Morning Report: Gas * Power * NGL * Crude * Products * Vols — Jun-27-2025

Jun 27, 2025

  

 

 

 

 

 

 

 

 

 

Prices as of 7:10 AM CST

 

 

 

 

 

 

 

Current Price

Previous Settle

% Change

Change

Volume

 

 

Natural Gas

$3.618

$3.261

10.95%

$0.357

17,796

 

 

WTI

$65.73

$65.24

0.75%

$0.49

31,721

 

 

Brent

$68.30

$67.73

0.84%

$0.57

2,240

 

 

ULSD

$2.367

$2.360

0.30%

$0.007

823

 

 

RBOB

$2.086

$2.099

-0.64%

-$0.013

671

 

 

 

 

Spreads

 

 

 

 

 

 

 

Current

Previous

% Change

Change

Contract

 

 

WTI-Brent

$2.43

$2.49

-2.41%

-$0.06

Aug-25

 

 

3:2:1 Crack

$24.15

$24.99

-3.35%

-$0.84

Aug-25

 

 

PJM West Spark

NA

NA

NA

NA

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

 

 

 

 

06/26/20

 

 

 

6/20/25

6/13/25

Net Change

% Change

6/21/24

% Change

5 Year Avg.

% Change

 

 

East

589

563

26

4.62%

646

-8.82%

576

2.19%

 

 

Midwest

665

638

27

4.23%

753

-11.69%

667

-0.33%

 

 

Mountain

223

216

7

3.24%

237

-5.91%

176

26.42%

 

 

Pacific

281

274

7

2.55%

283

-0.71%

254

10.63%

 

 

South

1,140

1,111

29

2.61%

1,179

-3.31%

1,084

5.17%

 

 

    Salt

352

350

2

0.57%

334

5.39%

314

12.10%

 

 

    Non_Salt

788

761

27

3.55%

845

-6.75%

770

2.34%

 

 

Total

2,898

2,802

96

3.43%

3,097

-6.43%

2,758

5.09%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Power Generation Additions/Retirements

 

 

  

 

Front Month Prices

 

 

 

 

 

 

 

 

 

 

 

 

 

Electricity

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

6/26/25

6/25/25

% Change

Change

5/28/25

% Change

6/26/24

% Change

 

 

PJM West On Peak

Jul-25

$76.47

$77.00

-0.70%

-$0.54

$77.50

-1.34%

$73.13

4.56%

 

 

ERCOT North On Peak

Jul-25

$102.17

$105.89

-3.51%

-$3.72

$84.50

20.91%

$106.96

-4.48%

 

 

CAISO SP 15 On Peak

Jul-25

$53.75

$53.27

0.90%

$0.48

$53.60

0.28%

$70.35

-23.59%

 

 

MISO Indiana On Peak

Jul-25

$70.18

$69.36

1.18%

$0.82

$70.01

0.24%

$71.40

-1.71%

 

 

NEISO Mass On Peak

Jul-25

$67.01

$68.16

-1.68%

-$1.15

$70.97

-5.57%

$77.07

-13.05%

 

 

WECC Mid C On Peak

Jul-25

$84.88

$86.75

-2.16%

-$1.87

$71.26

19.11%

$109.48

-22.47%

 

 

NYISO Zone G On Peak

Jul-25

$69.82

$68.61

1.76%

$1.21

$68.56

1.83%

$75.57

-7.62%

 

 

 

 

 

Natural Gas & Basis

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

6/26/25

6/25/25

% Change

Change

5/28/25

% Change

6/26/24

% Change

 

 

NYMEX Henry Hub

Aug-25

$3.526

$3.569

-1.20%

-$0.04

$3.63

-2.92%

$3.51

0.37%

 

 

Houston Ship Channel

Aug-25

-$0.429

-$0.437

-1.83%

$0.01

-$0.34

27.94%

-$0.34

27.90%

 

 

Chicago

Aug-25

-$0.520

-$0.522

0.40%

$0.00

-$0.49

5.08%

-$0.39

34.59%

 

 

Waha

Aug-25

-$1.707

-$1.734

-1.55%

$0.03

-$1.82

-6.15%

-$0.69

145.80%

 

 

Algonquin

Aug-25

-$0.678

-$0.655

-3.54%

-$0.02

-$0.48

42.37%

-$0.21

217.61%

 

 

Aeco

Aug-25

-$2.564

-$2.492

2.89%

-$0.07

-$2.19

16.97%

-$1.50

70.68%

 

 

Socal

Aug-25

-$0.108

-$0.149

-27.18%

$0.04

$0.17

-163.04%

$1.39

-107.80%

 

 

 

 

 

Natural Gas Liquids

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

6/26/25

6/25/25

% Change

Change

5/28/25

% Change

6/26/24

% Change

 

 

Mt. Belvieu Propane LST

Jul-25

$0.745

$0.750

-0.65%

$0.00

$0.76

-1.66%

$0.74

0.61%

 

 

Mt. Belvieu Propane non LST

Jul-25

$0.740

$0.750

-1.32%

-$0.01

$0.76

-2.65%

$0.74

-0.17%

 

 

Mt. Belview Ethane

Jul-25

$0.224

$0.216

3.94%

$0.01

$0.25

-8.38%

$0.25

-10.99%

 

 

Mt. Belview Nat. Gasoline

Jul-25

$1.267

$1.283

-1.17%

-$0.02

$1.27

-0.19%

$1.48

-14.37%

 

 

Mt. Belvieu Butane LST

Jul-25

$0.812

$0.862

-5.84%

-$0.05

$0.83

-2.47%

$0.84

-3.08%

 

 

Far East Propane

Jul-25

$5.400

$5.407

-0.13%

-$0.01

$5.34

1.13%

$5.55

-2.69%

 

 

Saudi Propane

Jul-25

$5.928

$5.948

-0.33%

-$0.02

$5.70

3.98%

$5.22

13.62%

 

 

 

 

Crude Oil

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

6/26/25

6/25/25

% Change

Change

5/28/25

% Change

6/26/24

% Change

 

 

WTI

Aug-25

$65.24

$64.92

0.49%

$0.32

$61.20

6.60%

$74.56

-12.50%

 

 

Brent

Aug-25

$67.73

$67.68

0.07%

$0.05

$64.32

5.30%

$79.48

-14.78%

 

 

WCS

Aug-25

-$10.00

-$9.04

9.66%

-$0.97

-$10.05

-0.47%

-$12.70

-21.24%

 

 

LLS

Aug-25

$65.38

$65.87

-0.75%

-$0.49

$62.50

4.61%

$76.46

-14.49%

 

 

Mars

Aug-25

$64.08

$64.33

-0.39%

-$0.25

$60.65

5.66%

$74.06

-13.47%

 

 

Sour

Aug-25

$64.97

$64.95

0.04%

$0.02

$60.99

6.52%

$74.26

-12.51%

 

 

ESPO

Aug-25

$65.73

$65.68

0.08%

$0.05

$62.32

5.47%

$77.48

-15.17%

 

 

 

 

Refined Products

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

6/26/25

6/25/25

% Change

Change

5/28/25

% Change

6/26/24

% Change

 

 

NY Heating Oil

Jul-25

$2.36

$2.31

2.34%

$0.05

$2.06

14.40%

$2.47

-4.38%

 

 

NY Gasoline

Jul-25

$2.10

$2.09

0.58%

$0.01

$2.05

2.19%

$2.34

-10.30%

 

 

GC Gasoline

Jul-25

$1.96

$1.95

0.62%

$0.01

$1.95

0.26%

$2.24

-12.55%

 

 

GC Jet

Jul-25

$2.15

$2.09

3.02%

$0.06

$1.89

13.59%

$2.37

-9.44%

 

 

Chicago Ethanol

Jul-25

$1.64

$1.62

1.54%

$0.02

$1.77

-7.22%

$1.79

-8.36%

 

 

Rotterdam Gasoil

Jul-25

$638.66

$638.49

0.03%

$0.18

$615.90

3.70%

$706.88

-9.65%

 

 

Singapore Jet Kero

Jul-25

$85.75

$84.00

2.08%

$1.75

$77.90

10.07%

$97.02

-11.62%

 

 

 

 

Implied Volatilities

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

6/26/25

6/25/25

% Change

Change

5/28/25

% Change

6/26/24

% Change

 

 

Henry Hub Straddle

Aug-25

55.55%

58.20%

-4.55%

-2.65%

65.62%

-15.35%

36.90%

50.54%

 

 

Algonquin Straddle

Aug-25

64.10%

66.30%

-3.32%

-2.20%

66.14%

-3.08%

38.59%

66.11%

 

 

Waha Straddle

Aug-25

87.90%

108.91%

-19.29%

-21.01%

112.44%

-21.82%

54.85%

60.26%

 

 

Chicago Straddle

Aug-25

58.69%

60.94%

-3.69%

-2.25%

67.21%

-12.68%

40.34%

45.49%

 

 

PJM West Straddle

Aug-25

72.80%

70.94%

2.62%

1.86%

70.54%

3.20%

61.75%

17.89%

 

 

SP – 15 Straddle

Aug-25

190.91%

261.02%

-26.86%

-70.11%

295.69%

-35.44%

61.74%

209.22%

 

 

Mid. C Straddle

Aug-25

149.31%

156.72%

-4.73%

-7.41%

117.93%

26.61%

91.78%

62.68%

 

 

 

 

Euro Gas and Power/LNG

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

6/26/25

6/25/25

% Change

Change

5/28/25

% Change

6/26/24

% Change

 

 

Dutch TTF

Aug-25

EUR 34.02

EUR 36.04

-5.61%

-EUR 2.02

EUR 36.91

-7.84%

EUR 36.03

-5.58%

 

 

NBP

Aug-25

GBP 80.42

GBP 84.90

-5.27%

-GBP 4.47

GBP 86.98

-7.54%

GBP 88.28

-8.90%

 

 

German Base

Aug-25

EUR 77.09

EUR 82.25

-6.27%

-EUR 5.16

EUR 82.14

-6.14%

EUR 84.47

-8.73%

 

 

UK Base

Aug-25

GBP 70.90

GBP 73.95

-4.12%

-GBP 3.05

GBP 77.18

-8.14%

GBP 75.00

-5.47%

 

 

French Base

Aug-25

EUR 45.16

EUR 45.37

-0.46%

-EUR 0.21

EUR 42.16

7.13%

EUR 50.25

-10.13%

 

 

Italian Base

Aug-25

EUR 115.67

EUR 120.32

-3.87%

-EUR 4.65

EUR 116.01

-0.29%

EUR 105.96

9.16%

 

 

JKM LNG

Aug-25

$13.04

$13.50

-3.41%

-$0.46

$12.44

4.83%

$12.32

5.85%

 

 

 

 

Freight Forwards (WET & DRY)

 

OTCGH/EOXLive Market Data

 

 

 

Contract

6/26/25

6/25/25

% Change

Change

5/28/25

% Change

6/26/24

% Change

 

 

TD3C FFA Middle East to China (WET)

Aug-25

$34.02

$36.04

-5.61%

-$2.02

$36.91

-7.84%

$36.03

-5.58%

 

 

USGC-UK Continent Dirty (WET)

Aug-25

$80.42

$84.90

-5.27%

-$4.47

$86.98

-7.54%

$88.28

-8.90%

 

 

TD20 West Africa to UK Continent (WET)

Aug-25

$77.09

$82.25

-6.27%

-$5.16

$82.14

-6.14%

$84.47

-8.73%

 

 

LPG FFA Middle East Gulf to East (WET)

Aug-25

$70.90

$73.95

-4.12%

-$3.05

$77.18

-8.14%

$75.00

-5.47%

 

 

TC5 FFA Arabian Gulf to Japan (WET)

Aug-25

$45.16

$45.37

-0.46%

-$0.21

$42.16

7.13%

$50.25

-10.13%

 

 

Supramax Timecharter (DRY)

Aug-25

$115.67

$120.32

-3.87%

-$4.65

$116.01

-0.29%

$105.96

9.16%

 

 

Capesize Timecharter (DRY)

Aug-25

$13.04

$13.50

-3.41%

-$0.46

$12.44

4.83%

$12.32

5.85%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

 

 

 

 

 

 

 

 

 

 

 

 

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

 

To opt out of this email please follow this
link.

Campbell Faulkner | OTC Global Holdings

Quality Data – Reliable Service – Affordable Price

5151 San Felipe Suite 2200
Houston, TX 77056
faulkner.c@otcgh.com
eoxlive.com/market-data

 

This email, any information contained herein and any files transmitted with it (collectively, the Material) are the sole property of OTC Global Holdings LP and its affiliates (OTCGH); are confidential, may be legally privileged and are intended solely for
the use of the individual or entity to whom they are addressed. Unauthorized disclosure, copying or distribution of the Material, is strictly prohibited and the recipient shall not redistribute the Material in any form to a third party. Please notify the sender
immediately by email if you have received this email by mistake, delete this email from your system and destroy any hard copies. OTCGH waives no privilege or confidentiality due to any mistaken transmission of this email.