Morning Report: Gas * Power * NGL * Crude * Products * Vols — May-04-2026

May 4, 2026

  

 

 

 

 

 

 

 

 

 

Prices as of 7:28 AM CST

 

 

 

 

 

 

 

Current Price

Previous Settle

% Change

Change

Volume

 

 

Natural Gas

$2.820

$2.780

1.44%

$0.040

22,218

 

 

WTI

$104.14

$101.94

2.16%

$2.20

99,882

 

 

Brent

$111.31

$114.09

-2.44%

-$2.78

22,710

 

 

ULSD

$3.987

$3.946

1.02%

$0.040

6,227

 

 

RBOB

$3.634

$3.595

1.07%

$0.038

7,250

 

 

 

 

Spreads

 

 

 

 

 

 

 

Current

Previous

% Change

Change

Contract

 

 

WTI-Brent

$12.76

$11.63

9.72%

$1.13

Jul-26

 

 

3:2:1 Crack

$52.74

$52.47

0.52%

$0.28

Jun-26

 

 

PJM West Spark

$61.41

$63.32

-3.01%

-$1.90

Jun-26

 

 

 

 

Baker Hughes Rig Count

 

 

 

 

 

 

 

Date

Count

Change

1 Year Chg.

1 Year Date

 

 

U.S.

05/01/26

547

3

-37

05/02/25

 

 

Canada

05/01/26

123

-7

3

05/02/25

 

 

International

Apr-2026

1036

-22

-51

Apr-2025

 

 

 

 

CFTC Net Positions

 

 

 

 

 

 

As of 4/28/2026

Open Interest

Total Net Long

Total Net Short

Diff

 

 

PJM West On Peak

127,657

127,263

127,081

182

 

 

PJM West Off Peak

123,284

122,904

122,709

195

 

 

Natural Gas Henry Hub

394,576

378,270

374,181

4,089

 

 

WTI – Light Sweet Crude Futures

239,741

212,177

202,230

9,947

 

 

Brent Crude Last Day

360,378

349,370

351,397

-2,027

 

 

NYM Ethanol

54,944

54,338

54,250

88

 

 

Mt Belvieu LDH Propane Swap

116,868

116,318

116,068

250

 

 

RBOB

315,440

290,136

302,917

-12,781

 

 

HSC Basis

936,793

929,946

930,254

-308

 

 

 

 

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

 

 

 

 

04/30/21

 

 

 

4/24/26

4/17/26

Net Change

% Change

4/25/25

% Change

5 Year Avg.

% Change

 

 

East

332

309

23

7.44%

331

0.30%

350

-5.20%

 

 

Midwest

429

404

25

6.19%

425

0.94%

447

-4.07%

 

 

Mountain

205

202

3

1.49%

174

17.82%

133

53.67%

 

 

Pacific

272

269

3

1.12%

226

20.35%

193

40.79%

 

 

South

905

879

26

2.96%

885

2.26%

898

0.73%

 

 

    Salt

272

263

9

3.42%

281

-3.20%

274

-0.73%

 

 

    Non_Salt

634

616

18

2.92%

605

4.79%

625

1.47%

 

 

Total

2,142

2,063

79

3.83%

2,041

4.95%

2,023

5.90%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Power Generation Additions/Retirements

 

 

  

 

Front Month Prices

 

 

 

 

 

 

 

 

 

 

 

 

 

Electricity

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

5/1/26

4/30/26

% Change

Change

4/2/26

% Change

5/1/25

% Change

 

 

PJM West On Peak

Jun-26

$67.40

$69.26

-2.69%

-$1.86

$67.47

-0.11%

$56.70

18.88%

 

 

ERCOT North On Peak

Jun-26

$44.58

$44.77

-0.43%

-$0.19

$40.06

11.28%

$55.06

-19.04%

 

 

CAISO SP 15 On Peak

Jun-26

$13.98

$12.35

13.21%

$1.63

$15.63

-10.57%

$29.88

-53.20%

 

 

MISO Indiana On Peak

Jun-26

$54.75

$59.37

-7.80%

-$4.63

$56.09

-2.39%

$48.31

13.32%

 

 

NEISO Mass On Peak

Jun-26

$58.53

$60.54

-3.33%

-$2.01

$55.78

4.93%

$50.10

16.82%

 

 

WECC Mid C On Peak

Jun-26

$22.75

$21.09

7.87%

$1.66

$20.25

12.35%

$45.94

-50.48%

 

 

NYISO Zone G On Peak

Jun-26

$58.03

$61.90

-6.24%

-$3.87

$58.92

-1.52%

$49.21

17.91%

 

 

 

 

 

Natural Gas & Basis

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

5/1/26

4/30/26

% Change

Change

4/2/26

% Change

5/1/25

% Change

 

 

NYMEX Henry Hub

Jun-26

$2.780

$2.767

0.47%

$0.01

$2.92

-4.92%

$4.03

-30.93%

 

 

Houston Ship Channel

Jun-26

-$0.395

-$0.377

4.72%

-$0.02

-$0.38

5.28%

-$0.41

-4.22%

 

 

Chicago

Jun-26

-$0.325

-$0.326

0.22%

$0.00

-$0.38

-14.47%

-$0.44

-26.20%

 

 

Waha

Jun-26

-$6.259

-$6.108

-2.47%

-$0.15

-$5.24

19.42%

-$2.18

187.09%

 

 

Algonquin

Jun-26

$0.071

$0.059

20.99%

$0.01

$0.31

-76.76%

-$0.33

-121.20%

 

 

Aeco

Jun-26

-$1.748

-$1.694

3.18%

-$0.05

-$1.84

-4.87%

-$1.76

-0.58%

 

 

Socal

Jun-26

-$1.445

-$1.403

3.03%

-$0.04

-$1.55

-6.52%

-$0.37

294.16%

 

 

 

 

 

Natural Gas Liquids

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

5/1/26

4/30/26

% Change

Change

4/2/26

% Change

5/1/25

% Change

 

 

Mt. Belvieu Propane LST

Jun-26

$0.865

$0.873

-0.86%

-$0.01

$0.77

12.34%

$0.67

28.31%

 

 

Mt. Belvieu Propane non LST

Jun-26

$0.826

$0.843

-1.93%

-$0.02

$0.76

9.32%

$0.68

22.20%

 

 

Mt. Belview Ethane

Jun-26

$0.203

$0.204

-0.61%

$0.00

$0.22

-7.86%

$0.27

-24.38%

 

 

Mt. Belview Nat. Gasoline

Jun-26

$2.158

$2.161

-0.17%

$0.00

$2.02

6.81%

$1.16

85.40%

 

 

Mt. Belvieu Butane LST

Jun-26

$1.140

$1.118

1.98%

$0.02

$0.99

15.30%

$0.77

47.68%

 

 

Far East Propane

Jun-26

$7.551

$7.533

0.24%

$0.02

$7.01

7.65%

$4.83

56.23%

 

 

Saudi Propane

Jun-26

$6.860

$6.840

0.29%

$0.02

$6.44

6.52%

$4.73

45.11%

 

 

 

 

Crude Oil

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

5/1/26

4/30/26

% Change

Change

4/2/26

% Change

5/1/25

% Change

 

 

WTI

Jun-26

$101.94

$105.07

-3.07%

-$3.13

$98.04

3.98%

$58.11

75.43%

 

 

Brent

Jun-26

$111.11

$118.03

-6.23%

-$6.92

$109.03

1.91%

$61.83

79.70%

 

 

WCS

Jun-26

-$15.06

-$14.97

0.55%

-$0.08

-$13.13

14.71%

-$12.90

16.71%

 

 

LLS

Jun-26

$97.86

$100.08

-2.27%

-$2.22

$85.28

14.75%

$60.34

62.19%

 

 

Mars

Jun-26

$98.89

$101.37

-2.51%

-$2.48

$89.62

10.34%

$58.67

68.54%

 

 

Sour

Jun-26

$105.85

$103.98

1.77%

$1.87

$89.45

18.33%

$57.66

83.59%

 

 

ESPO

Jun-26

$109.11

$116.03

-6.34%

-$6.92

$107.03

1.94%

$59.83

82.36%

 

 

 

 

Refined Products

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

5/1/26

4/30/26

% Change

Change

4/2/26

% Change

5/1/25

% Change

 

 

NY Heating Oil

Jun-26

$3.94

$4.07

-3.34%

-$0.14

$4.08

-3.58%

$1.99

97.44%

 

 

NY Gasoline

Jun-26

$3.57

$3.62

-1.30%

-$0.05

$3.11

14.98%

$1.89

88.99%

 

 

GC Gasoline

Jun-26

$3.43

$3.48

-1.35%

-$0.05

$2.96

15.68%

$1.79

91.73%

 

 

GC Jet

Jun-26

$4.16

$4.08

1.89%

$0.08

$3.83

8.59%

$1.91

117.57%

 

 

Chicago Ethanol

Jun-26

$2.08

$2.03

2.72%

$0.05

$2.00

4.00%

$1.56

33.08%

 

 

Rotterdam Gasoil

Jun-26

$1,056.50

$1,066.75

-0.96%

-$10.25

$933.00

13.24%

$588.22

79.61%

 

 

Singapore Jet Kero

Jun-26

$154.00

$156.50

-1.60%

-$2.50

$141.00

9.22%

$74.86

105.71%

 

 

 

 

Implied Volatilities

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

5/1/26

4/30/26

% Change

Change

4/2/26

% Change

5/1/25

% Change

 

 

Henry Hub Straddle

Jun-26

49.88%

51.11%

-2.41%

-1.23%

55.56%

-10.22%

40.65%

22.71%

 

 

Algonquin Straddle

Jun-26

63.27%

64.66%

-2.15%

-1.39%

86.06%

-26.48%

43.08%

46.87%

 

 

Waha Straddle

Jun-26

164.40%

131.18%

25.32%

33.22%

289.78%

-43.27%

331.68%

-50.43%

 

 

Chicago Straddle

Jun-26

53.98%

54.82%

-1.53%

-0.84%

59.47%

-9.23%

43.56%

23.92%

 

 

PJM West Straddle

Jun-26

57.46%

53.67%

7.06%

3.79%

51.91%

10.69%

37.33%

53.92%

 

 

SP – 15 Straddle

Jun-26

117.17%

120.51%

-2.77%

-3.34%

289.98%

-59.59%

101.21%

15.77%

 

 

Mid. C Straddle

Jun-26

23.67%

0.00%

#DIV/0!

23.67%

40.83%

-42.03%

51.40%

-53.95%

 

 

 

 

Euro Gas and Power/LNG

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

5/1/26

4/30/26

% Change

Change

4/2/26

% Change

5/1/25

% Change

 

 

Dutch TTF

Jun-26

EUR 45.46

EUR 46.22

-1.63%

-EUR 0.76

EUR 50.15

-9.35%

EUR 30.00

51.54%

 

 

NBP

Jun-26

GBP 111.03

GBP 113.80

-2.43%

-GBP 2.77

GBP 124.90

-11.10%

GBP 73.76

50.53%

 

 

German Base

Jun-26

EUR 83.00

EUR 84.19

-1.41%

-EUR 1.19

EUR 90.03

-7.81%

EUR 66.68

24.48%

 

 

UK Base

Jun-26

GBP 92.05

GBP 93.68

-1.74%

-GBP 1.63

GBP 100.61

-8.51%

GBP 65.79

39.92%

 

 

French Base

Jun-26

EUR 22.81

EUR 23.51

-2.97%

-EUR 0.70

EUR 26.13

-12.69%

EUR 36.59

-37.66%

 

 

Italian Base

Jun-26

EUR 124.28

EUR 126.18

-1.50%

-EUR 1.90

EUR 138.55

-10.29%

EUR 85.65

45.10%

 

 

JKM LNG

Jun-26

$17.38

$16.72

3.94%

$0.66

$18.40

-5.56%

$10.60

64.01%

 

 

 

 

Freight Forwards (WET & DRY)

 

OTCGH/EOXLive Market Data

 

 

 

Contract

5/1/26

4/30/26

% Change

Change

4/2/26

% Change

5/1/25

% Change

 

 

TD3C FFA Middle East to China (WET)

Jun-26

$45.46

$46.22

-1.63%

-$0.76

$50.15

-9.35%

$30.00

51.54%

 

 

USGC-UK Continent Dirty (WET)

Jun-26

$111.03

$113.80

-2.43%

-$2.77

$124.90

-11.10%

$73.76

50.53%

 

 

TD20 West Africa to UK Continent (WET)

Jun-26

$83.00

$84.19

-1.41%

-$1.19

$90.03

-7.81%

$66.68

24.48%

 

 

LPG FFA Middle East Gulf to East (WET)

Jun-26

$92.05

$93.68

-1.74%

-$1.63

$100.61

-8.51%

$65.79

39.92%

 

 

TC5 FFA Arabian Gulf to Japan (WET)

Jun-26

$22.81

$23.51

-2.97%

-$0.70

$26.13

-12.69%

$36.59

-37.66%

 

 

Supramax Timecharter (DRY)

Jun-26

$124.28

$126.18

-1.50%

-$1.90

$138.55

-10.29%

$85.65

45.10%

 

 

Capesize Timecharter (DRY)

Jun-26

$17.38

$16.72

3.94%

$0.66

$18.40

-5.56%

$10.60

64.01%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

 

 

 

 

 

 

 

 

 

 

 

 

Cooling Degree Days

 

 

 

 

 

 

05/02/2026

Week Tot

Dev Norm

Dev L YR

Cum Tot

CumD Norm

CumD L YR

CumD Norm

CumD L YR

 

 

New England

0

0

0

1

1

1

NA

NA

 

 

Middle Atlantic

0

0

-1

18

18

17

NA

NA

 

 

E N Central

0

-2

0

14

11

13

NA

NA

 

 

W N Central

1

-3

-1

24

14

21

NA

NA

 

 

South Atlantic

27

3

-13

235

45

7

24.00%

3.00%

 

 

E S Central

16

5

-22

117

56

16

NA

NA

 

 

W S Central

49

15

-10

370

185

81

100.00%

28.00%

 

 

Mountain

6

-6

1

87

34

46

NA

NA

 

 

Pacific

0

-5

0

29

7

29

NA

NA

 

 

United States

12

0

-5

109

40

25

NA

NA

 

 

 

 

Heating Degree Days

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

05/02/2026

Week Tot

Dev Norm

Dev L YR

Cum Tot

CumD Norm

CumD L YR

CumD Norm

CumD L YR

 

 

New England

105

2

42

6,315

23

406

0.00%

7.00%

 

 

Middle Atlantic

93

9

54

5,562

-115

413

-2.00%

8.00%

 

 

E N Central

99

12

35

5,829

-404

150

-6.00%

3.00%

 

 

W N Central

102

25

33

5,678

-836

-264

-13.00%

-4.00%

 

 

South Atlantic

35

9

28

2,638

-154

93

-6.00%

4.00%

 

 

E S Central

29

-3

22

3,062

-467

-55

-13.00%

-2.00%

 

 

W S Central

14

4

11

1,681

-591

-240

-26.00%

-13.00%

 

 

Mountain

91

13

17

3,743

-1,172

-784

-24.00%

-17.00%

 

 

Pacific

56

0

-13

2,251

-735

-646

-25.00%

-22.00%

 

 

United States

66

8

25

3,891

-451

-79

-10.00%

-2.00%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

Weather Forecast & Seasonal Outlook

 

 

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