Morning Report: Gas * Power * NGL * Crude * Products * Vols — Jun-11-2026

Jun 11, 2026

  

 

 

 

 

 

 

 

 

 

Prices as of 6:20 AM CST

 

 

 

 

 

 

 

Current Price

Previous Settle

% Change

Change

Volume

 

 

Natural Gas

$3.122

$3.185

-1.98%

-$0.063

17,650

 

 

WTI

$89.16

$90.03

-0.97%

-$0.87

63,631

 

 

Brent

$92.00

$93.10

-1.18%

-$1.10

10,530

 

 

ULSD

$3.577

$3.613

-0.99%

-$0.036

3,743

 

 

RBOB

$3.090

$3.110

-0.64%

-$0.020

3,483

 

 

 

 

Spreads

 

 

 

 

 

 

 

Current

Previous

% Change

Change

Contract

 

 

WTI-Brent

$4.59

$4.76

-3.57%

-$0.17

Aug-26

 

 

3:2:1 Crack

$47.35

$47.53

-0.39%

-$0.19

Jul-26

 

 

PJM West Spark

$90.36

$86.75

4.16%

$3.61

Jul-26

 

 

 

 

Baker Hughes Rig Count

 

 

 

 

 

 

 

Date

Count

Change

1 Year Chg.

1 Year Date

 

 

U.S.

06/05/26

563

1

4

06/06/25

 

 

Canada

06/05/26

169

7

55

06/06/25

 

 

International

May-2026

1046

-3

-25

May-2025

 

 

 

 

CFTC Net Positions

 

 

 

 

 

 

As of 6/2/2026

Open Interest

Total Net Long

Total Net Short

Diff

 

 

PJM West On Peak

132,211

131,430

131,739

-309

 

 

PJM West Off Peak

125,061

124,631

124,661

-30

 

 

Natural Gas Henry Hub

386,491

371,126

368,195

2,931

 

 

WTI – Light Sweet Crude Futures

425,719

360,850

333,203

27,647

 

 

Brent Crude Last Day

315,926

303,589

309,452

-5,863

 

 

NYM Ethanol

59,557

57,807

57,553

254

 

 

Mt Belvieu LDH Propane Swap

112,228

110,961

111,453

-492

 

 

RBOB

303,631

276,228

287,422

-11,194

 

 

HSC Basis

977,295

962,949

964,961

-2,012

 

 

 

 

EIA Short Term Energy Outlook

 

 

 

 

 

 

 

2023

2024

2025 Projected

2026 Projected

 

 

Brent

$0.00

$2.19

$0.00

$3.50

 

 

Gasoline

$0.00

$11.90

$0.00

$17.00

 

 

Crude Oil Production

$0.00

$0.00

$0.00

$0.00

 

 

Natural Gas Spot

$0.00

$42.00

$0.00

$39.00

 

 

LNG Exports

0.00

16.00

0.00

16.00

 

 

 

 

 

 

 

 

 

 

Electrical Generation %

2023

2024

2025 Projected

2026 Projected

 

 

Conventional hydropower

0.00%

6.00%

0.00%

6.00%

 

 

Wind

0.00%

11.00%

0.00%

11.00%

 

 

Solar

0.00%

5.00%

0.00%

8.00%

 

 

Other energy sources

0.00%

1.00%

0.00%

1.00%

 

 

 

 

 

 

 

 

 

 

 

Short Term Energy Outlook

 

Natural Gas Storage

 

 

  

 

 

 

 

 

 

 

 

 

 

 

 

EIA Lower 48 Natural Gas Storage

 

 

 

 

06/04/21

 

 

 

5/29/26

5/22/26

Net Change

% Change

5/30/25

% Change

5 Year Avg.

% Change

 

 

East

480

447

33

7.38%

498

-3.61%

491

-2.32%

 

 

Midwest

573

539

34

6.31%

579

-1.04%

571

0.32%

 

 

Mountain

218

213

5

2.35%

205

6.34%

168

30.07%

 

 

Pacific

298

292

6

2.05%

261

14.18%

236

26.27%

 

 

South

1,009

993

16

1.61%

1,055

-4.36%

1,024

-1.46%

 

 

    Salt

310

305

5

1.64%

340

-8.82%

308

0.52%

 

 

    Non_Salt

699

688

11

1.60%

715

-2.24%

716

-2.37%

 

 

Total

2,578

2,483

95

3.83%

2,598

-0.77%

2,490

3.53%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Power Generation Additions/Retirements

 

 

  

 

Front Month Prices

 

 

 

 

 

 

 

 

 

 

 

 

 

Electricity

 

 

 

EOX Market Data

 

 

 

Contract

6/10/26

6/9/26

% Change

Change

5/12/26

% Change

6/10/25

% Change

 

 

PJM West On Peak

Jul-26

$97.04

$93.56

3.72%

$3.48

$97.82

-0.79%

$85.04

14.11%

 

 

ERCOT North On Peak

Jul-26

$60.30

$58.57

2.95%

$1.73

$63.23

-4.63%

$84.27

-28.44%

 

 

CAISO SP 15 On Peak

Jul-26

$34.87

$34.55

0.92%

$0.32

$33.24

4.89%

$59.97

-41.86%

 

 

MISO Indiana On Peak

Jul-26

$78.93

$77.20

2.25%

$1.74

$72.84

8.36%

$77.64

1.66%

 

 

NEISO Mass On Peak

Jul-26

$85.06

$84.21

1.02%

$0.86

$89.12

-4.56%

$80.72

5.38%

 

 

WECC Mid C On Peak

Jul-26

$42.71

$42.87

-0.38%

-$0.16

$45.82

-6.79%

$80.61

-47.01%

 

 

NYISO Zone G On Peak

Jul-26

$80.40

$79.59

1.02%

$0.81

$88.83

-9.49%

$74.72

7.59%

 

 

 

 

 

Natural Gas & Basis

 

 

 

EOX Market Data

 

 

 

Contract

6/10/26

6/9/26

% Change

Change

5/12/26

% Change

6/10/25

% Change

 

 

NYMEX Henry Hub

Jul-26

$3.185

$3.140

1.43%

$0.04

$3.05

4.29%

$4.28

-25.53%

 

 

Houston Ship Channel

Jul-26

-$0.435

-$0.447

-2.79%

$0.01

-$0.41

6.02%

-$0.36

21.92%

 

 

Chicago

Jul-26

-$0.429

-$0.426

-0.58%

$0.00

-$0.37

15.67%

-$0.44

-1.70%

 

 

Waha

Jul-26

-$4.300

-$4.870

-11.70%

$0.57

-$5.34

-19.45%

-$1.89

127.28%

 

 

Algonquin

Jul-26

$0.085

$0.125

-32.00%

-$0.04

$0.36

-76.63%

$0.09

-1.16%

 

 

Aeco

Jul-26

-$1.900

-$1.825

4.11%

-$0.07

-$1.86

2.14%

-$1.86

2.10%

 

 

Socal

Jul-26

-$0.615

-$0.640

-3.91%

$0.02

-$0.83

-26.25%

$0.88

-170.20%

 

 

 

 

 

Natural Gas Liquids

 

 

 

EOX Market Data

 

 

 

Contract

6/10/26

6/9/26

% Change

Change

5/12/26

% Change

6/10/25

% Change

 

 

Mt. Belvieu Propane LST

Jul-26

$0.793

$0.788

0.63%

$0.01

$0.87

-9.30%

$0.69

15.24%

 

 

Mt. Belvieu Propane non LST

Jul-26

$0.783

$0.774

1.13%

$0.01

$0.85

-8.21%

$0.69

12.77%

 

 

Mt. Belview Ethane

Jul-26

$0.229

$0.226

1.10%

$0.00

$0.21

10.91%

$0.29

-19.74%

 

 

Mt. Belview Nat. Gasoline

Jul-26

$1.745

$1.715

1.75%

$0.03

$2.08

-16.11%

$1.26

38.70%

 

 

Mt. Belvieu Butane LST

Jul-26

$1.001

$1.011

-1.01%

-$0.01

$1.29

-22.24%

$0.78

28.59%

 

 

Far East Propane

Jul-26

$7.116

$6.986

1.86%

$0.13

$7.65

-6.98%

$4.84

46.99%

 

 

Saudi Propane

Jul-26

$6.700

$6.680

0.30%

$0.02

$6.85

-2.19%

$4.75

41.04%

 

 

 

 

Crude Oil

 

 

 

EOX Market Data

 

 

 

Contract

6/10/26

6/9/26

% Change

Change

5/12/26

% Change

6/10/25

% Change

 

 

WTI

Aug-26

$88.34

$86.58

1.99%

$1.76

$94.39

-6.41%

$61.53

43.57%

 

 

Brent

Aug-26

$93.10

$91.45

1.77%

$1.65

$103.83

-10.33%

$65.01

43.21%

 

 

WCS

Aug-26

-$12.05

-$11.95

0.80%

-$0.10

-$13.85

-13.00%

-$13.70

-12.06%

 

 

LLS

Aug-26

$86.23

$88.64

-2.80%

-$2.41

$91.85

-6.12%

$64.73

33.23%

 

 

Mars

Aug-26

$87.83

$90.71

-3.27%

-$2.87

$92.52

-5.07%

$62.56

40.41%

 

 

Sour

Aug-26

$86.60

$89.46

-3.30%

-$2.86

$93.68

-7.56%

$61.38

41.09%

 

 

ESPO

Aug-26

$91.10

$89.45

1.81%

$1.65

$101.83

-10.54%

$63.01

44.58%

 

 

 

 

Refined Products

 

 

 

EOX Market Data

 

 

 

Contract

6/10/26

6/9/26

% Change

Change

5/12/26

% Change

6/10/25

% Change

 

 

NY Heating Oil

Jul-26

$3.64

$3.55

2.48%

$0.09

$3.97

-8.27%

$2.09

74.20%

 

 

NY Gasoline

Jul-26

$3.08

$3.02

2.05%

$0.06

$3.54

-12.88%

$2.00

54.05%

 

 

GC Gasoline

Jul-26

$2.94

$2.88

2.15%

$0.06

$3.40

-13.41%

$1.90

54.78%

 

 

GC Jet

Jul-26

$3.25

$3.19

1.88%

$0.06

$3.74

-13.11%

$1.96

65.88%

 

 

Chicago Ethanol

Jul-26

$1.89

$1.91

-0.79%

-$0.01

$1.96

-3.07%

$1.64

15.34%

 

 

Rotterdam Gasoil

Jul-26

$932.00

$906.25

2.84%

$25.75

$1,059.00

-11.99%

$612.79

52.09%

 

 

Singapore Jet Kero

Jul-26

$134.04

$134.35

-0.23%

-$0.31

$145.26

-7.72%

$80.54

66.42%

 

 

 

 

Implied Volatilities

 

 

 

EOX Market Data

 

 

 

Contract

6/10/26

6/9/26

% Change

Change

5/12/26

% Change

6/10/25

% Change

 

 

Henry Hub Straddle

Jul-26

45.87%

47.10%

-2.61%

-1.23%

50.44%

-9.05%

44.80%

2.40%

 

 

Algonquin Straddle

Jul-26

55.49%

51.33%

8.12%

4.17%

119.57%

-53.59%

41.85%

32.60%

 

 

Waha Straddle

Jul-26

214.96%

117.55%

82.88%

97.42%

153.76%

39.80%

82.58%

160.31%

 

 

Chicago Straddle

Jul-26

46.41%

47.82%

-2.96%

-1.41%

55.91%

-17.00%

43.95%

5.59%

 

 

PJM West Straddle

Jul-26

91.13%

88.28%

3.23%

2.85%

65.78%

38.54%

38.12%

139.06%

 

 

SP – 15 Straddle

Jul-26

161.59%

151.70%

6.52%

9.89%

168.72%

-4.23%

95.16%

69.81%

 

 

Mid. C Straddle

Jul-26

40.49%

42.41%

-4.53%

-1.92%

45.42%

-10.85%

71.33%

-43.24%

 

 

 

 

Euro Gas and Power/LNG

 

 

EOX Market Data

 

 

 

Contract

6/10/26

6/9/26

% Change

Change

5/12/26

% Change

6/10/25

% Change

 

 

Dutch TTF

Jul-26

EUR 50.49

EUR 49.11

2.82%

EUR 1.38

EUR 46.58

8.39%

EUR 32.57

55.04%

 

 

NBP

Jul-26

GBP 121.70

GBP 118.15

3.00%

GBP 3.55

GBP 113.84

6.90%

GBP 79.33

53.42%

 

 

German Base

Jul-26

EUR 101.75

EUR 99.77

1.98%

EUR 1.98

EUR 92.24

10.31%

EUR 77.63

31.07%

 

 

UK Base

Jul-26

GBP 102.73

GBP 102.93

-0.19%

-GBP 0.20

GBP 97.28

5.60%

GBP 69.14

48.58%

 

 

French Base

Jul-26

EUR 60.79

EUR 58.85

3.30%

EUR 1.94

EUR 39.15

55.28%

EUR 42.58

42.77%

 

 

Italian Base

Jul-26

EUR 147.24

EUR 144.52

1.88%

EUR 2.72

EUR 139.61

5.46%

EUR 102.39

43.80%

 

 

JKM LNG

Jul-26

$19.50

$18.45

5.68%

$1.05

$17.85

9.26%

$11.40

71.03%

 

 

 

 

Freight Forwards (WET & DRY)

 

EOX Market Data

 

 

 

Contract

6/10/26

6/9/26

% Change

Change

5/12/26

% Change

6/10/25

% Change

 

 

TD3C FFA Middle East to China (WET)

Jul-26

$76.51

$78.84

-2.96%

-$2.33

$68.24

12.12%

$9.43

711.35%

 

 

USGC-UK Continent Dirty (WET)

Jul-26

$42.55

$43.60

-2.41%

-$1.05

$51.47

-17.33%

$24.34

74.82%

 

 

TD20 West Africa to UK Continent (WET)

Jul-26

$25.31

$25.42

-0.43%

-$0.11

$28.93

-12.51%

$10.46

141.97%

 

 

LPG FFA Middle East Gulf to East (WET)

Jul-26

$204.66

$196.48

4.16%

$8.18

$160.06

27.86%

$54.91

272.72%

 

 

TC5 FFA Arabian Gulf to Japan (WET)

Jul-26

$65.37

$68.75

-4.92%

-$3.38

$72.34

-9.64%

$25.16

159.82%

 

 

Supramax Timecharter (DRY)

Jul-26

$19,386.10

$18,982.60

2.13%

$403.50

$19,242.90

0.74%

$10,605.10

82.80%

 

 

Capesize Timecharter (DRY)

Jul-26

$30,567.60

$30,849.60

-0.91%

-$282.00

$34,072.20

-10.29%

$20,457.30

49.42%

 

 

 

 

AGs and Softs

 

 

 

EOX Market Data

 

 

 

Contract

6/10/26

6/9/26

% Change

Change

5/12/26

% Change

6/10/25

% Change

 

 

Chicago Corn

Jul-26

$4.23

$4.19

0.93%

$0.04

$4.80

-11.95%

$4.65

-8.95%

 

 

Chicago Beans

Jul-26

$11.14

$11.01

1.25%

$0.14

$12.09

-7.82%

$10.74

3.78%

 

 

London Wheat

Jul-26

GBP 175.93

GBP 175.29

0.37%

GBP 0.64

GBP 187.28

-6.06%

GBP 190.73

-7.76%

 

 

London Coffee

Jul-26

$3,365.00

$3,322.00

1.29%

$43.00

$3,493.00

-3.66%

$4,138.10

-18.68%

 

 

New York Coffee

Jul-26

$248.65

$244.10

1.86%

$4.55

$282.00

-11.83%

$326.23

-23.78%

 

 

New York Cotton

Jul-26

$71.10

$71.80

-0.97%

-$0.70

$86.18

-17.50%

$70.94

0.22%

 

 

Canada Canola

Jul-26

CAD 760.50

CAD 760.80

-0.04%

-CAD 0.30

CAD 753.80

0.89%

CAD 713.53

6.58%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

 

 

 

 

 

 

 

 

 

 

 

 

Cooling Degree Days

 

 

 

 

 

 

06/06/2026

Week Tot

Dev Norm

Dev L YR

Cum Tot

CumD Norm

CumD L YR

CumD Norm

CumD L YR

 

 

New England

10

5

-5

39

28

19

NA

NA

 

 

Middle Atlantic

19

4

-1

83

47

52

NA

NA

 

 

E N Central

21

-3

8

71

-1

42

NA

NA

 

 

W N Central

52

22

26

145

45

80

45.00%

123.00%

 

 

South Atlantic

54

-6

-1

500

88

16

21.00%

3.00%

 

 

E S Central

54

1

-3

334

96

32

40.00%

11.00%

 

 

W S Central

98

14

4

716

217

66

43.00%

10.00%

 

 

Mountain

49

11

14

228

51

66

29.00%

41.00%

 

 

Pacific

15

-1

-1

60

-10

21

NA

NA

 

 

United States

40

3

4

253

59

41

30.00%

19.00%

 

 

 

 

Heating Degree Days

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

06/06/2026

Week Tot

Dev Norm

Dev L YR

Cum Tot

CumD Norm

CumD L YR

CumD Norm

CumD L YR

 

 

New England

35

6

8

6,598

28

439

0.00%

7.00%

 

 

Middle Atlantic

17

-3

-7

5,800

-89

460

-2.00%

9.00%

 

 

E N Central

14

-10

-11

6,047

-420

124

-6.00%

2.00%

 

 

W N Central

2

-20

-13

5,859

-860

-274

-13.00%

-4.00%

 

 

South Atlantic

4

0

-2

2,731

-119

138

-4.00%

5.00%

 

 

E S Central

2

-3

-1

3,126

-475

-55

-13.00%

-2.00%

 

 

W S Central

0

-1

0

1,702

-585

-241

-26.00%

-12.00%

 

 

Mountain

13

-17

-9

3,903

-1,249

-827

-24.00%

-17.00%

 

 

Pacific

12

-14

2

2,386

-788

-665

-25.00%

-22.00%

 

 

United States

10

-7

-4

4,041

-458

-73

-10.00%

-2.00%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

Weather Forecast & Seasonal Outlook

 

Tropical Outlook

 

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