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

Jun 25, 2025

  

 

 

 

 

 

 

 

 

 

Prices as of 7:41 AM CST

 

 

 

 

 

 

 

Current Price

Previous Settle

% Change

Change

Volume

 

 

Natural Gas

$3.508

$3.537

-0.82%

-$0.029

5,717

 

 

WTI

$64.58

$64.37

0.33%

$0.21

67,566

 

 

Brent

$67.36

$67.14

0.33%

$0.22

8,050

 

 

ULSD

$2.298

$2.285

0.54%

$0.012

3,225

 

 

RBOB

$2.083

$2.086

-0.13%

-$0.003

1,665

 

 

 

 

Spreads

 

 

 

 

 

 

 

Current

Previous

% Change

Change

Contract

 

 

WTI-Brent

$2.88

$2.77

3.97%

$0.11

Aug-25

 

 

3:2:1 Crack

$25.04

$25.11

-0.27%

-$0.07

Aug-25

 

 

PJM West Spark

$67.85

$67.90

-0.07%

-$0.05

Jul-25

 

 

 

 

Baker Hughes Rig Count

 

 

 

 

 

 

 

Date

Count

Change

1 Year Chg.

1 Year Date

 

 

U.S.

06/20/25

554

-1

-34

06/21/24

 

 

Canada

06/20/25

139

1

-27

06/21/24

 

 

International

May

886

-5

-67

May

 

 

 

 

CFTC Net Positions

 

 

 

 

 

 

As of 6/10/2025

Open Interest

Total Net Long

Total Net Short

Diff

 

 

PJM West On Peak

99,777

99,177

99,059

118

 

 

PJM West Off Peak

86,358

86,234

85,665

569

 

 

Natural Gas Henry Hub

355,121

339,475

342,871

-3,396

 

 

WTI – Light Sweet Crude Futures

316,678

264,282

240,329

23,953

 

 

Brent Crude Last Day

205,556

198,048

197,574

474

 

 

NYM Ethanol

26,991

26,268

26,574

-306

 

 

Mt Belvieu LDH Propane Swap

154,002

153,370

153,518

-148

 

 

RBOB

396,992

373,842

376,645

-2,803

 

 

HSC Basis

822,918

817,997

818,933

-936

 

 

 

 

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

 

 

 

 

06/19/20

 

 

 

6/13/25

6/6/25

Net Change

% Change

6/14/24

% Change

5 Year Avg.

% Change

 

 

East

563

531

32

6.03%

631

-10.78%

553

1.73%

 

 

Midwest

638

608

30

4.93%

736

-13.32%

642

-0.65%

 

 

Mountain

216

210

6

2.86%

230

-6.09%

170

27.21%

 

 

Pacific

274

266

8

3.01%

279

-1.79%

248

10.57%

 

 

South

1,111

1,091

20

1.83%

1,168

-4.88%

1,074

3.43%

 

 

    Salt

350

351

-1

-0.28%

337

3.86%

316

10.62%

 

 

    Non_Salt

761

740

21

2.84%

831

-8.42%

758

0.40%

 

 

Total

2,802

2,707

95

3.51%

3,045

-7.98%

2,687

4.26%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Power Generation Additions/Retirements

 

 

  

 

Front Month Prices

 

 

 

 

 

 

 

 

 

 

 

 

 

Electricity

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

6/24/25

6/23/25

% Change

Change

5/23/25

% Change

6/24/24

% Change

 

 

PJM West On Peak

Jul-25

$75.36

$75.47

-0.14%

-$0.11

$78.27

-3.71%

$76.04

-0.90%

 

 

ERCOT North On Peak

Jul-25

$100.16

$85.38

17.32%

$14.79

$87.01

15.11%

$112.49

-10.96%

 

 

CAISO SP 15 On Peak

Jul-25

$51.55

$50.94

1.21%

$0.62

$55.86

-7.71%

$64.28

-19.80%

 

 

MISO Indiana On Peak

Jul-25

$68.03

$65.57

3.76%

$2.46

$70.63

-3.67%

$74.01

-8.08%

 

 

NEISO Mass On Peak

Jul-25

$67.92

$68.12

-0.30%

-$0.20

$72.81

-6.72%

$77.60

-12.48%

 

 

WECC Mid C On Peak

Jul-25

$82.45

$79.60

3.58%

$2.85

$73.30

12.49%

$102.48

-19.55%

 

 

NYISO Zone G On Peak

Jul-25

$66.40

$66.93

-0.79%

-$0.53

$69.88

-4.99%

$78.28

-15.18%

 

 

 

 

 

Natural Gas & Basis

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

6/24/25

6/23/25

% Change

Change

5/23/25

% Change

6/24/24

% Change

 

 

NYMEX Henry Hub

Jul-25

$3.537

$3.698

-4.35%

-$0.16

$3.72

-5.05%

$3.53

0.34%

 

 

Houston Ship Channel

Jul-25

-$0.476

-$0.502

-5.26%

$0.03

-$0.37

28.80%

-$0.34

40.97%

 

 

Chicago

Jul-25

-$0.528

-$0.550

4.07%

$0.02

-$0.52

2.03%

-$0.36

45.48%

 

 

Waha

Jul-25

-$1.878

-$1.972

-4.73%

$0.09

-$2.04

-8.04%

-$0.68

177.02%

 

 

Algonquin

Jul-25

-$0.323

-$0.269

-19.90%

-$0.05

-$0.01

5468.97%

-$0.02

1438.10%

 

 

Aeco

Jul-25

-$2.539

-$2.851

-10.93%

$0.31

-$2.26

12.14%

-$1.48

71.43%

 

 

Socal

Jul-25

-$0.412

-$0.377

9.42%

-$0.04

-$0.30

38.03%

$1.15

-135.72%

 

 

 

 

 

Natural Gas Liquids

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

6/24/25

6/23/25

% Change

Change

5/23/25

% Change

6/24/24

% Change

 

 

Mt. Belvieu Propane LST

Jul-25

$0.767

$0.840

-8.70%

-$0.07

$0.76

1.06%

$0.73

4.63%

 

 

Mt. Belvieu Propane non LST

Jul-25

$0.759

$0.830

-8.51%

-$0.07

$0.75

0.60%

$0.73

4.15%

 

 

Mt. Belview Ethane

Jul-25

$0.208

$0.220

-5.22%

-$0.01

$0.25

-18.32%

$0.25

-17.28%

 

 

Mt. Belview Nat. Gasoline

Jul-25

$1.282

$1.378

-6.99%

-$0.10

$1.26

2.12%

$1.48

-13.28%

 

 

Mt. Belvieu Butane LST

Jul-25

$0.891

$0.957

-6.93%

-$0.07

$0.84

6.39%

$0.83

7.73%

 

 

Far East Propane

Jul-25

$5.512

$5.800

-4.97%

-$0.29

$5.30

3.90%

$5.46

0.92%

 

 

Saudi Propane

Jul-25

$5.928

$6.022

-1.56%

-$0.09

$5.54

6.98%

$5.19

14.12%

 

 

 

 

Crude Oil

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

6/24/25

6/23/25

% Change

Change

5/23/25

% Change

6/24/24

% Change

 

 

WTI

Aug-25

$64.37

$68.51

-6.43%

-$4.14

$60.93

5.65%

$74.52

-13.62%

 

 

Brent

Aug-25

$67.14

$71.48

-6.46%

-$4.34

$64.21

4.56%

$79.56

-15.61%

 

 

WCS

Aug-25

-$10.24

-$10.19

0.52%

-$0.05

-$9.60

6.69%

-$12.75

-19.70%

 

 

LLS

Aug-25

$67.47

$73.94

-9.59%

-$6.47

$62.68

7.64%

$76.02

-11.25%

 

 

Mars

Aug-25

$65.49

$71.06

-8.51%

-$5.57

$60.73

7.82%

$73.67

-11.11%

 

 

Sour

Aug-25

$66.06

$73.94

-11.93%

-$7.88

$60.79

8.67%

$73.82

-10.51%

 

 

ESPO

Aug-25

$65.14

$69.48

-6.66%

-$4.34

$62.21

4.71%

$77.56

-16.01%

 

 

 

 

Refined Products

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

6/24/25

6/23/25

% Change

Change

5/23/25

% Change

6/24/24

% Change

 

 

NY Heating Oil

Jul-25

$2.30

$2.33

-1.12%

-$0.03

$2.08

10.63%

$2.49

-7.52%

 

 

NY Gasoline

Jul-25

$2.09

$2.31

-9.86%

-$0.23

$2.06

1.02%

$2.34

-11.01%

 

 

GC Gasoline

Jul-25

$1.95

$2.17

-10.49%

-$0.23

$1.96

-0.97%

$2.24

-13.29%

 

 

GC Jet

Jul-25

$2.08

$2.50

-16.67%

-$0.42

$1.92

8.39%

$2.35

-11.60%

 

 

Chicago Ethanol

Jul-25

$1.62

$1.63

-0.61%

-$0.01

$1.80

-10.00%

$1.78

-8.84%

 

 

Rotterdam Gasoil

Jul-25

$646.02

$683.20

-5.44%

-$37.19

$618.22

4.50%

$703.70

-8.20%

 

 

Singapore Jet Kero

Jul-25

$83.70

$91.57

-8.60%

-$7.88

$77.24

8.37%

$96.16

-12.95%

 

 

 

 

Implied Volatilities

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

6/24/25

6/23/25

% Change

Change

5/23/25

% Change

6/24/24

% Change

 

 

Henry Hub Straddle

Aug-25

59.65%

71.92%

-17.06%

-12.27%

61.89%

-3.62%

36.77%

62.22%

 

 

Algonquin Straddle

Aug-25

66.89%

74.77%

-10.54%

-7.88%

58.36%

14.62%

38.63%

73.16%

 

 

Waha Straddle

Aug-25

94.80%

104.57%

-9.34%

-9.77%

94.42%

0.40%

55.10%

72.05%

 

 

Chicago Straddle

Aug-25

62.16%

72.88%

-14.71%

-10.72%

61.50%

1.07%

40.59%

53.14%

 

 

PJM West Straddle

Aug-25

69.84%

68.67%

1.70%

1.17%

70.49%

-0.92%

61.86%

12.90%

 

 

SP – 15 Straddle

Aug-25

258.63%

248.51%

4.07%

10.12%

295.52%

-12.48%

55.28%

367.85%

 

 

Mid. C Straddle

Aug-25

139.62%

140.19%

-0.41%

-0.57%

115.99%

20.37%

89.69%

55.67%

 

 

 

 

Euro Gas and Power/LNG

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

6/24/25

6/23/25

% Change

Change

5/23/25

% Change

6/24/24

% Change

 

 

Dutch TTF

Aug-25

EUR 36.78

EUR 41.10

-10.52%

-EUR 4.32

EUR 36.79

-0.02%

EUR 36.48

0.82%

 

 

NBP

Aug-25

GBP 84.22

GBP 98.60

-14.59%

-GBP 14.38

GBP 87.25

-3.48%

GBP 89.08

-5.46%

 

 

German Base

Aug-25

EUR 81.95

EUR 88.06

-6.94%

-EUR 6.11

EUR 83.99

-2.43%

EUR 85.33

-3.96%

 

 

UK Base

Aug-25

GBP 71.40

GBP 83.41

-14.40%

-GBP 12.01

GBP 77.78

-8.21%

GBP 72.14

-1.03%

 

 

French Base

Aug-25

EUR 44.20

EUR 46.27

-4.48%

-EUR 2.08

EUR 41.21

7.24%

EUR 49.17

-10.12%

 

 

Italian Base

Aug-25

EUR 122.26

EUR 130.81

-6.53%

-EUR 8.55

EUR 115.70

5.67%

EUR 105.88

15.48%

 

 

JKM LNG

Aug-25

$13.42

$14.42

-6.92%

-$1.00

$12.58

6.64%

$12.71

5.60%

 

 

 

 

Freight Forwards (WET & DRY)

 

OTCGH/EOXLive Market Data

 

 

 

Contract

6/24/25

6/23/25

% Change

Change

5/23/25

% Change

6/24/24

% Change

 

 

TD3C FFA Middle East to China (WET)

Aug-25

$36.78

$41.10

-10.52%

-$4.32

$36.79

-0.02%

$36.48

0.82%

 

 

USGC-UK Continent Dirty (WET)

Aug-25

$84.22

$98.60

-14.59%

-$14.38

$87.25

-3.48%

$89.08

-5.46%

 

 

TD20 West Africa to UK Continent (WET)

Aug-25

$81.95

$88.06

-6.94%

-$6.11

$83.99

-2.43%

$85.33

-3.96%

 

 

LPG FFA Middle East Gulf to East (WET)

Aug-25

$71.40

$83.41

-14.40%

-$12.01

$77.78

-8.21%

$72.14

-1.03%

 

 

TC5 FFA Arabian Gulf to Japan (WET)

Aug-25

$44.20

$46.27

-4.48%

-$2.08

$41.21

7.24%

$49.17

-10.12%

 

 

Supramax Timecharter (DRY)

Aug-25

$122.26

$130.81

-6.53%

-$8.55

$115.70

5.67%

$105.88

15.48%

 

 

Capesize Timecharter (DRY)

Aug-25

$13.42

$14.42

-6.92%

-$1.00

$12.58

6.64%

$12.71

5.60%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

 

 

 

 

 

 

 

 

 

 

 

 

Cooling Degree Days

 

 

 

 

 

 

06/21/2025

Week Tot

Dev Norm

Dev L YR

Cum Tot

CumD Norm

CumD L YR

CumD Norm

CumD L YR

 

 

New England

25

9

-20

55

17

-29

NA

NA

 

 

Middle Atlantic

37

7

-22

95

5

-60

NA

NA

 

 

E N Central

56

19

-20

108

-34

-65

-24.00%

-38.00%

 

 

W N Central

67

19

2

170

-22

-30

-11.00%

-15.00%

 

 

South Atlantic

92

14

-1

677

109

15

19.00%

2.00%

 

 

E S Central

86

13

-10

468

85

-13

22.00%

-3.00%

 

 

W S Central

117

12

3

883

171

-5

24.00%

-1.00%

 

 

Mountain

77

20

21

313

25

44

9.00%

16.00%

 

 

Pacific

27

3

13

97

-19

42

-16.00%

76.00%

 

 

United States

65

13

-4

334

37

-12

12.00%

-3.00%

 

 

 

 

Heating Degree Days

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

06/21/2025

Week Tot

Dev Norm

Dev L YR

Cum Tot

CumD Norm

CumD L YR

CumD Norm

CumD L YR

 

 

New England

12

0

5

6,193

-410

481

-6.00%

8.00%

 

 

Middle Atlantic

7

1

5

5,354

-555

412

-9.00%

8.00%

 

 

E N Central

1

-7

-1

5,937

-556

612

-9.00%

11.00%

 

 

W N Central

2

-7

-2

6,150

-594

491

-9.00%

9.00%

 

 

South Atlantic

0

-1

0

2,594

-259

136

-9.00%

6.00%

 

 

E S Central

0

0

0

3,182

-422

99

-12.00%

3.00%

 

 

W S Central

0

0

0

1,943

-344

-100

-15.00%

-5.00%

 

 

Mountain

4

-12

-12

4,739

-455

-125

-9.00%

-3.00%

 

 

Pacific

14

-2

-1

3,073

-141

-20

-4.00%

-1.00%

 

 

United States

4

-3

0

4,125

-394

224

-9.00%

6.00%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

Weather Forecast & Seasonal Outlook

 

Tropical Outlook

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