.52

-38.67%

-$0.35

-9.97%

 

 

Waha

Aug-25

-$1.787

-$1.800

-0.71%

$0.01

-$1.71

4.70%

-$0.75

137.86%

 

 

Algonquin

Aug-25

-$0.179

-$0.149

-20.28%

-$0.03

-$0.68

-73.59%

-$0.09

103.29%

 

 

Aeco

Aug-25

-$2.526

-$2.516

0.39%

-$0.01

-$2.56

-1.50%

-$1.54

63.68%

 

 

Socal

Aug-25

$0.059

$0.015

283.12%

$0.04

-$0.11

-154.38%

$1.12

-94.72%

 

 

 

 

 

Natural Gas Liquids

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

7/25/25

7/24/25

% Change

Change

6/26/25

% Change

7/25/24

% Change

 

 

Mt. Belvieu Propane LST

Aug-25

$0.707

$0.710

-0.37%

$0.00

$0.74

-4.54%

$0.71

-0.92%

 

 

Mt. Belvieu Propane non LST

Aug-25

$0.714

$0.711

0.45%

$0.00

$0.74

-3.85%

$0.69

2.74%

 

 

Mt. Belview Ethane

Aug-25

$0.215

$0.219

-1.92%

$0.00

$0.23

-7.42%

$0.23

-6.80%

 

 

Mt. Belview Nat. Gasoline

Aug-25

$1.309

$1.315

-0.46%

-$0.01

$1.27

3.17%

$1.43

-8.73%

 

 

Mt. Belvieu Butane LST

Aug-25

$0.793

$0.786

0.77%

$0.01

$0.82

-3.01%

$0.84

-5.13%

 

 

Far East Propane

Aug-25

$5.258

$5.300

-0.79%

-$0.04

$5.42

-2.95%

$5.50

-4.36%

 

 

Saudi Propane

Aug-25

$5.239

$5.315

-1.44%

-$0.08

$5.69

-7.93%

$5.11

2.52%

 

 

 

 

Crude Oil

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

7/25/25

7/24/25

% Change

Change

6/26/25

% Change

7/25/24

% Change

 

 

WTI

Sep-25

$65.16

$66.03

-1.34%

-$0.87

$63.82

2.10%

$71.84

-9.30%

 

 

Brent

Sep-25

$68.44

$69.18

-1.08%

-$0.74

$66.69

2.62%

$76.71

-10.78%

 

 

WCS

Sep-25

-$11.16

-$11.29

-1.22%

$0.14

-$10.88

2.56%

-$14.70

-24.10%

 

 

LLS

Sep-25

$66.36

$67.34

-1.47%

-$0.98

$64.67

2.62%

$72.95

-9.02%

 

 

Mars

Sep-25

$64.46

$65.32

-1.33%

-$0.86

$63.02

2.29%

$70.89

-9.07%

 

 

Sour

Sep-25

$65.43

$66.18

-1.14%

-$0.74

$63.57

2.93%

$71.64

-8.67%

 

 

ESPO

Sep-25

$66.44

$67.18

-1.11%

-$0.74

$64.69

2.71%

$74.71

-11.07%

 

 

 

 

Refined Products

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

7/25/25

7/24/25

% Change

Change

6/26/25

% Change

7/25/24

% Change

 

 

NY Heating Oil

Aug-25

$2.41

$2.42

-0.50%

-$0.01

$2.30

4.79%

$2.39

0.88%

 

 

NY Gasoline

Aug-25

$2.10

$2.10

-0.10%

$0.00

$2.08

0.82%

$2.22

-5.71%

 

 

GC Gasoline

Aug-25

$1.96

$1.96

-0.10%

$0.00

$1.94

0.88%

$2.12

-7.87%

 

 

GC Jet

Aug-25

$2.17

$2.14

1.40%

$0.03

$2.10

3.28%

$2.31

-6.18%

 

 

Chicago Ethanol

Aug-25

$1.77

$1.77

-0.23%

$0.00

$1.64

7.67%

$1.61

10.16%

 

 

Rotterdam Gasoil

Aug-25

$640.75

$638.01

0.43%

$2.74

$633.48

1.15%

$690.06

-7.15%

 

 

Singapore Jet Kero

Aug-25

$87.37

$86.62

0.86%

$0.74

$85.15

2.60%

$92.68

-5.73%

 

 

 

 

Implied Volatilities

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

7/25/25

7/24/25

% Change

Change

6/26/25

% Change

7/25/24

% Change

 

 

Henry Hub Straddle

Sep-25

58.36%

66.99%

-12.88%

-8.63%

56.25%

3.75%

41.93%

39.18%

 

 

Algonquin Straddle

Sep-25

70.88%

79.91%

-11.30%

-9.03%

70.50%

0.54%

51.20%

38.44%

 

 

Waha Straddle

Sep-25

135.03%

152.22%

-11.29%

-17.19%

120.04%

12.49%

49.47%

172.95%

 

 

Chicago Straddle

Sep-25

63.81%

72.65%

-12.17%

-8.84%

61.71%

3.40%

44.98%

41.86%

 

 

PJM West Straddle

Sep-25

42.31%

41.11%

2.92%

1.20%

46.95%

-9.88%

39.99%

5.80%

 

 

SP – 15 Straddle

Sep-25

233.51%

238.93%

-2.27%

-5.42%

171.82%

35.90%

70.40%

231.69%

 

 

Mid. C Straddle

Sep-25

91.84%

90.81%

1.13%

1.03%

113.39%

-19.01%

70.91%

29.52%

 

 

 

 

Euro Gas and Power/LNG

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

7/25/25

7/24/25

% Change

Change

6/26/25

% Change

7/25/24

% Change

 

 

Dutch TTF

Sep-25

EUR 32.94

EUR 32.74

0.60%

EUR 0.19

EUR 34.93

-5.69%

EUR 36.22

-9.06%

 

 

NBP

Sep-25

GBP 81.25

GBP 80.71

0.66%

GBP 0.53

GBP 84.10

-3.39%

GBP 89.71

-9.44%

 

 

German Base

Sep-25

EUR 84.83

EUR 83.91

1.10%

EUR 0.93

EUR 86.51

-1.94%

EUR 91.82

-7.61%

 

 

UK Base

Sep-25

GBP 78.34

GBP 76.96

1.79%

GBP 1.38

GBP 77.67

0.86%

GBP 72.66

7.82%

 

 

French Base

Sep-25

EUR 52.78

EUR 52.47

0.59%

EUR 0.31

EUR 54.38

-2.94%

EUR 71.73

-26.42%

 

 

Italian Base

Sep-25

EUR 110.98

EUR 110.13

0.78%

EUR 0.85

EUR 117.45

-5.51%

EUR 114.31

-2.91%

 

 

JKM LNG

Sep-25

$11.70

$11.65

0.41%

$0.05

$12.88

-9.15%

$12.72

-7.98%

 

 

 

 

Freight Forwards (WET & DRY)

 

OTCGH/EOXLive Market Data

 

 

 

Contract

7/25/25

7/24/25

% Change

Change

6/26/25

% Change

7/25/24

% Change

 

 

TD3C FFA Middle East to China (WET)

Sep-25

$32.94

$32.74

0.60%

$0.19

$34.93

-5.69%

$36.22

-9.06%

 

 

USGC-UK Continent Dirty (WET)

Sep-25

$81.25

$80.71

0.66%

$0.53

$84.10

-3.39%

$89.71

-9.44%

 

 

TD20 West Africa to UK Continent (WET)

Sep-25

$84.83

$83.91

1.10%

$0.93

$86.51

-1.94%

$91.82

-7.61%

 

 

LPG FFA Middle East Gulf to East (WET)

Sep-25

$78.34

$76.96

1.79%

$1.38

$77.67

0.86%

$72.66

7.82%

 

 

TC5 FFA Arabian Gulf to Japan (WET)

Sep-25

$52.78

$52.47

0.59%

$0.31

$54.38

-2.94%

$71.73

-26.42%

 

 

Supramax Timecharter (DRY)

Sep-25

$110.98

$110.13

0.78%

$0.85

$117.45

-5.51%

$114.31

-2.91%

 

 

Capesize Timecharter (DRY)

Sep-25

$11.70

$11.65

0.41%

$0.05

$12.88

-9.15%

$12.72

-7.98%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

 

 

 

 

 

 

 

 

 

 

 

 

Cooling Degree Days

 

 

 

 

 

 

07/26/2025

Week Tot

Dev Norm

Dev L YR

Cum Tot

CumD Norm

CumD L YR

CumD Norm

CumD L YR

 

 

New England

46

1

1

348

131

-35

60.00%

-9.00%

 

 

Middle Atlantic

72

13

12

493

148

-38

43.00%

-7.00%

 

 

E N Central

73

15

31

500

97

56

24.00%

13.00%

 

 

W N Central

88

16

37

556

34

48

7.00%

10.00%

 

 

South Atlantic

114

16

13

1,228

193

10

19.00%

1.00%

 

 

E S Central

118

23

37

1,009

176

21

21.00%

2.00%

 

 

W S Central

134

8

33

1,487

174

-24

13.00%

-2.00%

 

 

Mountain

72

-8

-25

691

33

-31

5.00%

-4.00%

 

 

Pacific

32

-14

-48

288

-22

-110

-7.00%

-27.00%

 

 

United States

83

8

9

752

109

-13

17.00%

-2.00%

 

 

 

 

Heating Degree Days

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

07/26/2025

Week Tot

Dev Norm

Dev L YR

Cum Tot

CumD Norm

CumD L YR

CumD Norm

CumD L YR

 

 

New England

3

0

2

5

-4

3

NA

NA

 

 

Middle Atlantic

0

-3

0

1

-3

-2

NA

NA

 

 

E N Central

1

-2

-3

2

-4

-9

NA

NA

 

 

W N Central

0

-3

-1

6

-7

-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

0

-3

0

2

-16

-3

NA

NA

 

 

Pacific

2

-2

1

5

-17

3

NA

NA

 

 

United States

1

-1

0

2

-6

-2

NA

NA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

Weather Forecast & Seasonal Outlook

 

Tropical Outlook

 

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