Morning Report: Gas * Power * NGL * Crude * Products * Vols — May-07-2025

May 7, 2025

  

 

 

 

 

 

 

 

 

 

Prices as of 7:14 AM CST

 

 

 

 

 

 

 

Current Price

Previous Settle

% Change

Change

Volume

 

 

Natural Gas

$3.551

$3.463

2.54%

$0.088

21,117

 

 

WTI

$59.62

$59.09

0.90%

$0.53

70,775

 

 

Brent

$62.58

$62.15

0.69%

$0.43

15,749

 

 

ULSD

$2.011

$2.009

0.12%

$0.002

4,212

 

 

RBOB

$2.063

$2.065

-0.09%

-$0.002

3,498

 

 

 

 

Spreads

 

 

 

 

 

 

 

Current

Previous

% Change

Change

Contract

 

 

WTI-Brent

$3.42

$3.47

-1.44%

-$0.05

Jul-25

 

 

3:2:1 Crack

$25.86

$26.29

-1.61%

-$0.42

Jun-25

 

 

PJM West Spark

$48.37

$50.55

-4.31%

-$2.18

Jun-25

 

 

 

 

Baker Hughes Rig Count

 

 

 

 

 

 

 

Date

Count

Change

1 Year Chg.

1 Year Date

 

 

U.S.

05/02/25

584

-3

-21

05/03/24

 

 

Canada

05/02/25

120

-8

0

05/03/24

 

 

International

Apr

891

-8

-87

Apr

 

 

 

 

CFTC Net Positions

 

 

 

 

 

 

As of 4/29/2025

Open Interest

Total Net Long

Total Net Short

Diff

 

 

PJM West On Peak

98,924

98,143

98,421

-278

 

 

PJM West Off Peak

88,723

88,129

87,991

138

 

 

Natural Gas Henry Hub

358,032

342,507

345,828

-3,321

 

 

WTI – Light Sweet Crude Futures

151,431

120,137

115,612

4,525

 

 

Brent Crude Last Day

213,554

207,775

207,048

727

 

 

NYM Ethanol

35,820

35,104

35,328

-224

 

 

Mt Belvieu LDH Propane Swap

162,246

161,586

161,368

218

 

 

RBOB

388,087

368,722

369,297

-575

 

 

HSC Basis

925,075

918,889

921,086

-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

5/6/25

5/5/25

% Change

Change

4/7/25

% Change

5/6/24

% Change

 

 

PJM West On Peak

Jun-25

$55.99

$57.96

-3.40%

-$1.97

$55.75

0.42%

$49.53

13.04%

 

 

ERCOT North On Peak

Jun-25

$55.20

$54.51

1.27%

$0.69

$61.92

-10.85%

$63.24

-12.71%

 

 

CAISO SP 15 On Peak

Jun-25

$26.00

$25.22

3.10%

$0.78

$20.28

28.23%

$30.21

-13.95%

 

 

MISO Indiana On Peak

Jun-25

$46.98

$47.21

-0.48%

-$0.23

$52.48

-10.48%

$49.34

-4.78%

 

 

NEISO Mass On Peak

Jun-25

$57.12

$56.17

1.70%

$0.95

$61.69

-7.40%

$45.99

24.19%

 

 

WECC Mid C On Peak

Jun-25

$37.12

$37.38

-0.70%

-$0.26

$20.94

77.27%

$37.11

0.02%

 

 

NYISO Zone G On Peak

Jun-25

$49.96

$49.74

0.44%

$0.22

$57.50

-13.12%

$45.38

10.09%

 

 

 

 

 

Natural Gas & Basis

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

5/6/25

5/5/25

% Change

Change

4/7/25

% Change

5/6/24

% Change

 

 

NYMEX Henry Hub

Jun-25

$3.463

$3.550

-2.45%

-$0.09

$3.74

-7.53%

$3.25

6.46%

 

 

Houston Ship Channel

Jun-25

-$0.313

-$0.341

-8.24%

$0.03

-$0.41

-22.77%

-$0.34

-9.33%

 

 

Chicago

Jun-25

-$0.363

-$0.394

8.34%

$0.03

-$0.44

-17.81%

-$0.25

43.82%

 

 

Waha

Jun-25

-$1.770

-$1.914

-7.48%

$0.14

-$2.04

-13.01%

-$1.02

73.22%

 

 

Algonquin

Jun-25

$0.252

$0.220

14.88%

$0.03

$0.06

291.32%

-$0.18

-240.22%

 

 

Aeco

Jun-25

-$2.048

-$2.060

-0.56%

$0.01

-$2.15

-4.65%

-$1.13

80.89%

 

 

Socal

Jun-25

-$1.084

-$1.215

-10.80%

$0.13

-$1.59

-31.88%

-$0.17

536.29%

 

 

 

 

 

Natural Gas Liquids

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

5/6/25

5/5/25

% Change

Change

4/7/25

% Change

5/6/24

% Change

 

 

Mt. Belvieu Propane LST

Jun-25

$0.710

$0.701

1.26%

$0.01

$0.68

4.23%

$0.67

5.66%

 

 

Mt. Belvieu Propane non LST

Jun-25

$0.720

$0.700

2.83%

$0.02

$0.70

2.76%

$0.66

9.47%

 

 

Mt. Belview Ethane

Jun-25

$0.250

$0.248

1.00%

$0.00

$0.28

-9.12%

$0.25

0.97%

 

 

Mt. Belview Nat. Gasoline

Jun-25

$1.290

$1.254

2.93%

$0.04

$1.26

2.19%

$1.43

-9.64%

 

 

Mt. Belvieu Butane LST

Jun-25

$0.875

$0.853

2.54%

$0.02

$0.81

8.36%

$0.77

14.34%

 

 

Far East Propane

Jun-25

$5.004

$5.002

0.04%

$0.00

$4.84

3.49%

$5.22

-4.20%

 

 

Saudi Propane

Jun-25

$5.753

$5.757

-0.07%

$0.00

$5.50

4.66%

$4.91

17.25%

 

 

 

 

Crude Oil

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

5/6/25

5/5/25

% Change

Change

4/7/25

% Change

5/6/24

% Change

 

 

WTI

Jun-25

$59.09

$57.13

3.32%

$1.96

$60.44

-2.23%

$73.36

-19.45%

 

 

Brent

Jun-25

$62.32

$60.37

3.13%

$1.95

$64.21

-2.94%

$78.38

-20.49%

 

 

WCS

Jun-25

-$9.22

-$9.16

0.56%

-$0.05

-$9.87

-6.63%

-$12.40

-25.68%

 

 

LLS

Jun-25

$60.96

$58.92

3.36%

$2.05

$62.50

-2.46%

$75.24

-18.97%

 

 

Mars

Jun-25

$59.81

$57.85

3.29%

$1.97

$60.68

-1.43%

$72.68

-17.71%

 

 

Sour

Jun-25

$59.71

$57.53

3.65%

$2.18

$60.80

-1.80%

$73.00

-18.22%

 

 

ESPO

Jun-25

$60.32

$58.37

3.24%

$1.95

$62.21

-3.04%

$76.38

-21.03%

 

 

 

 

Refined Products

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

5/6/25

5/5/25

% Change

Change

4/7/25

% Change

5/6/24

% Change

 

 

NY Heating Oil

Jun-25

$2.01

$1.98

1.57%

$0.03

$2.03

-1.33%

$2.45

-17.98%

 

 

NY Gasoline

Jun-25

$2.06

$2.02

1.83%

$0.04

$2.04

1.18%

$2.33

-11.70%

 

 

GC Gasoline

Jun-25

$1.96

$1.92

1.92%

$0.04

$1.94

1.24%

$2.23

-12.23%

 

 

GC Jet

Jun-25

$1.85

$1.81

2.44%

$0.04

$1.89

-1.91%

$2.33

-20.70%

 

 

Chicago Ethanol

Jun-25

$1.76

$1.77

-0.68%

-$0.01

$1.80

-2.17%

$1.67

4.96%

 

 

Rotterdam Gasoil

Jun-25

$611.67

$586.52

4.29%

$25.15

$598.93

2.13%

$696.37

-12.16%

 

 

Singapore Jet Kero

Jun-25

$75.94

$73.81

2.89%

$2.13

$80.25

-5.37%

$95.55

-20.52%

 

 

 

 

Implied Volatilities

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

5/6/25

5/5/25

% Change

Change

4/7/25

% Change

5/6/24

% Change

 

 

Henry Hub Straddle

Jun-25

66.80%

68.55%

-2.55%

-1.75%

61.31%

8.95%

35.48%

88.28%

 

 

Algonquin Straddle

Jun-25

65.14%

67.34%

-3.27%

-2.20%

57.45%

13.39%

36.16%

80.14%

 

 

Waha Straddle

Jun-25

260.02%

219.74%

18.33%

40.28%

330.54%

-21.33%

44.54%

483.79%

 

 

Chicago Straddle

Jun-25

72.07%

74.14%

-2.79%

-2.07%

62.12%

16.02%

36.12%

99.53%

 

 

PJM West Straddle

Jun-25

59.60%

61.10%

-2.45%

-1.50%

44.34%

34.42%

41.57%

43.37%

 

 

SP – 15 Straddle

Jun-25

102.09%

102.30%

-0.21%

-0.21%

99.39%

2.72%

20.52%

397.51%

 

 

Mid. C Straddle

Jun-25

88.33%

147.34%

-40.05%

-59.01%

21.71%

306.86%

73.15%

20.75%

 

 

 

 

Euro Gas and Power/LNG

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

5/6/25

5/5/25

% Change

Change

4/7/25

% Change

5/6/24

% Change

 

 

Dutch TTF

Jun-25

EUR 34.93

EUR 33.08

5.59%

EUR 1.85

EUR 36.10

-3.25%

EUR 35.01

-0.24%

 

 

NBP

Jun-25

GBP 84.19

GBP 80.15

5.04%

GBP 4.04

GBP 88.87

-5.26%

GBP 87.67

-3.96%

 

 

German Base

Jun-25

EUR 74.26

EUR 71.59

3.73%

EUR 2.67

EUR 65.06

14.14%

EUR 85.37

-13.02%

 

 

UK Base

Jun-25

GBP 78.81

GBP 71.56

10.14%

GBP 7.26

GBP 71.27

10.58%

GBP 76.47

3.07%

 

 

French Base

Jun-25

EUR 25.12

EUR 29.36

-14.43%

-EUR 4.24

EUR 34.97

-28.17%

EUR 64.28

-60.92%

 

 

Italian Base

Jun-25

EUR 101.11

EUR 98.31

2.85%

EUR 2.80

EUR 107.04

-5.54%

EUR 102.68

-1.53%

 

 

JKM LNG

Jun-25

$11.63

$11.15

4.33%

$0.48

$11.59

0.35%

$11.86

-1.91%

 

 

 

 

Freight Forwards (WET & DRY)

 

OTCGH/EOXLive Market Data

 

 

 

Contract

5/6/25

5/5/25

% Change

Change

4/7/25

% Change

5/6/24

% Change

 

 

TD3C FFA Middle East to China (WET)

Jun-25

$34.93

$33.08

5.59%

$1.85

$36.10

-3.25%

$35.01

-0.24%

 

 

USGC-UK Continent Dirty (WET)

Jun-25

$84.19

$80.15

5.04%

$4.04

$88.87

-5.26%

$87.67

-3.96%

 

 

TD20 West Africa to UK Continent (WET)

Jun-25

$74.26

$71.59

3.73%

$2.67

$65.06

14.14%

$85.37

-13.02%

 

 

LPG FFA Middle East Gulf to East (WET)

Jun-25

$78.81

$71.56

10.14%

$7.26

$71.27

10.58%

$76.47

3.07%

 

 

TC5 FFA Arabian Gulf to Japan (WET)

Jun-25

$25.12

$29.36

-14.43%

-$4.24

$34.97

-28.17%

$64.28

-60.92%

 

 

Supramax Timecharter (DRY)

Jun-25

$101.11

$98.31

2.85%

$2.80

$107.04

-5.54%

$102.68

-1.53%

 

 

Capesize Timecharter (DRY)

Jun-25

$11.63

$11.15

4.33%

$0.48

$11.59

0.35%

$11.86

-1.91%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

 

 

 

 

 

 

 

 

 

 

 

 

Cooling Degree Days

 

 

 

 

 

 

05/03/2025

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

2

1

-3

2

1

-3

NA

NA

 

 

E N Central

0

-2

-5

0

-3

-6

NA

NA

 

 

W N Central

1

-4

0

3

-8

-5

NA

NA

 

 

South Atlantic

41

17

6

235

41

40

21.00%

21.00%

 

 

E S Central

36

23

3

103

40

35

NA

NA

 

 

W S Central

56

21

-3

294

104

51

55.00%

21.00%

 

 

Mountain

6

-7

0

43

-12

19

NA

NA

 

 

Pacific

0

-5

0

0

-23

0

NA

NA

 

 

United States

17

5

0

86

16

15

NA

NA

 

 

 

 

Heating Degree Days

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

05/03/2025

Week Tot

Dev Norm

Dev L YR

Cum Tot

CumD Norm

CumD L YR

CumD Norm

CumD L YR

 

 

New England

57

-43

-35

5,912

-393

420

-6.00%

8.00%

 

 

Middle Atlantic

36

-45

-11

5,151

-537

343

-9.00%

7.00%

 

 

E N Central

63

-22

24

5,691

-553

508

-9.00%

10.00%

 

 

W N Central

68

-7

2

5,954

-570

451

-9.00%

8.00%

 

 

South Atlantic

8

-17

-4

2,546

-249

117

-9.00%

5.00%

 

 

E S Central

9

-22

2

3,119

-414

62

-12.00%

2.00%

 

 

W S Central

5

-5

3

1,924

-349

-114

-15.00%

-6.00%

 

 

Mountain

72

-4

-14

4,533

-393

-82

-8.00%

-2.00%

 

 

Pacific

63

8

-4

2,907

-86

19

-3.00%

1.00%

 

 

United States

40

-16

-1

3,976

-373

193

-9.00%

5.00%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

Weather Forecast & Seasonal Outlook

 

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