Morning Report: Gas * Power * NGL * Crude * Products * Vols — May-02-2025

May 2, 2025

  

 

 

 

 

 

 

 

 

 

Prices as of 9:53 AM CST

 

 

 

 

 

 

 

Current Price

Previous Settle

% Change

Change

Volume

 

 

Natural Gas

$3.561

$3.479

2.36%

$0.082

57,281

 

 

WTI

$58.47

$59.24

-1.30%

-$0.77

139,649

 

 

Brent

$61.40

$63.11

-2.71%

-$1.71

30,911

 

 

ULSD

$1.992

$2.012

-1.00%

-$0.020

17,867

 

 

RBOB

$2.023

$2.049

-1.26%

-$0.026

22,165

 

 

 

 

Spreads

 

 

 

 

 

 

 

Current

Previous

% Change

Change

Contract

 

 

WTI-Brent

$3.46

$3.45

0.29%

$0.01

Jul-25

 

 

3:2:1 Crack

$25.57

$25.89

-1.25%

-$0.32

Jun-25

 

 

PJM West Spark

$45.99

$42.88

7.25%

$3.11

Jun-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

Apr

891

-8

-87

Apr

 

 

 

 

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

 

 

 

 

05/01/20

 

 

 

4/25/25

4/18/25

Net Change

% Change

4/26/24

% Change

5 Year Avg.

% Change

 

 

East

331

295

36

12.20%

425

-22.12%

369

-10.25%

 

 

Midwest

425

396

29

7.32%

564

-24.65%

468

-9.23%

 

 

Mountain

174

171

3

1.75%

182

-4.40%

121

44.04%

 

 

Pacific

226

221

5

2.26%

240

-5.83%

194

16.74%

 

 

South

885

851

34

4.00%

1,073

-17.52%

927

-4.51%

 

 

    Salt

281

266

15

5.64%

314

-10.51%

284

-1.06%

 

 

    Non_Salt

605

585

20

3.42%

759

-20.29%

643

-5.88%

 

 

Total

2,041

1,934

107

5.53%

2,484

-17.83%

2,078

-1.79%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Power Generation Additions/Retirements

 

 

  

 

Front Month Prices

 

 

 

 

 

 

 

 

 

 

 

 

 

Electricity

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

5/1/25

4/30/25

% Change

Change

4/2/25

% Change

5/1/24

% Change

 

 

PJM West On Peak

Jun-25

$53.66

$50.32

6.62%

$3.33

$60.38

-11.13%

$50.05

7.21%

 

 

ERCOT North On Peak

Jun-25

$56.14

$55.37

1.39%

$0.77

$67.42

-16.73%

$64.59

-13.07%

 

 

CAISO SP 15 On Peak

Jun-25

$24.67

$22.55

9.41%

$2.12

$21.03

17.33%

$29.29

-15.75%

 

 

MISO Indiana On Peak

Jun-25

$48.48

$44.94

7.88%

$3.54

$54.77

-11.48%

$49.79

-2.62%

 

 

NEISO Mass On Peak

Jun-25

$55.80

$52.66

5.96%

$3.14

$61.38

-9.10%

$47.06

18.57%

 

 

WECC Mid C On Peak

Jun-25

$35.00

$31.75

10.24%

$3.25

$32.89

6.42%

$36.27

-3.49%

 

 

NYISO Zone G On Peak

Jun-25

$52.65

$49.22

6.97%

$3.43

$58.91

-10.63%

$46.02

14.40%

 

 

 

 

 

Natural Gas & Basis

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

5/1/25

4/30/25

% Change

Change

4/2/25

% Change

5/1/24

% Change

 

 

NYMEX Henry Hub

Jun-25

$3.479

$3.326

4.60%

$0.15

$4.19

-16.97%

$3.25

7.01%

 

 

Houston Ship Channel

Jun-25

-$0.397

-$0.339

17.24%

-$0.06

-$0.49

-19.66%

-$0.34

17.76%

 

 

Chicago

Jun-25

-$0.462

-$0.404

-12.53%

-$0.06

-$0.53

-13.33%

-$0.26

80.65%

 

 

Waha

Jun-25

-$1.977

-$2.011

-1.71%

$0.03

-$3.43

-42.32%

-$1.05

88.64%

 

 

Algonquin

Jun-25

$0.178

$0.330

-45.97%

-$0.15

$0.03

520.91%

-$0.19

-195.55%

 

 

Aeco

Jun-25

-$1.880

-$1.785

5.33%

-$0.10

-$2.48

-24.22%

-$1.14

64.49%

 

 

Socal

Jun-25

-$1.115

-$1.099

1.48%

-$0.02

-$1.67

-33.03%

-$0.17

560.84%

 

 

 

 

 

Natural Gas Liquids

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

5/1/25

4/30/25

% Change

Change

4/2/25

% Change

5/1/24

% Change

 

 

Mt. Belvieu Propane LST

Jun-25

$0.735

$0.739

-0.58%

$0.00

$0.83

-11.41%

$0.69

6.02%

 

 

Mt. Belvieu Propane non LST

Jun-25

$0.730

$0.735

-0.74%

-$0.01

$0.83

-12.34%

$0.69

6.22%

 

 

Mt. Belview Ethane

Jun-25

$0.243

$0.242

0.02%

$0.00

$0.30

-19.18%

$0.24

-0.08%

 

 

Mt. Belview Nat. Gasoline

Jun-25

$1.250

$1.244

0.47%

$0.01

$1.47

-14.97%

$1.41

-11.31%

 

 

Mt. Belvieu Butane LST

Jun-25

$0.880

$0.880

-0.02%

$0.00

$0.93

-5.87%

$0.80

10.47%

 

 

Far East Propane

Jun-25

$5.070

$5.145

-1.47%

-$0.08

$5.85

-13.33%

$5.20

-2.45%

 

 

Saudi Propane

Jun-25

$5.662

$5.637

0.46%

$0.03

$5.90

-4.04%

$4.93

14.75%

 

 

 

 

Crude Oil

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

5/1/25

4/30/25

% Change

Change

4/2/25

% Change

5/1/24

% Change

 

 

WTI

Jun-25

$59.24

$58.21

1.74%

$1.03

$71.23

-16.83%

$72.64

-18.45%

 

 

Brent

Jun-25

$62.31

$61.22

1.74%

$1.09

$74.95

-16.86%

$77.62

-19.72%

 

 

WCS

Jun-25

-$9.70

-$9.65

0.52%

-$0.05

-$8.92

8.73%

-$12.95

-25.10%

 

 

LLS

Jun-25

$57.70

$59.94

-3.88%

-$2.24

$73.27

-21.25%

$76.95

-25.02%

 

 

Mars

Jun-25

$56.54

$58.78

-3.95%

-$2.24

$71.07

-20.44%

$74.25

-23.85%

 

 

Sour

Jun-25

$59.39

$58.23

1.95%

$1.16

$70.87

-16.20%

$74.90

-20.72%

 

 

ESPO

Jun-25

$60.31

$59.22

1.80%

$1.09

$72.95

-17.33%

$75.62

-20.25%

 

 

 

 

Refined Products

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

5/1/25

4/30/25

% Change

Change

4/2/25

% Change

5/1/24

% Change

 

 

NY Heating Oil

Jun-25

$2.01

$2.00

0.40%

$0.01

$2.29

-12.28%

$2.42

-17.09%

 

 

NY Gasoline

Jun-25

$2.03

$2.03

0.25%

$0.00

$2.29

-11.35%

$2.50

-18.83%

 

 

GC Gasoline

Jun-25

$1.93

$1.92

0.26%

$0.00

$2.19

-11.87%

$2.40

-19.62%

 

 

GC Jet

Jun-25

$1.86

$1.84

1.31%

$0.02

$2.15

-13.27%

$2.32

-19.59%

 

 

Chicago Ethanol

Jun-25

$1.79

$1.80

-0.72%

-$0.01

$1.83

-1.92%

$1.64

9.14%

 

 

Rotterdam Gasoil

Jun-25

$601.35

$595.92

0.91%

$5.43

$682.75

-11.92%

$698.09

-13.86%

 

 

Singapore Jet Kero

Jun-25

$74.44

$77.38

-3.79%

-$2.94

$87.30

-14.73%

$98.90

-24.73%

 

 

 

 

Implied Volatilities

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

5/1/25

4/30/25

% Change

Change

4/2/25

% Change

5/1/24

% Change

 

 

Henry Hub Straddle

Jun-25

63.12%

66.33%

-4.84%

-3.21%

50.78%

24.30%

37.70%

67.43%

 

 

Algonquin Straddle

Jun-25

60.14%

69.70%

-13.72%

-9.56%

47.68%

26.13%

39.35%

52.83%

 

 

Waha Straddle

Jun-25

210.09%

218.51%

-3.85%

-8.42%

230.85%

-8.99%

48.50%

333.18%

 

 

Chicago Straddle

Jun-25

71.60%

75.58%

-5.27%

-3.98%

54.71%

30.87%

38.94%

83.87%

 

 

PJM West Straddle

Jun-25

57.23%

50.09%

14.25%

7.14%

44.45%

28.75%

41.12%

39.18%

 

 

SP – 15 Straddle

Jun-25

24.12%

24.16%

-0.17%

-0.04%

93.94%

-74.32%

20.29%

18.88%

 

 

Mid. C Straddle

Jun-25

61.80%

48.82%

26.59%

12.98%

49.47%

24.92%

93.92%

-34.20%

 

 

 

 

Euro Gas and Power/LNG

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

5/1/25

4/30/25

% Change

Change

4/2/25

% Change

5/1/24

% Change

 

 

Dutch TTF

Jun-25

EUR 31.91

EUR 32.03

-0.39%

-EUR 0.12

EUR 41.31

-22.77%

EUR 32.55

-1.99%

 

 

NBP

Jun-25

GBP 76.48

GBP 77.06

-0.76%

-GBP 0.58

GBP 99.69

-23.28%

GBP 80.11

-4.54%

 

 

German Base

Jun-25

EUR 70.47

EUR 69.11

1.95%

EUR 1.35

EUR 71.81

-1.88%

EUR 79.22

-11.06%

 

 

UK Base

Jun-25

GBP 69.54

GBP 71.64

-2.93%

-GBP 2.10

GBP 80.26

-13.36%

GBP 70.31

-1.10%

 

 

French Base

Jun-25

EUR 29.30

EUR 29.14

0.56%

EUR 0.16

EUR 42.56

-31.15%

EUR 59.20

-50.51%

 

 

Italian Base

Jun-25

EUR 94.72

EUR 94.87

-0.15%

-EUR 0.15

EUR 118.92

-20.35%

EUR 94.89

-0.17%

 

 

JKM LNG

Jun-25

$10.76

$11.30

-4.77%

-$0.54

$13.00

-17.27%

$10.98

-1.98%

 

 

 

 

Freight Forwards (WET & DRY)

 

OTCGH/EOXLive Market Data

 

 

 

Contract

5/1/25

4/30/25

% Change

Change

4/2/25

% Change

5/1/24

% Change

 

 

TD3C FFA Middle East to China (WET)

Jun-25

$31.91

$32.03

-0.39%

-$0.12

$41.31

-22.77%

$32.55

-1.99%

 

 

USGC-UK Continent Dirty (WET)

Jun-25

$76.48

$77.06

-0.76%

-$0.58

$99.69

-23.28%

$80.11

-4.54%

 

 

TD20 West Africa to UK Continent (WET)

Jun-25

$70.47

$69.11

1.95%

$1.35

$71.81

-1.88%

$79.22

-11.06%

 

 

LPG FFA Middle East Gulf to East (WET)

Jun-25

$69.54

$71.64

-2.93%

-$2.10

$80.26

-13.36%

$70.31

-1.10%

 

 

TC5 FFA Arabian Gulf to Japan (WET)

Jun-25

$29.30

$29.14

0.56%

$0.16

$42.56

-31.15%

$59.20

-50.51%

 

 

Supramax Timecharter (DRY)

Jun-25

$94.72

$94.87

-0.15%

-$0.15

$118.92

-20.35%

$94.89

-0.17%

 

 

Capesize Timecharter (DRY)

Jun-25

$10.76

$11.30

-4.77%

-$0.54

$13.00

-17.27%

$10.98

-1.98%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

 

 

 

 

 

 

 

 

 

 

 

 

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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