Morning Report: Gas * Power * NGL * Crude * Products * Vols — May-01-2025

May 1, 2025

  

 

 

 

 

 

 

 

 

 

Prices as of 10:22 AM CST

 

 

 

 

 

 

 

Current Price

Previous Settle

% Change

Change

Volume

 

 

Natural Gas

$3.418

$3.326

2.77%

$0.092

62,794

 

 

WTI

$58.93

$58.21

1.24%

$0.72

179,292

 

 

Brent

$61.69

$63.12

-2.27%

-$1.43

36,691

 

 

ULSD

$2.014

$2.037

-1.13%

-$0.023

26,553

 

 

RBOB

$2.040

$2.037

0.15%

$0.003

33,045

 

 

 

 

Spreads

 

 

 

 

 

 

 

Current

Previous

% Change

Change

Contract

 

 

WTI-Brent

$3.40

$3.44

-1.16%

-$0.04

Jul-25

 

 

3:2:1 Crack

$25.96

$25.97

-0.04%

-$0.01

Jun-25

 

 

PJM West Spark

NA

NA

NA

NA

May-25

 

 

 

 

Baker Hughes Rig Count

 

 

 

 

 

 

 

Date

Count

Change

1 Year Chg.

1 Year Date

 

 

U.S.

04/25/25

587

2

-26

04/26/24

 

 

Canada

04/25/25

128

-6

10

04/26/24

 

 

International

Mar

899

-6

-72

Mar

 

 

 

 

CFTC Net Positions

 

 

 

 

 

 

As of 4/22/2025

Open Interest

Total Net Long

Total Net Short

Diff

 

 

PJM West On Peak

95,837

95,078

95,349

-271

 

 

PJM West Off Peak

86,323

85,638

85,591

47

 

 

Natural Gas Henry Hub

371,084

355,075

358,435

-3,360

 

 

WTI – Light Sweet Crude Futures

312,419

259,765

247,799

11,966

 

 

Brent Crude Last Day

207,876

201,563

200,288

1,275

 

 

NYM Ethanol

33,896

33,194

33,450

-256

 

 

Mt Belvieu LDH Propane Swap

158,525

157,894

157,691

203

 

 

RBOB

412,306

392,577

391,811

766

 

 

HSC Basis

924,374

917,723

919,920

-2,197

 

 

 

 

EIA Short Term Energy Outlook

 

 

 

 

 

 

 

2023

2024

2025 Projected

2026 Projected

 

 

Brent

$82.00

$81.00

$74.00

$66.00

 

 

Gasoline

$3.50

$3.30

$3.20

$3.00

 

 

Crude Oil Production

$12.90

$13.20

$13.50

$13.60

 

 

Natural Gas Spot

$2.50

$2.20

$3.10

$4.00

 

 

LNG Exports

12.00

12.00

14.00

16.00

 

 

 

 

 

 

 

 

 

 

Electrical Generation %

2023

2024

2025 Projected

2026 Projected

 

 

Natural gas

42.00%

43.00%

41.00%

40.00%

 

 

Coal

17.00%

16.00%

15.00%

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

 

 

 

 

04/24/20

 

 

 

4/18/25

4/11/25

Net Change

% Change

4/19/24

% Change

5 Year Avg.

% Change

 

 

East

295

290

5

1.72%

408

-27.70%

352

-16.19%

 

 

Midwest

396

373

23

6.17%

551

-28.13%

452

-12.43%

 

 

Mountain

171

166

5

3.01%

173

-1.16%

115

48.70%

 

 

Pacific

221

213

8

3.76%

235

-5.96%

186

18.69%

 

 

South

851

804

47

5.85%

1,057

-19.49%

901

-5.53%

 

 

    Salt

266

242

24

9.92%

309

-13.92%

274

-2.99%

 

 

    Non_Salt

585

562

23

4.09%

749

-21.90%

627

-6.64%

 

 

Total

1,934

1,846

88

4.77%

2,425

-20.25%

2,006

-3.61%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Power Generation Additions/Retirements

 

 

  

 

Front Month Prices

 

 

 

 

 

 

 

 

 

 

 

 

 

Electricity

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

4/30/25

4/29/25

% Change

Change

4/1/25

% Change

4/30/24

% Change

 

 

PJM West On Peak

May-25

$45.62

$46.00

-0.82%

-$0.38

$52.76

-13.53%

$46.19

-1.24%

 

 

ERCOT North On Peak

May-25

$40.50

$41.50

-2.41%

-$1.00

$49.62

-18.38%

$43.75

-7.44%

 

 

CAISO SP 15 On Peak

May-25

$9.39

$9.57

-1.88%

-$0.18

$5.00

87.70%

$10.30

-8.92%

 

 

MISO Indiana On Peak

May-25

$40.35

$40.11

0.62%

$0.25

$44.95

-10.22%

$45.83

-11.95%

 

 

NEISO Mass On Peak

May-25

$39.45

$38.88

1.47%

$0.57

$46.56

-15.26%

$40.99

-3.75%

 

 

WECC Mid C On Peak

May-25

$30.22

$28.85

4.77%

$1.38

$24.00

25.93%

$34.50

-12.40%

 

 

NYISO Zone G On Peak

May-25

$39.35

$38.95

1.03%

$0.40

$45.63

-13.75%

$41.65

-5.51%

 

 

 

 

 

Natural Gas & Basis

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

4/30/25

4/29/25

% Change

Change

4/1/25

% Change

4/30/24

% Change

 

 

NYMEX Henry Hub

Jun-25

$3.326

$3.386

-1.77%

-$0.06

$4.10

-18.80%

$3.28

1.53%

 

 

Houston Ship Channel

Jun-25

-$0.339

-$0.409

-17.11%

$0.07

-$0.51

-33.05%

-$0.34

-1.22%

 

 

Chicago

Jun-25

-$0.404

-$0.462

14.35%

$0.06

-$0.52

-22.42%

-$0.26

58.39%

 

 

Waha

Jun-25

-$2.011

-$2.183

-7.87%

$0.17

-$3.27

-38.58%

-$1.04

93.23%

 

 

Algonquin

Jun-25

$0.330

$0.330

-0.03%

$0.00

$0.06

478.60%

-$0.18

-283.22%

 

 

Aeco

Jun-25

-$1.785

-$1.770

0.81%

-$0.01

-$2.39

-25.21%

-$1.15

54.95%

 

 

Socal

Jun-25

-$1.099

-$1.200

-8.42%

$0.10

-$1.64

-32.91%

-$0.13

716.64%

 

 

 

 

 

Natural Gas Liquids

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

4/30/25

4/29/25

% Change

Change

4/1/25

% Change

4/30/24

% Change

 

 

Mt. Belvieu Propane LST

May-25

$0.753

$0.770

-2.17%

-$0.02

$0.86

-12.03%

$0.71

6.31%

 

 

Mt. Belvieu Propane non LST

May-25

$0.738

$0.770

-4.16%

-$0.03

$0.86

-14.20%

$0.71

4.12%

 

 

Mt. Belview Ethane

May-25

$0.241

$0.248

-2.56%

-$0.01

$0.29

-16.83%

$0.24

-0.56%

 

 

Mt. Belview Nat. Gasoline

May-25

$1.270

$1.315

-3.43%

-$0.05

$1.51

-15.82%

$1.47

-13.54%

 

 

Mt. Belvieu Butane LST

May-25

$0.893

$0.915

-2.39%

-$0.02

$0.94

-4.69%

$0.83

8.19%

 

 

Far East Propane

May-25

$4.978

$5.140

-3.14%

-$0.16

$5.96

-16.45%

$5.39

-7.64%

 

 

Saudi Propane

May-25

$5.980

$5.930

0.84%

$0.05

$6.05

-1.16%

$5.14

16.41%

 

 

 

 

Crude Oil

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

4/30/25

4/29/25

% Change

Change

4/1/25

% Change

4/30/24

% Change

 

 

WTI

Jun-25

$58.21

$60.42

-3.80%

-$2.21

$70.74

-17.71%

$74.87

-22.25%

 

 

Brent

Jun-25

$61.22

$64.25

-4.94%

-$3.03

$74.49

-17.81%

$79.91

-23.38%

 

 

WCS

Jun-25

-$9.65

-$9.60

0.52%

-$0.05

-$10.76

-10.34%

-$13.00

-25.77%

 

 

LLS

Jun-25

$59.94

$62.26

-3.86%

-$2.32

$73.18

-18.09%

$77.47

-22.63%

 

 

Mars

Jun-25

$58.78

$60.88

-3.58%

-$2.10

$70.83

-17.02%

$74.67

-21.28%

 

 

Sour

Jun-25

$58.23

$60.78

-4.39%

-$2.55

$70.81

-17.77%

$75.34

-22.72%

 

 

ESPO

Jun-25

$59.22

$62.25

-5.11%

-$3.03

$72.49

-18.30%

$77.91

-23.98%

 

 

 

 

Refined Products

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

4/30/25

4/29/25

% Change

Change

4/1/25

% Change

4/30/24

% Change

 

 

NY Heating Oil

May-25

$2.06

$2.12

-3.11%

-$0.07

$2.29

-10.29%

$2.48

-17.16%

 

 

NY Gasoline

May-25

$2.02

$2.09

-3.16%

-$0.07

$2.30

-12.02%

$2.39

-15.37%

 

 

GC Gasoline

May-25

$1.92

$1.99

-3.32%

-$0.07

$2.20

-12.56%

$2.29

-16.04%

 

 

GC Jet

May-25

$1.86

$1.97

-5.63%

-$0.11

$2.18

-14.88%

$2.38

-21.83%

 

 

Chicago Ethanol

May-25

$1.79

$1.78

0.96%

$0.02

$1.80

-0.55%

$1.65

8.72%

 

 

Rotterdam Gasoil

May-25

$600.00

$608.59

-1.41%

-$8.59

$688.75

-12.89%

$717.47

-16.37%

 

 

Singapore Jet Kero

May-25

$77.29

$79.45

-2.72%

-$2.16

$87.90

-12.07%

$98.54

-21.57%

 

 

 

 

Implied Volatilities

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

4/30/25

4/29/25

% Change

Change

4/1/25

% Change

4/30/24

% Change

 

 

Henry Hub Straddle

Jun-25

66.33%

64.15%

3.40%

2.18%

55.37%

19.79%

38.18%

73.73%

 

 

Algonquin Straddle

Jun-25

69.70%

67.12%

3.84%

2.58%

53.57%

30.11%

40.52%

72.01%

 

 

Waha Straddle

Jun-25

218.51%

241.96%

-9.69%

-23.45%

238.71%

-8.46%

47.38%

361.19%

 

 

Chicago Straddle

Jun-25

75.58%

72.34%

4.48%

3.24%

61.34%

23.21%

39.30%

92.32%

 

 

PJM West Straddle

Jun-25

50.09%

57.30%

-12.58%

-7.21%

42.57%

17.67%

41.25%

21.43%

 

 

SP – 15 Straddle

Jun-25

24.16%

105.45%

-77.09%

-81.29%

92.67%

-73.93%

20.30%

19.01%

 

 

Mid. C Straddle

Jun-25

48.82%

36.63%

33.28%

12.19%

31.90%

53.04%

107.40%

-54.54%

 

 

 

 

Euro Gas and Power/LNG

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

4/30/25

4/29/25

% Change

Change

4/1/25

% Change

4/30/24

% Change

 

 

Dutch TTF

Jun-25

EUR 32.03

EUR 31.86

0.54%

EUR 0.17

EUR 42.81

-25.19%

EUR 32.95

-2.80%

 

 

NBP

Jun-25

GBP 77.06

GBP 76.93

0.17%

GBP 0.13

GBP 103.37

-25.45%

GBP 81.05

-4.93%

 

 

German Base

Jun-25

EUR 69.11

EUR 69.48

-0.52%

-EUR 0.36

EUR 74.19

-6.84%

EUR 80.81

-14.47%

 

 

UK Base

Jun-25

GBP 71.64

GBP 70.79

1.21%

GBP 0.85

GBP 81.99

-12.63%

GBP 71.51

0.18%

 

 

French Base

Jun-25

EUR 29.14

EUR 28.06

3.83%

EUR 1.08

EUR 43.12

-32.42%

EUR 59.44

-50.98%

 

 

Italian Base

Jun-25

EUR 94.87

EUR 93.90

1.03%

EUR 0.97

EUR 118.89

-20.21%

EUR 95.52

-0.68%

 

 

JKM LNG

Jun-25

$11.40

$10.81

5.36%

$0.58

$13.37

-14.78%

$11.07

2.91%

 

 

 

 

Freight Forwards (WET & DRY)

 

OTCGH/EOXLive Market Data

 

 

 

Contract

4/30/25

4/29/25

% Change

Change

4/1/25

% Change

4/30/24

% Change

 

 

TD3C FFA Middle East to China (WET)

Jun-25

$32.03

$31.86

0.54%

$0.17

$42.81

-25.19%

$32.95

-2.80%

 

 

USGC-UK Continent Dirty (WET)

Jun-25

$77.06

$76.93

0.17%

$0.13

$103.37

-25.45%

$81.05

-4.93%

 

 

TD20 West Africa to UK Continent (WET)

Jun-25

$69.11

$69.48

-0.52%

-$0.36

$74.19

-6.84%

$80.81

-14.47%

 

 

LPG FFA Middle East Gulf to East (WET)

Jun-25

$71.64

$70.79

1.21%

$0.85

$81.99

-12.63%

$71.51

0.18%

 

 

TC5 FFA Arabian Gulf to Japan (WET)

Jun-25

$29.14

$28.06

3.83%

$1.08

$43.12

-32.42%

$59.44

-50.98%

 

 

Supramax Timecharter (DRY)

Jun-25

$94.87

$93.90

1.03%

$0.97

$118.89

-20.21%

$95.52

-0.68%

 

 

Capesize Timecharter (DRY)

Jun-25

$11.40

$10.81

5.36%

$0.58

$13.37

-14.78%

$11.07

2.91%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

 

 

 

 

 

 

 

 

 

 

 

 

Cooling Degree Days

 

 

 

 

 

 

04/26/2025

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

-1

NA

NA

 

 

W N Central

1

-1

1

2

-5

-5

NA

NA

 

 

South Atlantic

37

17

16

194

25

34

15.00%

22.00%

 

 

E S Central

25

19

21

67

17

32

NA

NA

 

 

W S Central

48

21

24

238

82

54

53.00%

29.00%

 

 

Mountain

6

-4

-6

37

-5

19

NA

NA

 

 

Pacific

0

-4

0

0

-18

0

NA

NA

 

 

United States

14

5

7

69

11

15

NA

NA

 

 

 

 

Heating Degree Days

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

04/26/2025

Week Tot

Dev Norm

Dev L YR

Cum Tot

CumD Norm

CumD L YR

CumD Norm

CumD L YR

 

 

New England

73

-45

-59

5,855

-350

455

-6.00%

8.00%

 

 

Middle Atlantic

41

-57

-72

5,114

-493

353

-9.00%

7.00%

 

 

E N Central

63

-38

-63

5,628

-531

484

-9.00%

9.00%

 

 

W N Central

77

-13

-37

5,886

-563

449

-9.00%

8.00%

 

 

South Atlantic

5

-27

-37

2,538

-232

122

-8.00%

5.00%

 

 

E S Central

8

-31

-46

3,111

-392

60

-11.00%

2.00%

 

 

W S Central

4

-10

-22

1,919

-344

-117

-15.00%

-6.00%

 

 

Mountain

76

-11

5

4,461

-388

-68

-8.00%

-2.00%

 

 

Pacific

75

13

20

2,844

-94

23

-3.00%

1.00%

 

 

United States

43

-24

-35

3,936

-357

194

-8.00%

5.00%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

Weather Forecast & Seasonal Outlook

 

 

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