Morning Report: Gas * Power * NGL * Crude * Products * Vols — Jun-06-2025

Jun 6, 2025

  

 

 

 

 

 

 

 

 

 

Prices as of 7:40 AM CST

 

 

 

 

 

 

 

Current Price

Previous Settle

% Change

Change

Volume

 

 

Natural Gas

$3.721

$3.677

1.20%

$0.044

15,388

 

 

WTI

$63.31

$63.37

-0.09%

-$0.06

38,471

 

 

Brent

$65.32

$65.34

-0.03%

-$0.02

6,834

 

 

ULSD

$2.084

$2.095

-0.50%

-$0.010

3,409

 

 

RBOB

$2.057

$2.063

-0.29%

-$0.006

4,256

 

 

 

 

Spreads

 

 

 

 

 

 

 

Current

Previous

% Change

Change

Contract

 

 

WTI-Brent

$2.90

$2.86

1.40%

$0.04

Aug-25

 

 

3:2:1 Crack

$23.72

$23.87

-0.64%

-$0.15

Jul-25

 

 

PJM West Spark

$64.94

$64.29

1.01%

$0.65

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

May

886

-5

-67

May

 

 

 

 

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

$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

 

 

 

 

06/05/20

 

 

 

5/30/25

5/23/25

Net Change

% Change

5/31/24

% Change

5 Year Avg.

% Change

 

 

East

498

462

36

7.79%

575

-13.39%

504

-1.27%

 

 

Midwest

579

541

38

7.02%

681

-14.98%

588

-1.50%

 

 

Mountain

205

198

7

3.54%

218

-5.96%

156

31.24%

 

 

Pacific

261

254

7

2.76%

273

-4.40%

240

8.75%

 

 

South

1,055

1,021

34

3.33%

1,146

-7.94%

1,044

1.09%

 

 

    Salt

340

328

12

3.66%

330

3.03%

312

9.04%

 

 

    Non_Salt

715

693

22

3.17%

817

-12.48%

732

-2.38%

 

 

Total

2,598

2,476

122

4.93%

2,893

-10.20%

2,532

2.61%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Power Generation Additions/Retirements

 

 

  

 

Front Month Prices

 

 

 

 

 

 

 

 

 

 

 

 

 

Electricity

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

6/5/25

6/4/25

% Change

Change

5/7/25

% Change

6/5/24

% Change

 

 

PJM West On Peak

Jul-25

$72.83

$72.16

0.93%

$0.67

$84.95

-14.26%

$79.71

-8.63%

 

 

ERCOT North On Peak

Jul-25

$83.76

$86.38

-3.03%

-$2.62

$101.29

-17.31%

$119.25

-29.76%

 

 

CAISO SP 15 On Peak

Jul-25

$57.00

$58.50

-2.56%

-$1.50

$56.89

0.20%

$66.38

-14.13%

 

 

MISO Indiana On Peak

Jul-25

$67.45

$66.58

1.31%

$0.87

$76.16

-11.44%

$78.23

-13.79%

 

 

NEISO Mass On Peak

Jul-25

$67.26

$69.73

-3.54%

-$2.47

$83.69

-19.63%

$75.79

-11.26%

 

 

WECC Mid C On Peak

Jul-25

$81.97

$83.53

-1.87%

-$1.56

$80.24

2.15%

$110.90

-26.09%

 

 

NYISO Zone G On Peak

Jul-25

$66.35

$68.15

-2.64%

-$1.80

$77.83

-14.76%

$76.79

-13.60%

 

 

 

 

 

Natural Gas & Basis

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

6/5/25

6/4/25

% Change

Change

5/7/25

% Change

6/5/24

% Change

 

 

NYMEX Henry Hub

Jul-25

$3.677

$3.716

-1.05%

-$0.04

$3.95

-6.84%

$3.50

5.18%

 

 

Houston Ship Channel

Jul-25

-$0.389

-$0.396

-1.84%

$0.01

-$0.32

23.45%

-$0.33

18.81%

 

 

Chicago

Jul-25

-$0.456

-$0.486

6.69%

$0.03

-$0.43

6.87%

-$0.34

35.03%

 

 

Waha

Jul-25

-$1.870

-$1.834

-1.93%

-$0.04

-$1.63

15.00%

-$0.70

167.03%

 

 

Algonquin

Jul-25

-$0.341

-$0.215

-58.24%

-$0.13

$0.27

-228.63%

$0.02

-1796.52%

 

 

Aeco

Jul-25

-$2.494

-$2.515

-0.82%

$0.02

-$2.34

6.56%

-$1.38

80.75%

 

 

Socal

Jul-25

-$0.099

-$0.130

-23.46%

$0.03

-$0.38

-73.94%

$1.37

-107.24%

 

 

 

 

 

Natural Gas Liquids

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

6/5/25

6/4/25

% Change

Change

5/7/25

% Change

6/5/24

% Change

 

 

Mt. Belvieu Propane LST

Jul-25

$0.725

$0.735

-1.31%

-$0.01

$0.71

2.16%

$0.66

9.22%

 

 

Mt. Belvieu Propane non LST

Jul-25

$0.720

$0.715

0.79%

$0.01

$0.71

1.44%

$0.66

9.03%

 

 

Mt. Belview Ethane

Jul-25

$0.198

$0.211

-6.14%

-$0.01

$0.26

-23.95%

$0.25

-20.26%

 

 

Mt. Belview Nat. Gasoline

Jul-25

$1.275

$1.258

1.36%

$0.02

$1.25

2.26%

$1.37

-7.25%

 

 

Mt. Belvieu Butane LST

Jul-25

$0.813

$0.810

0.32%

$0.00

$0.82

-0.56%

$0.77

4.92%

 

 

Far East Propane

Jul-25

$5.260

$5.280

-0.37%

-$0.02

$5.08

3.55%

$5.27

-0.14%

 

 

Saudi Propane

Jul-25

$5.819

$5.800

0.32%

$0.02

$5.44

7.04%

$4.91

18.55%

 

 

 

 

Crude Oil

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

6/5/25

6/4/25

% Change

Change

5/7/25

% Change

6/5/24

% Change

 

 

WTI

Jul-25

$63.37

$62.85

0.82%

$0.52

$57.70

9.83%

$69.73

-9.12%

 

 

Brent

Jul-25

$65.62

$65.15

0.71%

$0.46

$61.12

7.36%

$74.72

-12.18%

 

 

WCS

Jul-25

-$9.43

-$8.69

7.85%

-$0.74

-$8.81

6.94%

-$13.05

-27.77%

 

 

LLS

Jul-25

$64.29

$64.41

-0.20%

-$0.13

$59.48

8.09%

$72.32

-11.11%

 

 

Mars

Jul-25

$62.90

$62.47

0.69%

$0.43

$57.90

8.64%

$69.52

-9.53%

 

 

Sour

Jul-25

$62.32

$62.38

-0.09%

-$0.05

$57.68

8.06%

$69.63

-10.49%

 

 

ESPO

Jul-25

$63.62

$63.15

0.73%

$0.46

$59.12

7.61%

$72.72

-12.52%

 

 

 

 

Refined Products

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

6/5/25

6/4/25

% Change

Change

5/7/25

% Change

6/5/24

% Change

 

 

NY Heating Oil

Jul-25

$2.09

$2.07

1.11%

$0.02

$1.96

6.95%

$2.34

-10.71%

 

 

NY Gasoline

Jul-25

$2.07

$2.04

1.67%

$0.03

$2.01

3.24%

$2.22

-6.92%

 

 

GC Gasoline

Jul-25

$1.97

$1.94

1.76%

$0.03

$1.90

3.41%

$2.12

-7.25%

 

 

GC Jet

Jul-25

$1.92

$1.90

0.73%

$0.01

$1.82

5.21%

$2.25

-14.75%

 

 

Chicago Ethanol

Jul-25

$1.67

$1.68

-0.89%

-$0.01

$1.72

-2.79%

$1.62

3.28%

 

 

Rotterdam Gasoil

Jul-25

$621.62

$618.25

0.55%

$3.37

$593.57

4.73%

$661.34

-6.01%

 

 

Singapore Jet Kero

Jul-25

$78.93

$79.20

-0.34%

-$0.27

$75.85

4.06%

$92.18

-14.38%

 

 

 

 

Implied Volatilities

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

6/5/25

6/4/25

% Change

Change

5/7/25

% Change

6/5/24

% Change

 

 

Henry Hub Straddle

Jul-25

60.54%

62.20%

-2.67%

-1.66%

61.73%

-1.93%

34.94%

73.27%

 

 

Algonquin Straddle

Jul-25

59.12%

56.90%

3.90%

2.22%

57.00%

3.72%

34.21%

72.81%

 

 

Waha Straddle

Jul-25

111.60%

100.29%

11.28%

11.31%

125.32%

-10.95%

40.93%

172.66%

 

 

Chicago Straddle

Jul-25

63.02%

63.48%

-0.72%

-0.46%

65.17%

-3.30%

36.34%

73.42%

 

 

PJM West Straddle

Jul-25

84.52%

77.29%

9.35%

7.23%

66.03%

28.00%

50.34%

67.90%

 

 

SP – 15 Straddle

Jul-25

294.04%

282.24%

4.18%

11.80%

207.42%

41.76%

47.80%

515.15%

 

 

Mid. C Straddle

Jul-25

171.40%

225.84%

-24.11%

-54.44%

130.71%

31.13%

72.08%

137.79%

 

 

 

 

Euro Gas and Power/LNG

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

6/5/25

6/4/25

% Change

Change

5/7/25

% Change

6/5/24

% Change

 

 

Dutch TTF

Jul-25

EUR 36.68

EUR 35.68

2.79%

EUR 0.99

EUR 34.34

6.82%

EUR 34.44

6.50%

 

 

NBP

Jul-25

GBP 86.30

GBP 83.46

3.40%

GBP 2.84

GBP 82.07

5.15%

GBP 83.45

3.41%

 

 

German Base

Jul-25

EUR 80.42

EUR 78.25

2.78%

EUR 2.18

EUR 78.39

2.59%

EUR 81.47

-1.28%

 

 

UK Base

Jul-25

GBP 75.50

GBP 74.95

0.73%

GBP 0.54

GBP 76.40

-1.18%

GBP 74.34

1.56%

 

 

French Base

Jul-25

EUR 41.67

EUR 40.77

2.22%

EUR 0.90

EUR 34.85

19.57%

EUR 55.33

-24.68%

 

 

Italian Base

Jul-25

EUR 120.02

EUR 117.87

1.82%

EUR 2.15

EUR 110.22

8.89%

EUR 99.38

20.77%

 

 

JKM LNG

Jul-25

$12.67

$12.40

2.25%

$0.28

$11.67

8.57%

$12.04

5.30%

 

 

 

 

Freight Forwards (WET & DRY)

 

OTCGH/EOXLive Market Data

 

 

 

Contract

6/5/25

6/4/25

% Change

Change

5/7/25

% Change

6/5/24

% Change

 

 

TD3C FFA Middle East to China (WET)

Jul-25

$36.68

$35.68

2.79%

$0.99

$34.34

6.82%

$34.44

6.50%

 

 

USGC-UK Continent Dirty (WET)

Jul-25

$86.30

$83.46

3.40%

$2.84

$82.07

5.15%

$83.45

3.41%

 

 

TD20 West Africa to UK Continent (WET)

Jul-25

$80.42

$78.25

2.78%

$2.18

$78.39

2.59%

$81.47

-1.28%

 

 

LPG FFA Middle East Gulf to East (WET)

Jul-25

$75.50

$74.95

0.73%

$0.54

$76.40

-1.18%

$74.34

1.56%

 

 

TC5 FFA Arabian Gulf to Japan (WET)

Jul-25

$41.67

$40.77

2.22%

$0.90

$34.85

19.57%

$55.33

-24.68%

 

 

Supramax Timecharter (DRY)

Jul-25

$120.02

$117.87

1.82%

$2.15

$110.22

8.89%

$99.38

20.77%

 

 

Capesize Timecharter (DRY)

Jul-25

$12.67

$12.40

2.25%

$0.28

$11.67

8.57%

$12.04

5.30%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

 

 

 

 

 

 

 

 

 

 

 

 

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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