Morning Report: Gas * Power * NGL * Crude * Products * Vols — Mar-16-2026

Mar 16, 2026

  

 

 

 

 

 

 

 

 

 

Prices as of 8:08 AM CST

 

 

 

 

 

 

 

Current Price

Previous Settle

% Change

Change

Volume

 

 

Natural Gas

$3.094

$3.131

-1.18%

-$0.037

27,360

 

 

WTI

$95.82

$98.71

-2.93%

-$2.89

185,224

 

 

Brent

$102.58

$103.14

-0.54%

-$0.56

28,384

 

 

ULSD

$3.989

$4.015

-0.65%

-$0.026

6,739

 

 

RBOB

$3.034

$3.041

-0.23%

-$0.007

7,434

 

 

 

 

Spreads

 

 

 

 

 

 

 

Current

Previous

% Change

Change

Contract

 

 

WTI-Brent

$7.97

$6.30

26.51%

$1.67

May-26

 

 

3:2:1 Crack

$41.40

$39.10

5.88%

$2.30

Apr-26

 

 

PJM West Spark

$60.94

$55.47

9.86%

$5.47

Apr-26

 

 

 

 

Baker Hughes Rig Count

 

 

 

 

 

 

 

Date

Count

Change

1 Year Chg.

1 Year Date

 

 

U.S.

03/13/26

553

2

-39

03/14/25

 

 

Canada

03/13/26

197

-8

-2

03/14/25

 

 

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

 

 

 

 

03/12/21

 

 

 

3/6/26

2/27/26

Net Change

% Change

3/7/25

% Change

5 Year Avg.

% Change

 

 

East

294

322

-28

-8.70%

307

-4.23%

346

-14.93%

 

 

Midwest

375

397

-22

-5.54%

370

1.35%

437

-14.15%

 

 

Mountain

200

198

2

1.01%

165

21.21%

124

61.29%

 

 

Pacific

259

257

2

0.78%

196

32.14%

167

55.09%

 

 

South

721

712

9

1.26%

660

9.24%

770

-6.39%

 

 

    Salt

177

169

8

4.73%

161

9.94%

215

-17.83%

 

 

    Non_Salt

544

544

0

0.00%

499

9.02%

555

-1.98%

 

 

Total

1,848

1,886

-38

-2.01%

1,698

8.83%

1,843

0.25%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Power Generation Additions/Retirements

 

 

  

 

Front Month Prices

 

 

 

 

 

 

 

 

 

 

 

 

 

Electricity

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

3/13/26

3/12/26

% Change

Change

2/12/26

% Change

3/13/25

% Change

 

 

PJM West On Peak

Apr-26

$67.58

$62.17

8.72%

$5.42

$54.90

23.11%

$51.14

32.16%

 

 

ERCOT North On Peak

Apr-26

$31.86

$32.18

-0.98%

-$0.31

$34.08

-6.51%

$42.51

-25.05%

 

 

CAISO SP 15 On Peak

Apr-26

$12.87

$10.91

17.93%

$1.96

$11.62

10.76%

$10.11

27.21%

 

 

MISO Indiana On Peak

Apr-26

$50.69

$46.68

8.58%

$4.01

$43.94

15.36%

$48.85

3.75%

 

 

NEISO Mass On Peak

Apr-26

$45.14

$45.38

-0.54%

-$0.24

$47.25

-4.47%

$51.77

-12.82%

 

 

WECC Mid C On Peak

Apr-26

$32.47

$28.86

12.51%

$3.61

$37.97

-14.46%

$46.61

-30.33%

 

 

NYISO Zone G On Peak

Apr-26

$46.24

$47.27

-2.17%

-$1.03

$46.40

-0.34%

$49.68

-6.92%

 

 

 

 

 

Natural Gas & Basis

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

3/13/26

3/12/26

% Change

Change

2/12/26

% Change

3/13/25

% Change

 

 

NYMEX Henry Hub

Apr-26

$3.131

$3.233

-3.15%

-$0.10

$3.09

1.49%

$3.99

-21.61%

 

 

Houston Ship Channel

Apr-26

-$0.463

-$0.452

2.21%

-$0.01

-$0.48

-3.40%

-$0.44

5.26%

 

 

Chicago

Apr-26

-$0.350

-$0.356

1.80%

$0.01

-$0.24

47.31%

-$0.27

28.77%

 

 

Waha

Apr-26

-$5.125

-$5.110

-0.29%

-$0.01

-$3.85

33.29%

-$3.67

39.62%

 

 

Algonquin

Apr-26

-$0.300

-$0.252

-18.81%

-$0.05

$0.06

-578.47%

$0.40

-175.41%

 

 

Aeco

Apr-26

-$1.810

-$1.875

-3.47%

$0.07

-$1.87

-3.06%

-$1.82

-0.55%

 

 

Socal

Apr-26

-$1.870

-$1.895

-1.32%

$0.02

-$1.57

19.26%

-$0.70

166.88%

 

 

 

 

 

Natural Gas Liquids

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

3/13/26

3/12/26

% Change

Change

2/12/26

% Change

3/13/25

% Change

 

 

Mt. Belvieu Propane LST

Apr-26

$0.784

$0.780

0.48%

$0.00

$0.63

24.40%

$0.72

8.40%

 

 

Mt. Belvieu Propane non LST

Apr-26

$0.744

$0.750

-0.83%

-$0.01

$0.63

17.82%

$0.72

3.23%

 

 

Mt. Belview Ethane

Apr-26

$0.244

$0.248

-1.52%

$0.00

$0.23

5.11%

$0.28

-13.54%

 

 

Mt. Belview Nat. Gasoline

Apr-26

$1.990

$1.945

2.31%

$0.04

$1.28

56.03%

$1.28

54.96%

 

 

Mt. Belvieu Butane LST

Apr-26

$1.051

$1.043

0.72%

$0.01

$0.74

41.29%

$0.83

27.03%

 

 

Far East Propane

Apr-26

$7.662

$7.572

1.19%

$0.09

$5.13

49.28%

$5.20

47.33%

 

 

Saudi Propane

Apr-26

$5.870

$5.750

2.09%

$0.12

$5.19

13.10%

$5.04

16.44%

 

 

 

 

Crude Oil

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

3/13/26

3/12/26

% Change

Change

2/12/26

% Change

3/13/25

% Change

 

 

WTI

May-26

$96.84

$94.43

2.49%

$2.41

$62.47

55.02%

$62.88

54.01%

 

 

Brent

May-26

$103.14

$100.46

2.60%

$2.68

$66.91

54.15%

$66.56

54.96%

 

 

WCS

May-26

-$11.77

-$11.85

-0.67%

$0.08

-$14.95

-21.23%

-$12.58

-6.38%

 

 

LLS

May-26

$93.14

$85.69

8.00%

$7.45

$63.92

45.71%

$65.88

41.38%

 

 

Mars

May-26

$92.76

$86.28

6.99%

$6.48

$61.33

51.25%

$63.50

46.08%

 

 

Sour

May-26

$95.81

$86.93

9.26%

$8.88

$62.88

52.37%

$63.47

50.95%

 

 

ESPO

May-26

$101.14

$98.46

2.65%

$2.68

$64.91

55.82%

$64.56

56.66%

 

 

 

 

Refined Products

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

3/13/26

3/12/26

% Change

Change

2/12/26

% Change

3/13/25

% Change

 

 

NY Heating Oil

Apr-26

$4.01

$3.92

2.50%

$0.10

$2.31

73.88%

$2.10

91.01%

 

 

NY Gasoline

Apr-26

$2.96

$2.97

-0.40%

-$0.01

$2.14

38.36%

$2.01

47.61%

 

 

GC Gasoline

Apr-26

$2.82

$2.83

-0.42%

-$0.01

$2.00

41.05%

$1.91

48.01%

 

 

GC Jet

Apr-26

$3.73

$4.03

-7.39%

-$0.30

$2.17

71.71%

$1.97

89.78%

 

 

Chicago Ethanol

Apr-26

$1.89

$1.87

1.17%

$0.02

$1.71

10.62%

$1.69

12.26%

 

 

Rotterdam Gasoil

Apr-26

$937.00

$913.00

2.63%

$24.00

$620.96

50.90%

$630.77

48.55%

 

 

Singapore Jet Kero

Apr-26

$162.00

$163.75

-1.07%

-$1.75

$86.14

88.06%

$82.68

95.93%

 

 

 

 

Implied Volatilities

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

3/13/26

3/12/26

% Change

Change

2/12/26

% Change

3/13/25

% Change

 

 

Henry Hub Straddle

Apr-26

92.49%

86.66%

6.73%

5.83%

60.63%

52.55%

41.31%

123.89%

 

 

Algonquin Straddle

Apr-26

125.48%

133.23%

-5.82%

-7.75%

56.06%

123.83%

39.39%

218.56%

 

 

Waha Straddle

Apr-26

966.87%

761.59%

26.95%

205.28%

1495.72%

-35.36%

1049.23%

-7.85%

 

 

Chicago Straddle

Apr-26

94.35%

88.68%

6.39%

5.67%

62.68%

50.53%

43.05%

119.16%

 

 

PJM West Straddle

Apr-26

62.29%

61.28%

1.65%

1.01%

43.11%

44.49%

54.55%

14.19%

 

 

SP – 15 Straddle

Apr-26

375.68%

360.40%

4.24%

15.28%

311.67%

20.54%

225.20%

66.82%

 

 

Mid. C Straddle

Apr-26

29.18%

17.99%

62.20%

11.19%

35.41%

-17.59%

33.45%

-12.77%

 

 

 

 

Euro Gas and Power/LNG

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

3/13/26

3/12/26

% Change

Change

2/12/26

% Change

3/13/25

% Change

 

 

Dutch TTF

Apr-26

EUR 50.65

EUR 50.45

0.40%

EUR 0.20

EUR 30.70

64.98%

EUR 33.00

53.48%

 

 

NBP

Apr-26

GBP 129.49

GBP 127.99

1.17%

GBP 1.50

GBP 73.75

75.58%

GBP 86.89

49.04%

 

 

German Base

Apr-26

EUR 93.25

EUR 91.00

2.47%

EUR 2.25

EUR 72.87

27.97%

EUR 72.13

29.28%

 

 

UK Base

Apr-26

GBP 95.21

GBP 95.99

-0.81%

-GBP 0.78

GBP 67.23

41.62%

GBP 71.80

32.61%

 

 

French Base

Apr-26

EUR 45.73

EUR 43.06

6.20%

EUR 2.67

EUR 34.02

34.43%

EUR 44.16

3.57%

 

 

Italian Base

Apr-26

EUR 127.31

EUR 124.52

2.24%

EUR 2.79

EUR 89.24

42.66%

EUR 93.89

35.59%

 

 

JKM LNG

Apr-26

$16.13

$16.34

-1.33%

-$0.22

$10.43

54.71%

$11.84

36.27%

 

 

 

 

Freight Forwards (WET & DRY)

 

OTCGH/EOXLive Market Data

 

 

 

Contract

3/13/26

3/12/26

% Change

Change

2/12/26

% Change

3/13/25

% Change

 

 

TD3C FFA Middle East to China (WET)

Apr-26

$50.65

$50.45

0.40%

$0.20

$30.70

64.98%

$33.00

53.48%

 

 

USGC-UK Continent Dirty (WET)

Apr-26

$129.49

$127.99

1.17%

$1.50

$73.75

75.58%

$86.89

49.04%

 

 

TD20 West Africa to UK Continent (WET)

Apr-26

$93.25

$91.00

2.47%

$2.25

$72.87

27.97%

$72.13

29.28%

 

 

LPG FFA Middle East Gulf to East (WET)

Apr-26

$95.21

$95.99

-0.81%

-$0.78

$67.23

41.62%

$71.80

32.61%

 

 

TC5 FFA Arabian Gulf to Japan (WET)

Apr-26

$45.73

$43.06

6.20%

$2.67

$34.02

34.43%

$44.16

3.57%

 

 

Supramax Timecharter (DRY)

Apr-26

$127.31

$124.52

2.24%

$2.79

$89.24

42.66%

$93.89

35.59%

 

 

Capesize Timecharter (DRY)

Apr-26

$16.13

$16.34

-1.33%

-$0.22

$10.43

54.71%

$11.84

36.27%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

 

 

 

 

 

 

 

 

 

 

 

 

Cooling Degree Days

 

 

 

 

 

 

03/14/2026

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

-1

0

NA

NA

 

 

W N Central

0

-1

0

0

-1

0

NA

NA

 

 

South Atlantic

23

13

15

83

-1

19

NA

NA

 

 

E S Central

10

6

8

24

5

21

NA

NA

 

 

W S Central

21

11

7

109

61

57

NA

NA

 

 

Mountain

3

2

3

11

4

8

NA

NA

 

 

Pacific

0

-1

0

2

-2

2

NA

NA

 

 

United States

7

3

4

30

6

12

NA

NA

 

 

 

 

Heating Degree Days

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

03/14/2026

Week Tot

Dev Norm

Dev L YR

Cum Tot

CumD Norm

CumD L YR

CumD Norm

CumD L YR

 

 

New England

154

-64

-29

5,316

97

333

2.00%

7.00%

 

 

Middle Atlantic

121

-78

-31

4,769

24

363

1.00%

8.00%

 

 

E N Central

138

-70

0

5,057

-212

211

-4.00%

4.00%

 

 

W N Central

151

-57

27

4,891

-705

-229

-13.00%

-4.00%

 

 

South Atlantic

37

-55

-33

2,365

-63

71

-3.00%

3.00%

 

 

E S Central

53

-59

-13

2,781

-308

-23

-10.00%

-1.00%

 

 

W S Central

32

-35

-8

1,537

-518

-245

-25.00%

-14.00%

 

 

Mountain

106

-44

-44

3,205

-939

-605

-23.00%

-16.00%

 

 

Pacific

60

-38

-64

1,888

-566

-464

-23.00%

-20.00%

 

 

United States

88

-56

-24

3,375

-313

-40

-8.00%

-1.00%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

Weather Forecast & Seasonal Outlook

 

 

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