Morning Report: Gas * Power * NGL * Crude * Products * Vols — Mar-09-2026

Mar 9, 2026

  

 

 

 

 

 

 

 

 

 

Prices as of 7:56 AM CST

 

 

 

 

 

 

 

Current Price

Previous Settle

% Change

Change

Volume

 

 

Natural Gas

$3.324

$3.186

4.33%

$0.138

78,100

 

 

WTI

$100.99

$90.90

11.10%

$10.09

538,088

 

 

Brent

$102.77

$92.69

10.87%

$10.08

109,355

 

 

ULSD

$3.953

$3.622

9.12%

$0.330

26,227

 

 

RBOB

$2.966

$2.747

7.98%

$0.219

39,625

 

 

 

 

Spreads

 

 

 

 

 

 

 

Current

Previous

% Change

Change

Contract

 

 

WTI-Brent

$5.94

$5.17

14.89%

$0.77

May-26

 

 

3:2:1 Crack

$34.09

$34.29

-0.57%

-$0.19

Apr-26

 

 

PJM West Spark

$54.56

$49.54

10.13%

$5.02

Apr-26

 

 

 

 

Baker Hughes Rig Count

 

 

 

 

 

 

 

Date

Count

Change

1 Year Chg.

1 Year Date

 

 

U.S.

03/06/26

551

1

-41

03/07/25

 

 

Canada

03/06/26

205

-9

-29

03/07/25

 

 

International

Feb-2026

1112

33

15

Feb-2025

 

 

 

 

CFTC Net Positions

 

 

 

 

 

 

As of 3/3/2026

Open Interest

Total Net Long

Total Net Short

Diff

 

 

PJM West On Peak

130,168

129,530

129,674

-144

 

 

PJM West Off Peak

123,322

122,858

122,813

45

 

 

Natural Gas Henry Hub

374,520

358,216

353,185

5,031

 

 

WTI – Light Sweet Crude Futures

188,874

157,281

157,035

246

 

 

Brent Crude Last Day

356,030

347,365

348,768

-1,403

 

 

NYM Ethanol

50,596

49,710

49,776

-66

 

 

Mt Belvieu LDH Propane Swap

137,467

136,624

136,855

-231

 

 

RBOB

415,333

389,730

402,788

-13,058

 

 

HSC Basis

870,511

858,755

865,370

-6,615

 

 

 

 

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

 

 

 

 

03/05/21

 

 

 

2/27/26

2/20/26

Net Change

% Change

2/28/25

% Change

5 Year Avg.

% Change

 

 

East

322

364

-42

-11.54%

340

-5.29%

369

-12.74%

 

 

Midwest

397

441

-44

-9.98%

396

0.25%

458

-13.32%

 

 

Mountain

198

201

-3

-1.49%

166

19.28%

127

56.40%

 

 

Pacific

257

259

-2

-0.77%

199

29.15%

173

48.38%

 

 

South

712

753

-41

-5.44%

658

8.21%

760

-6.29%

 

 

    Salt

169

179

-10

-5.59%

150

12.67%

205

-17.40%

 

 

    Non_Salt

544

573

-29

-5.06%

509

6.88%

555

-2.05%

 

 

Total

1,886

2,018

-132

-6.54%

1,760

7.16%

1,887

-0.06%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Power Generation Additions/Retirements

 

 

  

 

Front Month Prices

 

 

 

 

 

 

 

 

 

 

 

 

 

Electricity

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

3/6/26

3/5/26

% Change

Change

2/5/26

% Change

3/6/25

% Change

 

 

PJM West On Peak

Apr-26

$61.66

$56.36

9.40%

$5.30

$58.18

5.97%

$50.68

21.66%

 

 

ERCOT North On Peak

Apr-26

$34.12

$31.50

8.32%

$2.62

$33.23

2.68%

$41.72

-18.21%

 

 

CAISO SP 15 On Peak

Apr-26

$10.13

$8.30

22.05%

$1.83

$10.50

-3.52%

$9.98

1.53%

 

 

MISO Indiana On Peak

Apr-26

$47.39

$43.96

7.81%

$3.43

$43.85

8.06%

$48.46

-2.21%

 

 

NEISO Mass On Peak

Apr-26

$47.64

$44.87

6.17%

$2.77

$48.94

-2.65%

$52.10

-8.55%

 

 

WECC Mid C On Peak

Apr-26

$32.30

$32.25

0.15%

$0.05

$33.51

-3.62%

$41.65

-22.44%

 

 

NYISO Zone G On Peak

Apr-26

$50.68

$46.50

8.98%

$4.18

$48.89

3.66%

$49.12

3.17%

 

 

 

 

 

Natural Gas & Basis

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

3/6/26

3/5/26

% Change

Change

2/5/26

% Change

3/6/25

% Change

 

 

NYMEX Henry Hub

Apr-26

$3.186

$3.003

6.09%

$0.18

$3.33

-4.35%

$3.79

-15.89%

 

 

Houston Ship Channel

Apr-26

-$0.416

-$0.395

5.39%

-$0.02

-$0.49

-15.42%

-$0.45

-8.06%

 

 

Chicago

Apr-26

-$0.340

-$0.298

-12.50%

-$0.04

-$0.22

57.92%

-$0.24

40.21%

 

 

Waha

Apr-26

-$4.825

-$4.585

-5.23%

-$0.24

-$3.80

27.04%

-$3.72

29.60%

 

 

Algonquin

Apr-26

-$0.110

-$0.065

-69.23%

-$0.05

$0.17

-165.71%

$0.53

-120.76%

 

 

Aeco

Apr-26

-$1.790

-$1.683

6.39%

-$0.11

-$1.96

-8.50%

-$1.69

5.87%

 

 

Socal

Apr-26

-$1.800

-$1.615

11.46%

-$0.18

-$1.47

22.67%

-$0.73

145.73%

 

 

 

 

 

Natural Gas Liquids

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

3/6/26

3/5/26

% Change

Change

2/5/26

% Change

3/6/25

% Change

 

 

Mt. Belvieu Propane LST

Apr-26

$0.781

$0.738

5.93%

$0.04

$0.65

20.42%

$0.71

9.27%

 

 

Mt. Belvieu Propane non LST

Apr-26

$0.751

$0.719

4.52%

$0.03

$0.64

16.89%

$0.71

5.60%

 

 

Mt. Belview Ethane

Apr-26

$0.246

$0.239

3.14%

$0.01

$0.25

-1.99%

$0.27

-8.28%

 

 

Mt. Belview Nat. Gasoline

Apr-26

$1.720

$1.565

9.90%

$0.16

$1.29

33.80%

$1.28

34.90%

 

 

Mt. Belvieu Butane LST

Apr-26

$1.088

$0.912

19.32%

$0.18

$0.76

42.91%

$0.81

34.99%

 

 

Far East Propane

Apr-26

$6.850

$6.570

4.26%

$0.28

$5.18

32.24%

$5.10

34.26%

 

 

Saudi Propane

Apr-26

$5.775

$5.750

0.43%

$0.03

$5.17

11.70%

$5.00

15.40%

 

 

 

 

Crude Oil

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

3/6/26

3/5/26

% Change

Change

2/5/26

% Change

3/6/25

% Change

 

 

WTI

Apr-26

$90.90

$81.01

10.88%

$9.89

$63.01

44.26%

$62.80

44.75%

 

 

Brent

Apr-26

$95.21

$87.36

8.25%

$7.86

$67.55

40.95%

$66.43

43.33%

 

 

WCS

Apr-26

-$13.44

-$12.47

7.15%

-$0.96

-$14.50

-7.34%

-$14.52

-7.50%

 

 

LLS

Apr-26

$83.84

$77.03

8.12%

$6.81

$64.06

30.89%

$65.11

28.77%

 

 

Mars

Apr-26

$81.96

$77.39

5.58%

$4.57

$61.27

33.76%

$63.08

29.94%

 

 

Sour

Apr-26

$81.32

$74.90

7.90%

$6.43

$63.19

28.69%

$62.57

29.97%

 

 

ESPO

Apr-26

$93.21

$85.36

8.43%

$7.86

$65.55

42.20%

$64.43

44.67%

 

 

 

 

Refined Products

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

3/6/26

3/5/26

% Change

Change

2/5/26

% Change

3/6/25

% Change

 

 

NY Heating Oil

Apr-26

$3.61

$3.63

-0.36%

-$0.01

$2.33

54.89%

$2.13

69.90%

 

 

NY Gasoline

Apr-26

$2.75

$2.63

4.33%

$0.11

$2.13

28.71%

$2.00

37.40%

 

 

GC Gasoline

Apr-26

$2.61

$2.49

4.57%

$0.11

$2.00

30.73%

$1.90

37.26%

 

 

GC Jet

Apr-26

$3.64

$2.90

25.65%

$0.74

$2.16

68.21%

$1.99

82.73%

 

 

Chicago Ethanol

Apr-26

$1.91

$1.87

2.57%

$0.05

$1.65

15.94%

$1.55

23.10%

 

 

Rotterdam Gasoil

Apr-26

$839.00

$794.00

5.67%

$45.00

$645.00

30.08%

$622.56

34.77%

 

 

Singapore Jet Kero

Apr-26

$165.20

$147.73

11.82%

$17.47

$85.08

94.16%

$82.09

101.24%

 

 

 

 

Implied Volatilities

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

3/6/26

3/5/26

% Change

Change

2/5/26

% Change

3/6/25

% Change

 

 

Henry Hub Straddle

Apr-26

63.55%

57.53%

10.46%

6.02%

68.01%

-6.56%

41.33%

53.76%

 

 

Algonquin Straddle

Apr-26

113.67%

112.46%

1.08%

1.21%

63.34%

79.46%

40.44%

181.08%

 

 

Waha Straddle

Apr-26

850.92%

1221.63%

-30.35%

-370.71%

1716.59%

-50.43%

1055.72%

-19.40%

 

 

Chicago Straddle

Apr-26

66.53%

61.66%

7.90%

4.87%

70.91%

-6.18%

42.67%

55.92%

 

 

PJM West Straddle

Apr-26

51.60%

41.68%

23.80%

9.92%

48.89%

5.54%

54.05%

-4.53%

 

 

SP – 15 Straddle

Apr-26

385.04%

335.21%

14.87%

49.83%

545.93%

-29.47%

220.97%

74.25%

 

 

Mid. C Straddle

Apr-26

23.28%

24.28%

-4.12%

-1.00%

24.00%

-3.00%

27.65%

-15.80%

 

 

 

 

Euro Gas and Power/LNG

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

3/6/26

3/5/26

% Change

Change

2/5/26

% Change

3/6/25

% Change

 

 

Dutch TTF

Apr-26

EUR 52.80

EUR 50.37

4.83%

EUR 2.43

EUR 31.69

66.59%

EUR 32.12

64.40%

 

 

NBP

Apr-26

GBP 135.40

GBP 130.00

4.15%

GBP 5.40

GBP 77.07

75.68%

GBP 82.31

64.51%

 

 

German Base

Apr-26

EUR 94.15

EUR 94.00

0.16%

EUR 0.15

EUR 78.68

19.66%

EUR 69.79

34.90%

 

 

UK Base

Apr-26

GBP 107.51

GBP 105.53

1.88%

GBP 1.98

GBP 76.64

40.28%

GBP 65.70

63.65%

 

 

French Base

Apr-26

EUR 48.31

EUR 43.38

11.39%

EUR 4.94

EUR 40.95

17.99%

EUR 40.49

19.33%

 

 

Italian Base

Apr-26

EUR 127.96

EUR 122.23

4.69%

EUR 5.73

EUR 97.67

31.01%

EUR 90.87

40.82%

 

 

JKM LNG

Apr-26

$17.30

$18.58

-6.93%

-$1.29

$10.65

62.40%

$10.74

61.09%

 

 

 

 

Freight Forwards (WET & DRY)

 

OTCGH/EOXLive Market Data

 

 

 

Contract

3/6/26

3/5/26

% Change

Change

2/5/26

% Change

3/6/25

% Change

 

 

TD3C FFA Middle East to China (WET)

Apr-26

$52.80

$50.37

4.83%

$2.43

$31.69

66.59%

$32.12

64.40%

 

 

USGC-UK Continent Dirty (WET)

Apr-26

$135.40

$130.00

4.15%

$5.40

$77.07

75.68%

$82.31

64.51%

 

 

TD20 West Africa to UK Continent (WET)

Apr-26

$94.15

$94.00

0.16%

$0.15

$78.68

19.66%

$69.79

34.90%

 

 

LPG FFA Middle East Gulf to East (WET)

Apr-26

$107.51

$105.53

1.88%

$1.98

$76.64

40.28%

$65.70

63.65%

 

 

TC5 FFA Arabian Gulf to Japan (WET)

Apr-26

$48.31

$43.38

11.39%

$4.94

$40.95

17.99%

$40.49

19.33%

 

 

Supramax Timecharter (DRY)

Apr-26

$127.96

$122.23

4.69%

$5.73

$97.67

31.01%

$90.87

40.82%

 

 

Capesize Timecharter (DRY)

Apr-26

$17.30

$18.58

-6.93%

-$1.29

$10.65

62.40%

$10.74

61.09%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

 

 

 

 

 

 

 

 

 

 

 

 

Cooling Degree Days

 

 

 

 

 

 

03/07/2026

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

-1

0

0

-1

0

NA

NA

 

 

W N Central

0

-1

0

0

-1

0

NA

NA

 

 

South Atlantic

19

9

12

60

-14

4

NA

NA

 

 

E S Central

11

8

11

14

-1

13

NA

NA

 

 

W S Central

36

27

28

88

49

50

NA

NA

 

 

Mountain

3

2

3

8

3

5

NA

NA

 

 

Pacific

0

-1

0

2

-2

2

NA

NA

 

 

United States

8

5

6

23

3

8

NA

NA

 

 

 

 

Heating Degree Days

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

03/07/2026

Week Tot

Dev Norm

Dev L YR

Cum Tot

CumD Norm

CumD L YR

CumD Norm

CumD L YR

 

 

New England

250

17

22

5,161

160

361

3.00%

8.00%

 

 

Middle Atlantic

204

-10

6

4,648

102

394

2.00%

9.00%

 

 

E N Central

171

-55

-49

4,918

-143

211

-3.00%

4.00%

 

 

W N Central

182

-44

-30

4,740

-649

-257

-12.00%

-5.00%

 

 

South Atlantic

59

-44

-45

2,328

-8

104

0.00%

5.00%

 

 

E S Central

38

-86

-92

2,729

-248

-10

-8.00%

0.00%

 

 

W S Central

14

-62

-39

1,505

-483

-236

-24.00%

-14.00%

 

 

Mountain

125

-34

-31

3,099

-895

-561

-22.00%

-15.00%

 

 

Pacific

79

-22

-45

1,828

-529

-400

-22.00%

-18.00%

 

 

United States

117

-39

-35

3,287

-257

-16

-7.00%

0.00%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

Weather Forecast & Seasonal Outlook

 

 

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