Morning Report: Gas * Power * NGL * Crude * Products * Vols — Mar-05-2026

Mar 5, 2026

  

 

 

 

 

 

 

 

 

 

Prices as of 7:03 AM CST

 

 

 

 

 

 

 

Current Price

Previous Settle

% Change

Change

Volume

 

 

Natural Gas

$2.955

$2.917

1.30%

$0.038

23,724

 

 

WTI

$76.91

$74.66

3.01%

$2.25

208,685

 

 

Brent

$83.39

$81.40

2.44%

$1.99

63,502

 

 

ULSD

$3.457

$3.294

4.95%

$0.163

26,379

 

 

RBOB

$2.599

$2.515

3.35%

$0.084

40,670

 

 

 

 

Spreads

 

 

 

 

 

 

 

Current

Previous

% Change

Change

Contract

 

 

WTI-Brent

$7.77

$7.94

-2.14%

-$0.17

May-26

 

 

3:2:1 Crack

$39.69

$38.17

3.98%

$1.52

Apr-26

 

 

PJM West Spark

$49.69

$53.05

-6.34%

-$3.36

Apr-26

 

 

 

 

Baker Hughes Rig Count

 

 

 

 

 

 

 

Date

Count

Change

1 Year Chg.

1 Year Date

 

 

U.S.

02/27/26

550

-1

-43

02/28/25

 

 

Canada

02/27/26

214

-10

-34

02/28/25

 

 

International

Jan-2026

1079

14

-20

Jan-2025

 

 

 

 

CFTC Net Positions

 

 

 

 

 

 

As of 2/24/2026

Open Interest

Total Net Long

Total Net Short

Diff

 

 

PJM West On Peak

129,305

128,938

128,668

270

 

 

PJM West Off Peak

122,579

122,195

122,060

135

 

 

Natural Gas Henry Hub

386,132

373,153

364,669

8,484

 

 

WTI – Light Sweet Crude Futures

189,804

161,375

154,946

6,429

 

 

Brent Crude Last Day

336,199

327,518

328,340

-822

 

 

NYM Ethanol

46,170

45,295

45,467

-172

 

 

Mt Belvieu LDH Propane Swap

133,826

133,215

133,319

-104

 

 

RBOB

468,457

433,238

445,593

-12,355

 

 

HSC Basis

842,427

836,005

836,703

-698

 

 

 

 

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

 

 

 

 

02/26/21

 

 

 

2/20/26

2/13/26

Net Change

% Change

2/21/25

% Change

5 Year Avg.

% Change

 

 

East

364

388

-24

-6.19%

362

0.55%

401

-9.32%

 

 

Midwest

441

457

-16

-3.50%

424

4.01%

487

-9.52%

 

 

Mountain

201

207

-6

-2.90%

168

19.64%

130

54.85%

 

 

Pacific

259

271

-12

-4.43%

198

30.81%

178

45.83%

 

 

South

753

747

6

0.80%

688

9.45%

767

-1.83%

 

 

    Salt

179

168

11

6.55%

159

12.58%

203

-12.00%

 

 

    Non_Salt

573

579

-6

-1.04%

528

8.52%

563

1.70%

 

 

Total

2,018

2,070

-52

-2.51%

1,840

9.67%

1,963

2.79%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Power Generation Additions/Retirements

 

 

  

 

Front Month Prices

 

 

 

 

 

 

 

 

 

 

 

 

 

Electricity

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

3/4/26

3/3/26

% Change

Change

2/3/26

% Change

3/4/25

% Change

 

 

PJM West On Peak

Apr-26

$56.04

$59.29

-5.48%

-$3.25

$56.26

-0.40%

$51.35

9.14%

 

 

ERCOT North On Peak

Apr-26

$28.88

$31.47

-8.23%

-$2.59

$32.35

-10.73%

$42.01

-31.27%

 

 

CAISO SP 15 On Peak

Apr-26

$8.00

$7.79

2.71%

$0.21

$10.14

-21.08%

$2.76

189.47%

 

 

MISO Indiana On Peak

Apr-26

$44.52

$47.29

-5.86%

-$2.77

$44.83

-0.69%

$49.06

-9.27%

 

 

NEISO Mass On Peak

Apr-26

$43.00

$48.03

-10.47%

-$5.03

$48.63

-11.57%

$51.64

-16.73%

 

 

WECC Mid C On Peak

Apr-26

$30.25

$31.96

-5.34%

-$1.71

$33.48

-9.64%

$35.67

-15.20%

 

 

NYISO Zone G On Peak

Apr-26

$47.95

$50.27

-4.60%

-$2.31

$50.38

-4.80%

$48.66

-1.45%

 

 

 

 

 

Natural Gas & Basis

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

3/4/26

3/3/26

% Change

Change

2/3/26

% Change

3/4/25

% Change

 

 

NYMEX Henry Hub

Apr-26

$2.917

$3.054

-4.49%

-$0.14

$3.19

-8.64%

$3.79

-23.07%

 

 

Houston Ship Channel

Apr-26

-$0.405

-$0.442

-8.47%

$0.04

-$0.48

-16.34%

-$0.48

-15.50%

 

 

Chicago

Apr-26

-$0.282

-$0.295

4.42%

$0.01

-$0.19

45.62%

-$0.25

10.91%

 

 

Waha

Apr-26

-$4.375

-$4.390

-0.34%

$0.01

-$3.49

25.41%

-$3.80

15.01%

 

 

Algonquin

Apr-26

-$0.100

-$0.155

35.48%

$0.05

$0.10

-204.93%

$0.50

-120.05%

 

 

Aeco

Apr-26

-$1.595

-$1.745

-8.60%

$0.15

-$1.80

-11.54%

-$1.69

-5.74%

 

 

Socal

Apr-26

-$1.625

-$1.750

-7.14%

$0.13

-$1.48

9.52%

-$0.76

114.81%

 

 

 

 

 

Natural Gas Liquids

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

3/4/26

3/3/26

% Change

Change

2/3/26

% Change

3/4/25

% Change

 

 

Mt. Belvieu Propane LST

Apr-26

$0.718

$0.748

-4.01%

-$0.03

$0.64

12.55%

$0.72

-0.62%

 

 

Mt. Belvieu Propane non LST

Apr-26

$0.693

$0.723

-4.15%

-$0.03

$0.64

8.35%

$0.72

-3.38%

 

 

Mt. Belview Ethane

Apr-26

$0.225

$0.238

-5.26%

-$0.01

$0.25

-9.75%

$0.28

-20.93%

 

 

Mt. Belview Nat. Gasoline

Apr-26

$1.504

$1.475

1.95%

$0.03

$1.29

16.83%

$1.29

16.54%

 

 

Mt. Belvieu Butane LST

Apr-26

$0.905

$0.901

0.48%

$0.00

$0.76

19.13%

$0.83

9.66%

 

 

Far East Propane

Apr-26

$6.582

$6.655

-1.10%

-$0.07

$5.09

29.42%

$5.18

26.98%

 

 

Saudi Propane

Apr-26

$5.938

$6.012

-1.23%

-$0.07

$5.12

15.98%

$5.01

18.57%

 

 

 

 

Crude Oil

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

3/4/26

3/3/26

% Change

Change

2/3/26

% Change

3/4/25

% Change

 

 

WTI

Apr-26

$74.66

$74.56

0.13%

$0.10

$62.83

18.83%

$64.21

16.27%

 

 

Brent

Apr-26

$82.88

$82.76

0.15%

$0.12

$67.33

23.10%

$67.90

22.06%

 

 

WCS

Apr-26

-$12.39

-$13.59

-9.64%

$1.19

-$13.94

-11.14%

-$14.70

-15.74%

 

 

LLS

Apr-26

$74.38

$76.11

-2.33%

-$1.73

$63.31

17.50%

$66.48

11.89%

 

 

Mars

Apr-26

$74.77

$73.52

1.68%

$1.26

$59.74

25.16%

$64.90

15.22%

 

 

Sour

Apr-26

$72.18

$73.59

-1.95%

-$1.41

$62.38

15.70%

$67.38

7.12%

 

 

ESPO

Apr-26

$80.88

$80.76

0.15%

$0.12

$65.33

23.81%

$65.90

22.73%

 

 

 

 

Refined Products

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

3/4/26

3/3/26

% Change

Change

2/3/26

% Change

3/4/25

% Change

 

 

NY Heating Oil

Apr-26

$3.31

$3.17

4.26%

$0.13

$2.34

41.14%

$2.16

53.24%

 

 

NY Gasoline

Apr-26

$2.52

$2.45

2.82%

$0.07

$2.14

17.39%

$2.04

23.61%

 

 

GC Gasoline

Apr-26

$2.38

$2.31

2.99%

$0.07

$2.01

18.60%

$1.94

22.77%

 

 

GC Jet

Apr-26

$3.07

$2.94

4.14%

$0.12

$2.19

39.73%

$2.03

51.16%

 

 

Chicago Ethanol

Apr-26

$1.80

$1.80

0.00%

$0.00

$1.65

9.09%

$1.45

24.31%

 

 

Rotterdam Gasoil

Apr-26

$752.75

$749.34

0.46%

$3.41

$629.99

19.49%

$632.38

19.04%

 

 

Singapore Jet Kero

Apr-26

$150.46

$114.87

30.98%

$35.59

$83.97

79.19%

$83.59

80.00%

 

 

 

 

Implied Volatilities

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

3/4/26

3/3/26

% Change

Change

2/3/26

% Change

3/4/25

% Change

 

 

Henry Hub Straddle

Apr-26

65.75%

54.13%

21.47%

11.62%

67.67%

-2.84%

37.31%

76.23%

 

 

Algonquin Straddle

Apr-26

111.75%

128.88%

-13.29%

-17.13%

62.17%

79.75%

36.55%

205.75%

 

 

Waha Straddle

Apr-26

820.02%

1020.42%

-19.64%

-200.40%

1545.83%

-46.95%

893.33%

-8.21%

 

 

Chicago Straddle

Apr-26

69.33%

61.48%

12.77%

7.85%

70.34%

-1.44%

38.94%

78.04%

 

 

PJM West Straddle

Apr-26

42.49%

41.14%

3.28%

1.35%

48.64%

-12.64%

50.56%

-15.96%

 

 

SP – 15 Straddle

Apr-26

342.66%

316.88%

8.14%

25.78%

259.86%

31.86%

67.51%

407.57%

 

 

Mid. C Straddle

Apr-26

34.54%

31.29%

10.39%

3.25%

22.37%

54.40%

30.88%

11.85%

 

 

 

 

Euro Gas and Power/LNG

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

3/4/26

3/3/26

% Change

Change

2/3/26

% Change

3/4/25

% Change

 

 

Dutch TTF

Apr-26

EUR 49.76

EUR 53.60

-7.17%

-EUR 3.85

EUR 30.82

61.47%

EUR 34.57

43.92%

 

 

NBP

Apr-26

GBP 128.46

GBP 138.42

-7.20%

-GBP 9.96

GBP 73.77

74.15%

GBP 87.72

46.44%

 

 

German Base

Apr-26

EUR 93.30

EUR 99.98

-6.68%

-EUR 6.68

EUR 77.96

19.68%

EUR 72.58

28.55%

 

 

UK Base

Apr-26

GBP 101.72

GBP 106.95

-4.89%

-GBP 5.23

GBP 72.64

40.04%

GBP 69.19

47.02%

 

 

French Base

Apr-26

EUR 40.11

EUR 41.39

-3.07%

-EUR 1.27

EUR 36.47

9.98%

EUR 45.10

-11.05%

 

 

Italian Base

Apr-26

EUR 120.71

EUR 133.24

-9.41%

-EUR 12.53

EUR 99.99

20.72%

EUR 95.49

26.41%

 

 

JKM LNG

Apr-26

$16.16

$18.73

-13.72%

-$2.57

$10.25

57.59%

$11.05

46.17%

 

 

 

 

Freight Forwards (WET & DRY)

 

OTCGH/EOXLive Market Data

 

 

 

Contract

3/4/26

3/3/26

% Change

Change

2/3/26

% Change

3/4/25

% Change

 

 

TD3C FFA Middle East to China (WET)

Apr-26

$49.76

$53.60

-7.17%

-$3.85

$30.82

61.47%

$34.57

43.92%

 

 

USGC-UK Continent Dirty (WET)

Apr-26

$128.46

$138.42

-7.20%

-$9.96

$73.77

74.15%

$87.72

46.44%

 

 

TD20 West Africa to UK Continent (WET)

Apr-26

$93.30

$99.98

-6.68%

-$6.68

$77.96

19.68%

$72.58

28.55%

 

 

LPG FFA Middle East Gulf to East (WET)

Apr-26

$101.72

$106.95

-4.89%

-$5.23

$72.64

40.04%

$69.19

47.02%

 

 

TC5 FFA Arabian Gulf to Japan (WET)

Apr-26

$40.11

$41.39

-3.07%

-$1.27

$36.47

9.98%

$45.10

-11.05%

 

 

Supramax Timecharter (DRY)

Apr-26

$120.71

$133.24

-9.41%

-$12.53

$99.99

20.72%

$95.49

26.41%

 

 

Capesize Timecharter (DRY)

Apr-26

$16.16

$18.73

-13.72%

-$2.57

$10.25

57.59%

$11.05

46.17%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

 

 

 

 

 

 

 

 

 

 

 

 

Cooling Degree Days

 

 

 

 

 

 

02/28/2026

Week Tot

Dev Norm

Dev L YR

Cum Tot

CumD Norm

CumD L YR

CumD Norm

CumD L YR

 

 

New England

0

0

0

0

0

0

NA

NA

 

 

Middle Atlantic

0

0

0

0

0

0

NA

NA

 

 

E N Central

0

0

0

0

0

0

NA

NA

 

 

W N Central

0

0

0

0

0

0

NA

NA

 

 

South Atlantic

5

-4

-1

41

-23

-8

NA

NA

 

 

E S Central

0

-3

0

3

-9

2

NA

NA

 

 

W S Central

12

7

9

52

23

22

NA

NA

 

 

Mountain

4

3

3

5

1

2

NA

NA

 

 

Pacific

2

1

2

2

-1

2

NA

NA

 

 

United States

3

0

1

14

-3

2

NA

NA

 

 

 

 

Heating Degree Days

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

02/28/2026

Week Tot

Dev Norm

Dev L YR

Cum Tot

CumD Norm

CumD L YR

CumD Norm

CumD L YR

 

 

New England

260

12

49

4,912

144

339

3.00%

7.00%

 

 

Middle Atlantic

228

-1

41

4,445

113

388

3.00%

10.00%

 

 

E N Central

242

0

39

4,747

-88

260

-2.00%

6.00%

 

 

W N Central

241

-2

58

4,558

-605

-227

-12.00%

-5.00%

 

 

South Atlantic

122

9

22

2,269

36

150

2.00%

7.00%

 

 

E S Central

145

8

13

2,690

-163

83

-6.00%

3.00%

 

 

W S Central

66

-20

-18

1,491

-421

-197

-22.00%

-12.00%

 

 

Mountain

119

-49

-12

2,974

-861

-529

-22.00%

-15.00%

 

 

Pacific

63

-40

1

1,749

-507

-355

-22.00%

-17.00%

 

 

United States

157

-9

21

3,171

-217

20

-6.00%

1.00%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

Weather Forecast & Seasonal Outlook

 

 

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