Morning Report: Gas * Power * NGL * Crude * Products * Vols — Mar-20-2026

Mar 20, 2026

  

 

 

 

 

 

 

 

 

 

Prices as of 8:43 AM CST

 

 

 

 

 

 

 

Current Price

Previous Settle

% Change

Change

Volume

 

 

Natural Gas

$3.075

$3.166

-2.87%

-$0.091

30,719

 

 

WTI

$95.54

$96.14

-0.62%

-$0.60

2,680

 

 

Brent

$108.22

$108.65

-0.40%

-$0.43

23,394

 

 

ULSD

$4.349

$4.342

0.16%

$0.007

3,000

 

 

RBOB

$3.156

$3.127

0.91%

$0.028

2,657

 

 

 

 

Spreads

 

 

 

 

 

 

 

Current

Previous

% Change

Change

Contract

 

 

WTI-Brent

$13.04

$13.10

-0.46%

-$0.06

May-26

 

 

3:2:1 Crack

$49.94

$48.54

2.90%

$1.41

Apr-26

 

 

PJM West Spark

$53.53

$52.35

2.26%

$1.18

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

 

 

 

 

03/19/21

 

 

 

3/13/26

3/6/26

Net Change

% Change

3/14/25

% Change

5 Year Avg.

% Change

 

 

East

302

294

8

2.72%

295

2.37%

326

-7.42%

 

 

Midwest

374

375

-1

-0.27%

366

2.19%

420

-10.99%

 

 

Mountain

201

200

1

0.50%

165

21.82%

123

63.68%

 

 

Pacific

258

259

-1

-0.39%

193

33.68%

166

55.23%

 

 

South

747

721

26

3.61%

688

8.58%

779

-4.16%

 

 

    Salt

192

177

15

8.47%

181

6.08%

223

-13.82%

 

 

    Non_Salt

555

544

11

2.02%

508

9.25%

557

-0.36%

 

 

Total

1,883

1,848

35

1.89%

1,707

10.31%

1,815

3.76%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Power Generation Additions/Retirements

 

 

  

 

Front Month Prices

 

 

 

 

 

 

 

 

 

 

 

 

 

Electricity

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

3/19/26

3/18/26

% Change

Change

2/19/26

% Change

3/19/25

% Change

 

 

PJM West On Peak

Apr-26

$60.07

$59.12

1.60%

$0.95

$53.93

11.39%

$53.80

11.65%

 

 

ERCOT North On Peak

Apr-26

$31.42

$34.09

-7.85%

-$2.68

$28.45

10.42%

$43.06

-27.04%

 

 

CAISO SP 15 On Peak

Apr-26

$10.27

$8.77

17.10%

$1.50

$9.82

4.59%

$8.42

22.02%

 

 

MISO Indiana On Peak

Apr-26

$44.81

$43.61

2.75%

$1.20

$43.91

2.06%

$49.88

-10.16%

 

 

NEISO Mass On Peak

Apr-26

$45.25

$44.75

1.13%

$0.50

$47.78

-5.28%

$50.28

-10.00%

 

 

WECC Mid C On Peak

Apr-26

$23.04

$26.50

-13.05%

-$3.46

$33.50

-31.22%

$39.99

-42.38%

 

 

NYISO Zone G On Peak

Apr-26

$47.25

$46.45

1.73%

$0.80

$46.93

0.69%

$46.51

1.59%

 

 

 

 

 

Natural Gas & Basis

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

3/19/26

3/18/26

% Change

Change

2/19/26

% Change

3/19/25

% Change

 

 

NYMEX Henry Hub

Apr-26

$3.166

$3.065

3.30%

$0.10

$2.95

7.47%

$4.06

-21.98%

 

 

Houston Ship Channel

Apr-26

-$0.470

-$0.450

4.49%

-$0.02

-$0.50

-5.09%

-$0.43

8.52%

 

 

Chicago

Apr-26

-$0.334

-$0.333

-0.45%

$0.00

-$0.29

16.38%

-$0.28

20.06%

 

 

Waha

Apr-26

-$6.184

-$5.775

-7.08%

-$0.41

-$4.13

49.60%

-$3.72

66.34%

 

 

Algonquin

Apr-26

-$0.400

-$0.350

-14.29%

-$0.05

$0.10

-483.51%

$0.35

-213.15%

 

 

Aeco

Apr-26

-$1.770

-$1.735

2.02%

-$0.03

-$1.69

4.88%

-$1.91

-7.17%

 

 

Socal

Apr-26

-$1.705

-$1.747

-2.43%

$0.04

-$1.40

21.44%

-$0.66

157.63%

 

 

 

 

 

Natural Gas Liquids

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

3/19/26

3/18/26

% Change

Change

2/19/26

% Change

3/19/25

% Change

 

 

Mt. Belvieu Propane LST

Apr-26

$0.806

$0.801

0.70%

$0.01

$0.64

25.98%

$0.72

11.44%

 

 

Mt. Belvieu Propane non LST

Apr-26

$0.780

$0.745

4.70%

$0.04

$0.63

23.81%

$0.73

7.58%

 

 

Mt. Belview Ethane

Apr-26

$0.251

$0.244

3.08%

$0.01

$0.22

15.52%

$0.29

-12.98%

 

 

Mt. Belview Nat. Gasoline

Apr-26

$2.190

$2.190

0.00%

$0.00

$1.33

64.35%

$1.31

67.07%

 

 

Mt. Belvieu Butane LST

Apr-26

$1.125

$1.075

4.67%

$0.05

$0.74

50.99%

$0.82

37.09%

 

 

Far East Propane

Apr-26

$10.000

$9.114

9.72%

$0.89

$5.26

90.11%

$5.21

91.93%

 

 

Saudi Propane

Apr-26

$6.135

$6.000

2.25%

$0.14

$5.16

18.90%

$5.13

19.60%

 

 

 

 

Crude Oil

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

3/19/26

3/18/26

% Change

Change

2/19/26

% Change

3/19/25

% Change

 

 

WTI

May-26

$95.55

$95.46

0.09%

$0.09

$66.20

44.34%

$63.61

50.21%

 

 

Brent

May-26

$108.65

$103.42

4.81%

$5.23

$71.27

52.45%

$67.33

61.37%

 

 

WCS

May-26

-$12.78

-$13.00

-1.74%

$0.22

-$15.22

-16.00%

-$13.44

-4.91%

 

 

LLS

May-26

$95.60

$95.60

0.00%

$0.00

$67.33

41.98%

$66.06

44.71%

 

 

Mars

May-26

$95.85

$95.96

-0.11%

-$0.11

$64.58

48.43%

$64.22

49.25%

 

 

Sour

May-26

$96.06

$95.51

0.57%

$0.55

$66.19

45.12%

$63.74

50.71%

 

 

ESPO

May-26

$106.65

$101.42

4.90%

$5.23

$69.27

53.96%

$65.33

63.25%

 

 

 

 

Refined Products

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

3/19/26

3/18/26

% Change

Change

2/19/26

% Change

3/19/25

% Change

 

 

NY Heating Oil

Apr-26

$4.46

$4.31

3.55%

$0.15

$2.47

80.28%

$2.13

109.19%

 

 

NY Gasoline

Apr-26

$3.08

$3.09

-0.29%

-$0.01

$2.25

37.21%

$2.05

50.76%

 

 

GC Gasoline

Apr-26

$2.94

$2.95

-0.30%

-$0.01

$2.11

39.68%

$1.95

51.31%

 

 

GC Jet

Apr-26

$4.09

$4.22

-3.15%

-$0.13

$2.26

80.90%

$2.03

101.58%

 

 

Chicago Ethanol

Apr-26

$2.00

$1.95

2.56%

$0.05

$1.73

15.61%

$1.73

15.81%

 

 

Rotterdam Gasoil

Apr-26

$1,048.89

$981.80

6.83%

$67.09

$670.00

56.55%

$632.61

65.80%

 

 

Singapore Jet Kero

Apr-26

$179.20

$161.50

10.96%

$17.70

$89.70

99.78%

$83.43

114.79%

 

 

 

 

Implied Volatilities

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

3/19/26

3/18/26

% Change

Change

2/19/26

% Change

3/19/25

% Change

 

 

Henry Hub Straddle

May-26

60.85%

61.58%

-1.19%

-0.73%

59.67%

1.98%

39.10%

55.63%

 

 

Algonquin Straddle

May-26

152.27%

157.70%

-3.44%

-5.43%

96.64%

57.56%

42.26%

260.32%

 

 

Waha Straddle

May-26

368.08%

440.74%

-16.49%

-72.66%

1409.09%

-73.88%

531.71%

-30.77%

 

 

Chicago Straddle

May-26

64.68%

64.72%

-0.06%

-0.04%

64.86%

-0.28%

42.53%

52.08%

 

 

PJM West Straddle

May-26

46.30%

46.58%

-0.60%

-0.28%

42.75%

8.30%

54.38%

-14.86%

 

 

SP – 15 Straddle

May-26

290.09%

291.11%

-0.35%

-1.02%

278.47%

4.17%

254.51%

13.98%

 

 

Mid. C Straddle

May-26

54.88%

30.67%

78.94%

24.21%

31.97%

71.66%

58.87%

-6.78%

 

 

 

 

Euro Gas and Power/LNG

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

3/19/26

3/18/26

% Change

Change

2/19/26

% Change

3/19/25

% Change

 

 

Dutch TTF

May-26

EUR 60.63

EUR 54.40

11.45%

EUR 6.23

EUR 31.90

90.11%

EUR 33.82

79.29%

 

 

NBP

May-26

GBP 153.90

GBP 137.29

12.10%

GBP 16.61

GBP 79.53

93.51%

GBP 83.20

84.97%

 

 

German Base

May-26

EUR 91.20

EUR 86.38

5.58%

EUR 4.82

EUR 66.86

36.40%

EUR 70.17

29.98%

 

 

UK Base

May-26

GBP 109.28

GBP 96.52

13.23%

GBP 12.77

GBP 70.03

56.06%

GBP 72.22

51.32%

 

 

French Base

May-26

EUR 23.00

EUR 19.24

19.51%

EUR 3.75

EUR 17.97

27.96%

EUR 38.57

-40.38%

 

 

Italian Base

May-26

EUR 146.80

EUR 127.31

15.30%

EUR 19.49

EUR 86.77

69.19%

EUR 97.29

50.88%

 

 

JKM LNG

May-26

$23.16

$19.66

17.81%

$3.50

$11.11

108.50%

$11.41

102.96%

 

 

 

 

Freight Forwards (WET & DRY)

 

OTCGH/EOXLive Market Data

 

 

 

Contract

3/19/26

3/18/26

% Change

Change

2/19/26

% Change

3/19/25

% Change

 

 

TD3C FFA Middle East to China (WET)

May-26

$60.63

$54.40

11.45%

$6.23

$31.90

90.11%

$33.82

79.29%

 

 

USGC-UK Continent Dirty (WET)

May-26

$153.90

$137.29

12.10%

$16.61

$79.53

93.51%

$83.20

84.97%

 

 

TD20 West Africa to UK Continent (WET)

May-26

$91.20

$86.38

5.58%

$4.82

$66.86

36.40%

$70.17

29.98%

 

 

LPG FFA Middle East Gulf to East (WET)

May-26

$109.28

$96.52

13.23%

$12.77

$70.03

56.06%

$72.22

51.32%

 

 

TC5 FFA Arabian Gulf to Japan (WET)

May-26

$23.00

$19.24

19.51%

$3.75

$17.97

27.96%

$38.57

-40.38%

 

 

Supramax Timecharter (DRY)

May-26

$146.80

$127.31

15.30%

$19.49

$86.77

69.19%

$97.29

50.88%

 

 

Capesize Timecharter (DRY)

May-26

$23.16

$19.66

17.81%

$3.50

$11.11

108.50%

$11.41

102.96%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

 

 

 

 

 

 

 

 

 

 

 

 

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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