Morning Report: Gas * Power * NGL * Crude * Products * Vols — Jun-03-2025

Jun 3, 2025

  

 

 

 

 

 

 

 

 

 

Prices as of 7:34 AM CST

 

 

 

 

 

 

 

Current Price

Previous Settle

% Change

Change

Volume

 

 

Natural Gas

$3.695

$3.694

0.03%

$0.001

18,433

 

 

WTI

$63.31

$62.52

1.26%

$0.79

60,800

 

 

Brent

$65.29

$63.91

2.16%

$1.38

11,185

 

 

ULSD

$2.070

$2.045

1.24%

$0.025

5,501

 

 

RBOB

$2.065

$2.053

0.58%

$0.012

6,808

 

 

 

 

Spreads

 

 

 

 

 

 

 

Current

Previous

% Change

Change

Contract

 

 

WTI-Brent

$2.99

$3.09

-3.24%

-$0.10

Aug-25

 

 

3:2:1 Crack

$23.79

$23.78

0.04%

$0.01

Jul-25

 

 

PJM West Spark

$68.63

$67.53

1.64%

$1.11

Jul-25

 

 

 

 

Baker Hughes Rig Count

 

 

 

 

 

 

 

Date

Count

Change

1 Year Chg.

1 Year Date

 

 

U.S.

05/30/25

563

-3

-37

05/31/24

 

 

Canada

05/30/25

112

-2

-16

05/31/24

 

 

International

Apr

891

-8

-87

Apr

 

 

 

 

CFTC Net Positions

 

 

 

 

 

 

As of 5/27/2025

Open Interest

Total Net Long

Total Net Short

Diff

 

 

PJM West On Peak

102,060

101,436

101,467

-31

 

 

PJM West Off Peak

87,479

87,028

86,814

214

 

 

Natural Gas Henry Hub

364,216

348,691

352,012

-3,321

 

 

WTI – Light Sweet Crude Futures

162,523

135,576

125,238

10,338

 

 

Brent Crude Last Day

238,568

231,563

231,087

476

 

 

NYM Ethanol

31,813

31,017

31,340

-323

 

 

Mt Belvieu LDH Propane Swap

161,187

160,519

160,711

-192

 

 

RBOB

399,592

379,727

381,568

-1,841

 

 

HSC Basis

874,451

868,843

870,444

-1,601

 

 

 

 

EIA Short Term Energy Outlook

 

 

 

 

 

 

 

2023

2024

2025 Projected

2026 Projected

 

 

Brent

$82.00

$81.00

$74.00

$66.00

 

 

Gasoline

$3.50

$3.30

$3.20

$3.00

 

 

Crude Oil Production

$12.90

$13.20

$13.50

$13.60

 

 

Natural Gas Spot

$2.50

$2.20

$3.10

$4.00

 

 

LNG Exports

12.00

12.00

14.00

16.00

 

 

 

 

 

 

 

 

 

 

Electrical Generation %

2023

2024

2025 Projected

2026 Projected

 

 

Natural gas

42.00%

43.00%

41.00%

40.00%

 

 

Coal

17.00%

16.00%

15.00%

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

 

 

 

 

05/29/20

 

 

 

5/23/25

5/16/25

Net Change

% Change

5/24/24

% Change

5 Year Avg.

% Change

 

 

East

462

432

30

6.94%

538

-14.13%

473

-2.37%

 

 

Midwest

541

512

29

5.66%

652

-17.02%

561

-3.57%

 

 

Mountain

198

192

6

3.13%

210

-5.71%

148

33.60%

 

 

Pacific

254

244

10

4.10%

267

-4.87%

231

10.05%

 

 

South

1,021

996

25

2.51%

1,128

-9.49%

1,021

0.00%

 

 

    Salt

328

321

7

2.18%

324

1.23%

306

7.26%

 

 

    Non_Salt

693

674

19

2.82%

804

-13.81%

715

-3.10%

 

 

Total

2,476

2,375

101

4.25%

2,795

-11.41%

2,434

1.73%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Power Generation Additions/Retirements

 

 

  

 

Front Month Prices

 

 

 

 

 

 

 

 

 

 

 

 

 

Electricity

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

6/2/25

5/30/25

% Change

Change

5/2/25

% Change

5/31/24

% Change

 

 

PJM West On Peak

Jul-25

$76.54

$75.43

1.48%

$1.11

$83.27

-8.08%

$76.73

-0.24%

 

 

ERCOT North On Peak

Jul-25

$85.41

$82.14

3.98%

$3.27

$102.44

-16.63%

$118.51

-27.93%

 

 

CAISO SP 15 On Peak

Jul-25

$57.04

$54.76

4.17%

$2.28

$56.75

0.51%

$67.37

-15.33%

 

 

MISO Indiana On Peak

Jul-25

$69.55

$68.34

1.78%

$1.21

$73.07

-4.82%

$75.07

-7.36%

 

 

NEISO Mass On Peak

Jul-25

$71.62

$67.38

6.28%

$4.23

$80.29

-10.80%

$75.08

-4.61%

 

 

WECC Mid C On Peak

Jul-25

$79.00

$79.00

0.00%

$0.00

$77.62

1.78%

$114.06

-30.74%

 

 

NYISO Zone G On Peak

Jul-25

$69.30

$65.15

6.36%

$4.14

$74.03

-6.40%

$76.03

-8.86%

 

 

 

 

 

Natural Gas & Basis

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

6/2/25

5/30/25

% Change

Change

5/2/25

% Change

5/31/24

% Change

 

 

NYMEX Henry Hub

Jul-25

$3.694

$3.447

7.17%

$0.25

$3.95

-6.48%

$3.42

7.92%

 

 

Houston Ship Channel

Jul-25

-$0.387

-$0.352

9.89%

-$0.03

-$0.34

12.31%

-$0.33

15.53%

 

 

Chicago

Jul-25

-$0.481

-$0.454

-5.59%

-$0.03

-$0.49

-1.66%

-$0.33

46.17%

 

 

Waha

Jul-25

-$1.814

-$1.736

-4.46%

-$0.08

-$1.75

3.54%

-$0.71

156.55%

 

 

Algonquin

Jul-25

-$0.252

-$0.134

-88.35%

-$0.12

$0.22

-213.65%

$0.09

-375.93%

 

 

Aeco

Jul-25

-$2.366

-$2.244

5.43%

-$0.12

-$2.29

3.18%

-$1.33

77.75%

 

 

Socal

Jul-25

-$0.076

-$0.090

-15.59%

$0.01

-$0.50

-84.74%

$1.38

-105.49%

 

 

 

 

 

Natural Gas Liquids

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

6/2/25

5/30/25

% Change

Change

5/2/25

% Change

5/31/24

% Change

 

 

Mt. Belvieu Propane LST

Jul-25

$0.742

$0.742

0.02%

$0.00

$0.74

0.84%

$0.67

10.04%

 

 

Mt. Belvieu Propane non LST

Jul-25

$0.744

$0.739

0.70%

$0.01

$0.74

0.08%

$0.69

8.24%

 

 

Mt. Belview Ethane

Jul-25

$0.233

$0.227

2.77%

$0.01

$0.25

-7.05%

$0.25

-6.81%

 

 

Mt. Belview Nat. Gasoline

Jul-25

$1.270

$1.223

3.84%

$0.05

$1.24

2.38%

$1.41

-10.20%

 

 

Mt. Belvieu Butane LST

Jul-25

$0.818

$0.821

-0.41%

$0.00

$0.88

-6.97%

$0.81

0.31%

 

 

Far East Propane

Jul-25

$5.303

$5.270

0.62%

$0.03

$5.11

3.78%

$5.38

-1.46%

 

 

Saudi Propane

Jul-25

$5.796

$5.699

1.70%

$0.10

$5.36

8.09%

$5.02

15.57%

 

 

 

 

Crude Oil

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

6/2/25

5/30/25

% Change

Change

5/2/25

% Change

5/31/24

% Change

 

 

WTI

Jul-25

$62.52

$60.79

2.77%

$1.73

$57.83

8.11%

$72.80

-14.12%

 

 

Brent

Jul-25

$64.97

$63.10

2.89%

$1.88

$61.29

6.01%

$77.59

-16.26%

 

 

WCS

Jul-25

-$8.55

-$9.35

-9.36%

$0.80

-$10.50

-18.57%

-$12.70

-32.68%

 

 

LLS

Jul-25

$63.54

$62.09

2.29%

$1.45

$59.82

6.22%

$75.49

-15.83%

 

 

Mars

Jul-25

$60.54

$60.57

-0.04%

-$0.03

$58.90

2.79%

$72.54

-16.54%

 

 

Sour

Jul-25

$62.84

$60.92

3.06%

$1.92

$58.45

7.50%

$72.98

-13.89%

 

 

ESPO

Jul-25

$62.97

$61.10

2.98%

$1.88

$59.29

6.21%

$75.59

-16.69%

 

 

 

 

Refined Products

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

6/2/25

5/30/25

% Change

Change

5/2/25

% Change

5/31/24

% Change

 

 

NY Heating Oil

Jul-25

$2.06

$2.01

2.49%

$0.05

$1.99

3.27%

$2.40

-14.38%

 

 

NY Gasoline

Jul-25

$2.06

$2.03

1.53%

$0.03

$2.01

2.24%

$2.28

-9.90%

 

 

GC Gasoline

Jul-25

$1.96

$1.93

1.61%

$0.03

$1.91

2.35%

$2.18

-10.35%

 

 

GC Jet

Jul-25

$1.82

$1.84

-1.03%

-$0.02

$1.81

0.50%

$2.31

-21.11%

 

 

Chicago Ethanol

Jul-25

$1.74

$1.75

-0.85%

-$0.01

$1.80

-3.33%

$1.70

2.59%

 

 

Rotterdam Gasoil

Jul-25

$621.64

$605.09

2.74%

$16.55

$586.93

5.91%

$687.95

-9.64%

 

 

Singapore Jet Kero

Jul-25

$78.22

$75.98

2.95%

$2.24

$75.42

3.71%

$93.17

-16.04%

 

 

 

 

Implied Volatilities

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

6/2/25

5/30/25

% Change

Change

5/2/25

% Change

5/31/24

% Change

 

 

Henry Hub Straddle

Jul-25

57.07%

62.95%

-9.34%

-5.88%

59.95%

-4.80%

37.18%

53.50%

 

 

Algonquin Straddle

Jul-25

47.52%

59.76%

-20.48%

-12.24%

53.84%

-11.74%

37.13%

27.98%

 

 

Waha Straddle

Jul-25

84.47%

126.20%

-33.07%

-41.73%

135.27%

-37.55%

46.17%

82.95%

 

 

Chicago Straddle

Jul-25

62.00%

64.40%

-3.73%

-2.40%

63.96%

-3.06%

37.94%

63.42%

 

 

PJM West Straddle

Jul-25

81.00%

77.21%

4.91%

3.79%

66.97%

20.95%

50.48%

60.46%

 

 

SP – 15 Straddle

Jul-25

290.87%

285.29%

1.96%

5.58%

202.82%

43.41%

48.27%

502.59%

 

 

Mid. C Straddle

Jul-25

152.35%

145.67%

4.59%

6.68%

124.49%

22.38%

68.39%

122.77%

 

 

 

 

Euro Gas and Power/LNG

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

6/2/25

5/30/25

% Change

Change

5/2/25

% Change

5/31/24

% Change

 

 

Dutch TTF

Jul-25

EUR 34.99

EUR 33.86

3.35%

EUR 1.13

EUR 33.27

5.18%

EUR 36.36

-3.77%

 

 

NBP

Jul-25

GBP 81.34

GBP 78.43

3.72%

GBP 2.91

GBP 79.50

2.31%

GBP 87.79

-7.34%

 

 

German Base

Jul-25

EUR 77.46

EUR 75.54

2.54%

EUR 1.92

EUR 75.43

2.69%

EUR 88.47

-12.44%

 

 

UK Base

Jul-25

GBP 75.08

GBP 71.92

4.39%

GBP 3.16

GBP 71.68

4.73%

GBP 80.10

-6.27%

 

 

French Base

Jul-25

EUR 41.60

EUR 41.43

0.42%

EUR 0.17

EUR 38.74

7.37%

EUR 64.27

-35.27%

 

 

Italian Base

Jul-25

EUR 115.71

EUR 113.91

1.58%

EUR 1.80

EUR 110.12

5.07%

EUR 102.78

12.58%

 

 

JKM LNG

Jul-25

$12.20

$11.86

2.87%

$0.34

$11.08

10.10%

$12.60

-3.21%

 

 

 

 

Freight Forwards (WET & DRY)

 

OTCGH/EOXLive Market Data

 

 

 

Contract

6/2/25

5/30/25

% Change

Change

5/2/25

% Change

5/31/24

% Change

 

 

TD3C FFA Middle East to China (WET)

Jul-25

$34.99

$33.86

3.35%

$1.13

$33.27

5.18%

$36.36

-3.77%

 

 

USGC-UK Continent Dirty (WET)

Jul-25

$81.34

$78.43

3.72%

$2.91

$79.50

2.31%

$87.79

-7.34%

 

 

TD20 West Africa to UK Continent (WET)

Jul-25

$77.46

$75.54

2.54%

$1.92

$75.43

2.69%

$88.47

-12.44%

 

 

LPG FFA Middle East Gulf to East (WET)

Jul-25

$75.08

$71.92

4.39%

$3.16

$71.68

4.73%

$80.10

-6.27%

 

 

TC5 FFA Arabian Gulf to Japan (WET)

Jul-25

$41.60

$41.43

0.42%

$0.17

$38.74

7.37%

$64.27

-35.27%

 

 

Supramax Timecharter (DRY)

Jul-25

$115.71

$113.91

1.58%

$1.80

$110.12

5.07%

$102.78

12.58%

 

 

Capesize Timecharter (DRY)

Jul-25

$12.20

$11.86

2.87%

$0.34

$11.08

10.10%

$12.60

-3.21%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

 

 

 

 

 

 

 

 

 

 

 

 

Cooling Degree Days

 

 

 

 

 

 

05/31/2025

Week Tot

Dev Norm

Dev L YR

Cum Tot

CumD Norm

CumD L YR

CumD Norm

CumD L YR

 

 

New England

0

-4

-8

4

-2

-13

NA

NA

 

 

Middle Atlantic

0

-11

-22

11

-12

-41

NA

NA

 

 

E N Central

0

-19

-8

17

-34

-35

NA

NA

 

 

W N Central

6

-19

-10

43

-31

-17

NA

NA

 

 

South Atlantic

48

-6

-26

434

74

7

21.00%

1.00%

 

 

E S Central

40

-5

-21

249

57

-19

30.00%

-7.00%

 

 

W S Central

72

-2

-32

566

140

1

33.00%

0.00%

 

 

Mountain

38

6

12

135

-10

42

-7.00%

45.00%

 

 

Pacific

14

2

14

31

-25

29

NA

NA

 

 

United States

25

-7

-12

180

18

-6

11.00%

-3.00%

 

 

 

 

Heating Degree Days

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

05/31/2025

Week Tot

Dev Norm

Dev L YR

Cum Tot

CumD Norm

CumD L YR

CumD Norm

CumD L YR

 

 

New England

40

2

24

6,137

-408

461

-6.00%

8.00%

 

 

Middle Atlantic

42

15

33

5,322

-550

397

-9.00%

8.00%

 

 

E N Central

48

16

24

5,904

-543

612

-8.00%

12.00%

 

 

W N Central

37

9

9

6,119

-582

481

-9.00%

9.00%

 

 

South Atlantic

14

7

13

2,589

-257

134

-9.00%

5.00%

 

 

E S Central

9

0

7

3,180

-417

103

-12.00%

3.00%

 

 

W S Central

2

1

2

1,943

-343

-100

-15.00%

-5.00%

 

 

Mountain

21

-15

-15

4,709

-418

-124

-8.00%

-3.00%

 

 

Pacific

15

-16

-23

3,044

-108

-11

-3.00%

0.00%

 

 

United States

25

3

9

4,103

-382

221

-9.00%

6.00%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

Weather Forecast & Seasonal Outlook

 

Tropical Outlook

 

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