Morning Report: Gas * Power * NGL * Crude * Products * Vols — May-08-2025

May 8, 2025

  

 

 

 

 

 

 

 

 

 

Prices as of 8:58 AM CST

 

 

 

 

 

 

 

Current Price

Previous Settle

% Change

Change

Volume

 

 

Natural Gas

$3.644

$3.621

0.64%

$0.023

42,912

 

 

WTI

$59.02

$58.07

1.64%

$0.95

86,451

 

 

Brent

$61.92

$61.12

1.31%

$0.80

19,605

 

 

ULSD

$2.001

$1.977

1.22%

$0.024

9,269

 

 

RBOB

$2.055

$2.028

1.33%

$0.027

8,967

 

 

 

 

Spreads

 

 

 

 

 

 

 

Current

Previous

% Change

Change

Contract

 

 

WTI-Brent

$3.29

$3.42

-3.80%

-$0.13

Jul-25

 

 

3:2:1 Crack

$25.85

$25.80

0.18%

$0.05

Jun-25

 

 

PJM West Spark

$49.72

$48.24

3.06%

$1.47

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

5/7/25

5/6/25

% Change

Change

4/8/25

% Change

5/7/24

% Change

 

 

PJM West On Peak

Jun-25

$57.51

$55.99

2.71%

$1.52

$55.19

4.20%

$49.54

16.07%

 

 

ERCOT North On Peak

Jun-25

$57.16

$55.20

3.54%

$1.96

$56.88

0.49%

$64.19

-10.96%

 

 

CAISO SP 15 On Peak

Jun-25

$27.50

$26.00

5.77%

$1.50

$19.05

44.39%

$30.52

-9.91%

 

 

MISO Indiana On Peak

Jun-25

$52.46

$46.98

11.67%

$5.48

$47.80

9.76%

$49.10

6.85%

 

 

NEISO Mass On Peak

Jun-25

$58.81

$57.12

2.96%

$1.69

$57.25

2.73%

$47.12

24.82%

 

 

WECC Mid C On Peak

Jun-25

$38.94

$37.12

4.90%

$1.82

$22.97

69.54%

$37.83

2.94%

 

 

NYISO Zone G On Peak

Jun-25

$55.88

$49.96

11.85%

$5.92

$56.48

-1.06%

$44.96

24.29%

 

 

 

 

 

Natural Gas & Basis

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

5/7/25

5/6/25

% Change

Change

4/8/25

% Change

5/7/24

% Change

 

 

NYMEX Henry Hub

Jun-25

$3.621

$3.463

4.56%

$0.16

$3.56

1.63%

$3.23

11.93%

 

 

Houston Ship Channel

Jun-25

-$0.359

-$0.313

14.67%

-$0.05

-$0.37

-4.32%

-$0.36

0.84%

 

 

Chicago

Jun-25

-$0.360

-$0.363

0.94%

$0.00

-$0.42

-13.78%

-$0.26

38.10%

 

 

Waha

Jun-25

-$1.780

-$1.770

-0.55%

-$0.01

-$2.03

-12.18%

-$1.05

69.46%

 

 

Algonquin

Jun-25

$0.299

$0.252

18.30%

$0.05

$0.08

280.38%

-$0.18

-261.84%

 

 

Aeco

Jun-25

-$2.067

-$2.048

0.91%

-$0.02

-$2.00

3.23%

-$1.16

77.74%

 

 

Socal

Jun-25

-$0.887

-$1.084

-18.18%

$0.20

-$1.37

-35.38%

-$0.16

459.02%

 

 

 

 

 

Natural Gas Liquids

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

5/7/25

5/6/25

% Change

Change

4/8/25

% Change

5/7/24

% Change

 

 

Mt. Belvieu Propane LST

Jun-25

$0.700

$0.710

-1.42%

-$0.01

$0.65

7.31%

$0.67

4.84%

 

 

Mt. Belvieu Propane non LST

Jun-25

$0.696

$0.720

-3.29%

-$0.02

$0.68

2.83%

$0.66

5.09%

 

 

Mt. Belview Ethane

Jun-25

$0.252

$0.250

1.00%

$0.00

$0.26

-3.34%

$0.25

1.00%

 

 

Mt. Belview Nat. Gasoline

Jun-25

$1.270

$1.290

-1.59%

-$0.02

$1.21

5.23%

$1.43

-11.33%

 

 

Mt. Belvieu Butane LST

Jun-25

$0.832

$0.875

-4.94%

-$0.04

$0.80

4.34%

$0.78

6.99%

 

 

Far East Propane

Jun-25

$5.035

$5.004

0.61%

$0.03

$4.71

6.85%

$5.27

-4.45%

 

 

Saudi Propane

Jun-25

$5.731

$5.753

-0.38%

-$0.02

$5.52

3.86%

$5.01

14.28%

 

 

 

 

Crude Oil

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

5/7/25

5/6/25

% Change

Change

4/8/25

% Change

5/7/24

% Change

 

 

WTI

Jun-25

$58.07

$59.09

-1.76%

-$1.02

$59.10

-1.74%

$73.34

-20.82%

 

 

Brent

Jun-25

$61.27

$62.32

-1.72%

-$1.05

$64.21

-4.58%

$78.27

-21.72%

 

 

WCS

Jun-25

-$8.12

-$9.22

-13.48%

$1.09

-$10.34

-21.48%

-$12.40

-34.51%

 

 

LLS

Jun-25

$59.74

$60.96

-2.05%

-$1.23

$60.28

-0.91%

$75.63

-21.02%

 

 

Mars

Jun-25

$58.86

$59.81

-1.62%

-$0.95

$58.40

0.79%

$73.08

-19.46%

 

 

Sour

Jun-25

$58.03

$59.71

-2.90%

-$1.68

$57.96

0.11%

$73.40

-20.95%

 

 

ESPO

Jun-25

$59.27

$60.32

-1.78%

-$1.05

$62.21

-4.73%

$76.27

-22.29%

 

 

 

 

Refined Products

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

5/7/25

5/6/25

% Change

Change

4/8/25

% Change

5/7/24

% Change

 

 

NY Heating Oil

Jun-25

$1.97

$2.01

-1.79%

-$0.04

$1.97

-0.15%

$2.42

-18.49%

 

 

NY Gasoline

Jun-25

$2.02

$2.06

-1.84%

-$0.04

$1.95

3.48%

$2.32

-12.66%

 

 

GC Gasoline

Jun-25

$1.92

$1.96

-1.94%

-$0.04

$1.85

3.67%

$2.21

-13.23%

 

 

GC Jet

Jun-25

$1.82

$1.85

-1.62%

-$0.03

$1.93

-5.65%

$2.34

-22.32%

 

 

Chicago Ethanol

Jun-25

$1.72

$1.76

-2.45%

-$0.04

$1.81

-5.09%

$1.67

2.57%

 

 

Rotterdam Gasoil

Jun-25

$608.50

$611.67

-0.52%

-$3.17

$599.77

1.46%

$699.05

-12.95%

 

 

Singapore Jet Kero

Jun-25

$76.16

$75.94

0.30%

$0.22

$79.81

-4.57%

$95.51

-20.26%

 

 

 

 

Implied Volatilities

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

5/7/25

5/6/25

% Change

Change

4/8/25

% Change

5/7/24

% Change

 

 

Henry Hub Straddle

Jun-25

63.86%

66.80%

-4.40%

-2.94%

63.40%

0.73%

35.90%

77.88%

 

 

Algonquin Straddle

Jun-25

62.85%

65.14%

-3.52%

-2.29%

58.15%

8.08%

34.92%

79.98%

 

 

Waha Straddle

Jun-25

233.72%

260.02%

-10.11%

-26.30%

326.78%

-28.48%

45.99%

408.20%

 

 

Chicago Straddle

Jun-25

68.96%

72.07%

-4.32%

-3.11%

64.42%

7.05%

36.73%

87.75%

 

 

PJM West Straddle

Jun-25

60.37%

59.60%

1.29%

0.77%

43.94%

37.39%

40.74%

48.18%

 

 

SP – 15 Straddle

Jun-25

99.36%

102.09%

-2.67%

-2.73%

100.23%

-0.87%

20.49%

384.92%

 

 

Mid. C Straddle

Jun-25

154.42%

88.33%

74.82%

66.09%

21.05%

633.59%

81.30%

89.94%

 

 

 

 

Euro Gas and Power/LNG

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

5/7/25

5/6/25

% Change

Change

4/8/25

% Change

5/7/24

% Change

 

 

Dutch TTF

Jun-25

EUR 34.21

EUR 34.93

-2.06%

-EUR 0.72

EUR 35.87

-4.62%

EUR 33.95

0.75%

 

 

NBP

Jun-25

GBP 82.53

GBP 84.19

-1.98%

-GBP 1.67

GBP 87.86

-6.07%

GBP 85.06

-2.98%

 

 

German Base

Jun-25

EUR 74.31

EUR 74.26

0.07%

EUR 0.05

EUR 64.25

15.67%

EUR 84.88

-12.44%

 

 

UK Base

Jun-25

GBP 76.75

GBP 78.81

-2.62%

-GBP 2.07

GBP 71.92

6.72%

GBP 74.19

3.45%

 

 

French Base

Jun-25

EUR 24.13

EUR 25.12

-3.94%

-EUR 0.99

EUR 34.71

-30.47%

EUR 65.92

-63.39%

 

 

Italian Base

Jun-25

EUR 100.08

EUR 101.11

-1.02%

-EUR 1.03

EUR 105.61

-5.23%

EUR 99.29

0.80%

 

 

JKM LNG

Jun-25

$11.39

$11.63

-2.09%

-$0.24

$11.69

-2.58%

$11.57

-1.62%

 

 

 

 

Freight Forwards (WET & DRY)

 

OTCGH/EOXLive Market Data

 

 

 

Contract

5/7/25

5/6/25

% Change

Change

4/8/25

% Change

5/7/24

% Change

 

 

TD3C FFA Middle East to China (WET)

Jun-25

$34.21

$34.93

-2.06%

-$0.72

$35.87

-4.62%

$33.95

0.75%

 

 

USGC-UK Continent Dirty (WET)

Jun-25

$82.53

$84.19

-1.98%

-$1.67

$87.86

-6.07%

$85.06

-2.98%

 

 

TD20 West Africa to UK Continent (WET)

Jun-25

$74.31

$74.26

0.07%

$0.05

$64.25

15.67%

$84.88

-12.44%

 

 

LPG FFA Middle East Gulf to East (WET)

Jun-25

$76.75

$78.81

-2.62%

-$2.07

$71.92

6.72%

$74.19

3.45%

 

 

TC5 FFA Arabian Gulf to Japan (WET)

Jun-25

$24.13

$25.12

-3.94%

-$0.99

$34.71

-30.47%

$65.92

-63.39%

 

 

Supramax Timecharter (DRY)

Jun-25

$100.08

$101.11

-1.02%

-$1.03

$105.61

-5.23%

$99.29

0.80%

 

 

Capesize Timecharter (DRY)

Jun-25

$11.39

$11.63

-2.09%

-$0.24

$11.69

-2.58%

$11.57

-1.62%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

 

 

 

 

 

 

 

 

 

 

 

 

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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