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

Mar 11, 2026

  

 

 

 

 

 

 

 

 

 

Prices as of 8:07 AM CST

 

 

 

 

 

 

 

Current Price

Previous Settle

% Change

Change

Volume

 

 

Natural Gas

$3.109

$3.020

2.95%

$0.089

24,969

 

 

WTI

$87.17

$83.45

4.46%

$3.72

226,711

 

 

Brent

$91.60

$87.80

4.33%

$3.80

42,653

 

 

ULSD

$3.630

$3.347

8.47%

$0.283

13,627

 

 

RBOB

$2.775

$2.640

5.11%

$0.135

9,912

 

 

 

 

Spreads

 

 

 

 

 

 

 

Current

Previous

% Change

Change

Contract

 

 

WTI-Brent

$5.58

$5.70

-2.11%

-$0.12

May-26

 

 

3:2:1 Crack

$37.98

$34.74

9.32%

$3.24

Apr-26

 

 

PJM West Spark

$51.53

$51.85

-0.62%

-$0.32

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

3/10/26

3/9/26

% Change

Change

2/9/26

% Change

3/10/25

% Change

 

 

PJM West On Peak

Apr-26

$58.19

$58.31

-0.21%

-$0.12

$53.52

8.71%

$52.73

10.36%

 

 

ERCOT North On Peak

Apr-26

$30.10

$29.86

0.81%

$0.24

$28.78

4.58%

$43.08

-30.13%

 

 

CAISO SP 15 On Peak

Apr-26

$9.99

$9.50

5.14%

$0.49

$13.47

-25.84%

$11.25

-11.20%

 

 

MISO Indiana On Peak

Apr-26

$42.16

$44.31

-4.85%

-$2.15

$49.60

-15.01%

$50.41

-16.37%

 

 

NEISO Mass On Peak

Apr-26

$43.94

$46.81

-6.12%

-$2.86

$44.56

-1.38%

$55.32

-20.57%

 

 

WECC Mid C On Peak

Apr-26

$27.75

$29.00

-4.31%

-$1.25

$39.00

-28.85%

$42.90

-35.31%

 

 

NYISO Zone G On Peak

Apr-26

$44.99

$48.11

-6.49%

-$3.12

$44.51

1.07%

$51.89

-13.31%

 

 

 

 

 

Natural Gas & Basis

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

3/10/26

3/9/26

% Change

Change

2/9/26

% Change

3/10/25

% Change

 

 

NYMEX Henry Hub

Apr-26

$3.020

$3.120

-3.21%

-$0.10

$3.05

-0.92%

$3.99

-24.39%

 

 

Houston Ship Channel

Apr-26

-$0.400

-$0.395

1.27%

$0.00

-$0.46

-12.22%

-$0.48

-16.68%

 

 

Chicago

Apr-26

-$0.333

-$0.340

2.26%

$0.01

-$0.22

47.84%

-$0.26

26.38%

 

 

Waha

Apr-26

-$5.100

-$5.075

-0.49%

-$0.03

-$3.76

35.68%

-$3.74

36.44%

 

 

Algonquin

Apr-26

-$0.142

-$0.160

10.94%

$0.02

$0.13

-212.56%

$0.46

-130.76%

 

 

Aeco

Apr-26

-$1.715

-$1.690

1.48%

-$0.02

-$1.89

-9.38%

-$1.92

-10.77%

 

 

Socal

Apr-26

-$1.730

-$1.625

6.46%

-$0.11

-$1.33

29.80%

-$0.75

131.50%

 

 

 

 

 

Natural Gas Liquids

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

3/10/26

3/9/26

% Change

Change

2/9/26

% Change

3/10/25

% Change

 

 

Mt. Belvieu Propane LST

Apr-26

$0.728

$0.773

-5.84%

-$0.05

$0.65

11.92%

$0.72

0.85%

 

 

Mt. Belvieu Propane non LST

Apr-26

$0.695

$0.700

-0.71%

-$0.01

$0.65

7.75%

$0.73

-4.34%

 

 

Mt. Belview Ethane

Apr-26

$0.240

$0.246

-2.54%

-$0.01

$0.23

3.23%

$0.29

-16.40%

 

 

Mt. Belview Nat. Gasoline

Apr-26

$1.715

$1.820

-5.77%

-$0.11

$1.31

31.42%

$1.26

35.81%

 

 

Mt. Belvieu Butane LST

Apr-26

$1.092

$1.044

4.57%

$0.05

$0.78

40.66%

$0.82

32.68%

 

 

Far East Propane

Apr-26

$6.620

$7.190

-7.93%

-$0.57

$5.28

25.46%

$5.13

28.94%

 

 

Saudi Propane

Apr-26

$5.670

$5.870

-3.41%

-$0.20

$5.22

8.62%

$4.99

13.53%

 

 

 

 

Crude Oil

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

3/10/26

3/9/26

% Change

Change

2/9/26

% Change

3/10/25

% Change

 

 

WTI

Apr-26

$83.45

$94.77

-13.57%

-$11.32

$64.20

29.98%

$62.40

33.73%

 

 

Brent

Apr-26

$89.10

$101.49

-13.91%

-$12.40

$69.04

29.05%

$66.07

34.85%

 

 

WCS

Apr-26

-$12.03

-$12.32

-2.42%

$0.29

-$14.85

-18.97%

-$13.90

-13.40%

 

 

LLS

Apr-26

$95.21

$87.15

8.46%

$8.06

$63.90

49.00%

$65.54

45.27%

 

 

Mars

Apr-26

$96.67

$93.80

2.98%

$2.88

$62.47

54.76%

$63.49

52.26%

 

 

Sour

Apr-26

$88.11

$83.25

5.52%

$4.87

$62.82

40.26%

$62.76

40.41%

 

 

ESPO

Apr-26

$87.10

$99.49

-14.23%

-$12.40

$67.04

29.92%

$64.07

35.94%

 

 

 

 

Refined Products

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

3/10/26

3/9/26

% Change

Change

2/9/26

% Change

3/10/25

% Change

 

 

NY Heating Oil

Apr-26

$3.40

$3.39

0.21%

$0.01

$2.36

44.25%

$2.11

61.29%

 

 

NY Gasoline

Apr-26

$2.70

$2.63

2.74%

$0.07

$2.18

23.87%

$2.02

34.13%

 

 

GC Gasoline

Apr-26

$2.56

$2.49

2.89%

$0.07

$2.04

25.50%

$1.92

33.82%

 

 

GC Jet

Apr-26

$3.40

$3.71

-8.41%

-$0.31

$2.11

60.81%

$1.98

72.05%

 

 

Chicago Ethanol

Apr-26

$1.80

$1.86

-2.96%

-$0.06

$1.67

7.89%

$1.65

9.20%

 

 

Rotterdam Gasoil

Apr-26

$820.00

$876.50

-6.45%

-$56.50

$633.74

29.39%

$623.22

31.58%

 

 

Singapore Jet Kero

Apr-26

$126.50

$150.50

-15.95%

-$24.00

$84.52

49.68%

$82.22

53.85%

 

 

 

 

Implied Volatilities

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

3/10/26

3/9/26

% Change

Change

2/9/26

% Change

3/10/25

% Change

 

 

Henry Hub Straddle

Apr-26

80.86%

81.07%

-0.26%

-0.21%

78.52%

2.98%

39.60%

104.19%

 

 

Algonquin Straddle

Apr-26

134.25%

129.85%

3.39%

4.40%

71.76%

87.08%

37.78%

255.35%

 

 

Waha Straddle

Apr-26

936.96%

988.83%

-5.25%

-51.87%

1645.23%

-43.05%

1119.12%

-16.28%

 

 

Chicago Straddle

Apr-26

83.44%

83.88%

-0.52%

-0.44%

80.64%

3.47%

41.41%

101.50%

 

 

PJM West Straddle

Apr-26

49.99%

51.62%

-3.16%

-1.63%

48.16%

3.80%

54.73%

-8.66%

 

 

SP – 15 Straddle

Apr-26

320.94%

396.03%

-18.96%

-75.09%

603.92%

-46.86%

227.48%

41.08%

 

 

Mid. C Straddle

Apr-26

31.53%

22.46%

40.38%

9.07%

31.70%

-0.54%

28.06%

12.37%

 

 

 

 

Euro Gas and Power/LNG

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

3/10/26

3/9/26

% Change

Change

2/9/26

% Change

3/10/25

% Change

 

 

Dutch TTF

Apr-26

EUR 45.45

EUR 55.90

-18.69%

-EUR 10.44

EUR 31.76

43.08%

EUR 34.31

32.49%

 

 

NBP

Apr-26

GBP 115.81

GBP 142.13

-18.52%

-GBP 26.32

GBP 76.89

50.62%

GBP 88.29

31.16%

 

 

German Base

Apr-26

EUR 88.65

EUR 97.32

-8.91%

-EUR 8.67

EUR 79.66

11.29%

EUR 73.34

20.87%

 

 

UK Base

Apr-26

GBP 96.29

GBP 107.56

-10.48%

-GBP 11.27

GBP 74.89

28.58%

GBP 74.46

29.32%

 

 

French Base

Apr-26

EUR 45.18

EUR 47.89

-5.67%

-EUR 2.71

EUR 38.83

16.35%

EUR 46.07

-1.93%

 

 

Italian Base

Apr-26

EUR 116.85

EUR 133.83

-12.69%

-EUR 16.98

EUR 98.86

18.20%

EUR 94.51

23.63%

 

 

JKM LNG

Apr-26

$13.02

$20.53

-36.59%

-$7.51

$10.60

22.80%

$11.01

18.24%

 

 

 

 

Freight Forwards (WET & DRY)

 

OTCGH/EOXLive Market Data

 

 

 

Contract

3/10/26

3/9/26

% Change

Change

2/9/26

% Change

3/10/25

% Change

 

 

TD3C FFA Middle East to China (WET)

Apr-26

$45.45

$55.90

-18.69%

-$10.44

$31.76

43.08%

$34.31

32.49%

 

 

USGC-UK Continent Dirty (WET)

Apr-26

$115.81

$142.13

-18.52%

-$26.32

$76.89

50.62%

$88.29

31.16%

 

 

TD20 West Africa to UK Continent (WET)

Apr-26

$88.65

$97.32

-8.91%

-$8.67

$79.66

11.29%

$73.34

20.87%

 

 

LPG FFA Middle East Gulf to East (WET)

Apr-26

$96.29

$107.56

-10.48%

-$11.27

$74.89

28.58%

$74.46

29.32%

 

 

TC5 FFA Arabian Gulf to Japan (WET)

Apr-26

$45.18

$47.89

-5.67%

-$2.71

$38.83

16.35%

$46.07

-1.93%

 

 

Supramax Timecharter (DRY)

Apr-26

$116.85

$133.83

-12.69%

-$16.98

$98.86

18.20%

$94.51

23.63%

 

 

Capesize Timecharter (DRY)

Apr-26

$13.02

$20.53

-36.59%

-$7.51

$10.60

22.80%

$11.01

18.24%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

 

 

 

 

 

 

 

 

 

 

 

 

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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