Morning Report: Gas * Power * NGL * Crude * Products * Vols — May-11-2026

May 11, 2026

  

 

 

 

 

 

 

 

 

 

Prices as of 6:52 AM CST

 

 

 

 

 

 

 

Current Price

Previous Settle

% Change

Change

Volume

 

 

Natural Gas

$2.830

$2.757

2.65%

$0.073

19,379

 

 

WTI

$98.00

$95.42

2.70%

$2.58

65,652

 

 

Brent

$104.00

$101.29

2.68%

$2.71

8,652

 

 

ULSD

$3.964

$3.899

1.66%

$0.065

3,726

 

 

RBOB

$3.612

$3.527

2.42%

$0.085

4,911

 

 

 

 

Spreads

 

 

 

 

 

 

 

Current

Previous

% Change

Change

Contract

 

 

WTI-Brent

$9.69

$9.50

2.00%

$0.19

Jul-26

 

 

3:2:1 Crack

$54.83

$54.08

1.38%

$0.75

Jun-26

 

 

PJM West Spark

$60.71

$65.74

-7.65%

-$5.03

Jun-26

 

 

 

 

Baker Hughes Rig Count

 

 

 

 

 

 

 

Date

Count

Change

1 Year Chg.

1 Year Date

 

 

U.S.

05/08/26

548

1

-30

05/09/25

 

 

Canada

05/08/26

124

1

10

05/09/25

 

 

International

Apr-2026

1036

-22

-51

Apr-2025

 

 

 

 

CFTC Net Positions

 

 

 

 

 

 

As of 5/5/2026

Open Interest

Total Net Long

Total Net Short

Diff

 

 

PJM West On Peak

123,703

123,261

123,206

55

 

 

PJM West Off Peak

119,408

119,033

119,119

-86

 

 

Natural Gas Henry Hub

384,686

368,318

366,401

1,917

 

 

WTI – Light Sweet Crude Futures

217,942

186,023

176,005

10,018

 

 

Brent Crude Last Day

337,974

328,166

331,157

-2,991

 

 

NYM Ethanol

49,602

49,033

49,005

28

 

 

Mt Belvieu LDH Propane Swap

106,323

105,725

105,502

223

 

 

RBOB

314,222

287,708

302,284

-14,576

 

 

HSC Basis

881,393

873,995

874,564

-569

 

 

 

 

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

 

 

 

 

05/07/21

 

 

 

5/1/26

4/24/26

Net Change

% Change

5/2/25

% Change

5 Year Avg.

% Change

 

 

East

361

332

29

8.73%

362

-0.28%

372

-2.90%

 

 

Midwest

452

429

23

5.36%

454

-0.44%

467

-3.21%

 

 

Mountain

203

205

-2

-0.98%

180

12.78%

140

44.59%

 

 

Pacific

275

272

3

1.10%

232

18.53%

202

36.14%

 

 

South

914

905

9

0.99%

917

-0.33%

922

-0.91%

 

 

    Salt

273

272

1

0.37%

293

-6.83%

281

-2.78%

 

 

    Non_Salt

641

634

7

1.10%

624

2.72%

641

-0.06%

 

 

Total

2,205

2,142

63

2.94%

2,145

2.80%

2,104

4.79%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Power Generation Additions/Retirements

 

 

  

 

Front Month Prices

 

 

 

 

 

 

 

 

 

 

 

 

 

Electricity

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

5/8/26

5/7/26

% Change

Change

4/10/26

% Change

5/8/25

% Change

 

 

PJM West On Peak

Jun-26

$66.81

$71.64

-6.74%

-$4.83

$67.31

-0.75%

$57.98

15.23%

 

 

ERCOT North On Peak

Jun-26

$41.53

$43.67

-4.89%

-$2.14

$39.34

5.56%

$59.13

-29.77%

 

 

CAISO SP 15 On Peak

Jun-26

$14.00

$13.99

0.05%

$0.01

$13.76

1.76%

$32.68

-57.16%

 

 

MISO Indiana On Peak

Jun-26

$56.63

$59.03

-4.07%

-$2.40

$57.25

-1.08%

$50.30

12.57%

 

 

NEISO Mass On Peak

Jun-26

$55.98

$60.92

-8.10%

-$4.94

$54.92

1.94%

$51.58

8.54%

 

 

WECC Mid C On Peak

Jun-26

$27.00

$28.33

-4.69%

-$1.33

$18.42

46.57%

$46.94

-42.48%

 

 

NYISO Zone G On Peak

Jun-26

$55.20

$59.68

-7.51%

-$4.48

$56.11

-1.62%

$51.27

7.67%

 

 

 

 

 

Natural Gas & Basis

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

5/8/26

5/7/26

% Change

Change

4/10/26

% Change

5/8/25

% Change

 

 

NYMEX Henry Hub

Jun-26

$2.757

$2.769

-0.43%

-$0.01

$2.81

-1.75%

$4.05

-31.84%

 

 

Houston Ship Channel

Jun-26

-$0.415

-$0.403

3.11%

-$0.01

-$0.40

4.75%

-$0.38

9.88%

 

 

Chicago

Jun-26

-$0.360

-$0.338

-6.25%

-$0.02

-$0.39

-7.81%

-$0.43

-15.69%

 

 

Waha

Jun-26

-$6.050

-$6.355

-4.80%

$0.30

-$5.37

12.69%

-$1.84

228.09%

 

 

Algonquin

Jun-26

-$0.285

-$0.260

-9.62%

-$0.03

$0.28

-201.50%

-$0.33

-12.52%

 

 

Aeco

Jun-26

-$1.660

-$1.645

0.91%

-$0.01

-$1.90

-12.62%

-$1.78

-6.99%

 

 

Socal

Jun-26

-$1.250

-$1.275

-1.96%

$0.02

-$1.57

-20.42%

-$0.39

222.08%

 

 

 

 

 

Natural Gas Liquids

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

5/8/26

5/7/26

% Change

Change

4/10/26

% Change

5/8/25

% Change

 

 

Mt. Belvieu Propane LST

Jun-26

$0.865

$0.841

2.82%

$0.02

$0.75

15.41%

$0.67

28.55%

 

 

Mt. Belvieu Propane non LST

Jun-26

$0.838

$0.808

3.72%

$0.03

$0.74

13.56%

$0.68

23.66%

 

 

Mt. Belview Ethane

Jun-26

$0.206

$0.205

0.61%

$0.00

$0.21

0.00%

$0.28

-26.72%

 

 

Mt. Belview Nat. Gasoline

Jun-26

$2.058

$2.050

0.37%

$0.01

$1.90

8.58%

$1.20

70.82%

 

 

Mt. Belvieu Butane LST

Jun-26

$1.170

$1.159

0.97%

$0.01

$0.99

18.04%

$0.77

52.85%

 

 

Far East Propane

Jun-26

$7.441

$7.230

2.91%

$0.21

$6.84

8.82%

$4.86

53.17%

 

 

Saudi Propane

Jun-26

$6.720

$6.800

-1.18%

-$0.08

$6.40

5.00%

$4.85

38.65%

 

 

 

 

Crude Oil

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

5/8/26

5/7/26

% Change

Change

4/10/26

% Change

5/8/25

% Change

 

 

WTI

Jul-26

$91.79

$91.07

0.78%

$0.72

$84.93

8.08%

$59.22

55.00%

 

 

Brent

Jul-26

$101.29

$100.06

1.21%

$1.23

$90.28

12.20%

$62.73

61.47%

 

 

WCS

Jul-26

-$14.05

-$14.10

-0.36%

$0.05

-$13.35

5.27%

-$11.71

19.99%

 

 

LLS

Jul-26

$88.08

$89.17

-1.23%

-$1.08

$83.68

5.27%

$61.87

42.37%

 

 

Mars

Jul-26

$88.78

$90.28

-1.68%

-$1.49

$83.92

5.79%

$59.67

48.78%

 

 

Sour

Jul-26

$90.34

$91.40

-1.17%

-$1.06

$85.93

5.14%

$59.36

52.18%

 

 

ESPO

Jul-26

$99.29

$98.06

1.24%

$1.23

$88.28

12.47%

$60.73

63.49%

 

 

 

 

Refined Products

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

5/8/26

5/7/26

% Change

Change

4/10/26

% Change

5/8/25

% Change

 

 

NY Heating Oil

Jun-26

$3.91

$3.92

-0.41%

-$0.02

$3.61

8.17%

$1.98

96.87%

 

 

NY Gasoline

Jun-26

$3.46

$3.38

2.43%

$0.08

$2.96

16.90%

$1.92

80.48%

 

 

GC Gasoline

Jun-26

$3.32

$3.24

2.53%

$0.08

$2.82

17.74%

$1.82

82.71%

 

 

GC Jet

Jun-26

$3.62

$3.58

1.01%

$0.04

$3.85

-5.93%

$1.85

95.67%

 

 

Chicago Ethanol

Jun-26

$1.93

$1.93

-0.26%

$0.00

$1.92

0.26%

$1.57

22.70%

 

 

Rotterdam Gasoil

Jun-26

$1,021.75

$998.17

2.36%

$23.58

$876.00

16.64%

$585.77

74.43%

 

 

Singapore Jet Kero

Jun-26

$145.25

$139.79

3.91%

$5.46

$141.18

2.89%

$77.68

86.99%

 

 

 

 

Implied Volatilities

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

5/8/26

5/7/26

% Change

Change

4/10/26

% Change

5/8/25

% Change

 

 

Henry Hub Straddle

Jun-26

50.63%

49.95%

1.36%

0.68%

51.03%

-0.78%

43.45%

16.52%

 

 

Algonquin Straddle

Jun-26

62.49%

69.24%

-9.75%

-6.75%

71.51%

-12.61%

45.34%

37.83%

 

 

Waha Straddle

Jun-26

117.67%

119.11%

-1.21%

-1.44%

264.21%

-55.46%

298.26%

-60.55%

 

 

Chicago Straddle

Jun-26

51.97%

52.07%

-0.19%

-0.10%

54.66%

-4.92%

45.23%

14.90%

 

 

PJM West Straddle

Jun-26

66.90%

64.97%

2.97%

1.93%

48.49%

37.97%

39.50%

69.37%

 

 

SP – 15 Straddle

Jun-26

258.30%

215.95%

19.61%

42.35%

342.73%

-24.63%

98.76%

161.54%

 

 

Mid. C Straddle

Jun-26

46.81%

36.13%

29.56%

10.68%

27.12%

72.60%

54.39%

-13.94%

 

 

 

 

Euro Gas and Power/LNG

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

5/8/26

5/7/26

% Change

Change

4/10/26

% Change

5/8/25

% Change

 

 

Dutch TTF

Jun-26

EUR 43.87

EUR 44.35

-1.09%

-EUR 0.49

EUR 43.81

0.15%

EUR 32.68

34.25%

 

 

NBP

Jun-26

GBP 107.81

GBP 108.50

-0.64%

-GBP 0.69

GBP 108.46

-0.60%

GBP 79.47

35.67%

 

 

German Base

Jun-26

EUR 84.40

EUR 83.76

0.76%

EUR 0.64

EUR 84.57

-0.20%

EUR 72.71

16.08%

 

 

UK Base

Jun-26

GBP 92.07

GBP 92.52

-0.49%

-GBP 0.46

GBP 88.50

4.03%

GBP 70.63

30.35%

 

 

French Base

Jun-26

EUR 24.12

EUR 23.47

2.77%

EUR 0.65

EUR 27.61

-12.64%

EUR 32.22

-25.14%

 

 

Italian Base

Jun-26

EUR 120.97

EUR 121.34

-0.30%

-EUR 0.36

EUR 125.06

-3.27%

EUR 91.89

31.64%

 

 

JKM LNG

Jun-26

$17.04

$16.79

1.46%

$0.24

$16.40

3.90%

$11.29

50.88%

 

 

 

 

Freight Forwards (WET & DRY)

 

OTCGH/EOXLive Market Data

 

 

 

Contract

5/8/26

5/7/26

% Change

Change

4/10/26

% Change

5/8/25

% Change

 

 

TD3C FFA Middle East to China (WET)

Jun-26

$43.87

$44.35

-1.09%

-$0.49

$43.81

0.15%

$32.68

34.25%

 

 

USGC-UK Continent Dirty (WET)

Jun-26

$107.81

$108.50

-0.64%

-$0.69

$108.46

-0.60%

$79.47

35.67%

 

 

TD20 West Africa to UK Continent (WET)

Jun-26

$84.40

$83.76

0.76%

$0.64

$84.57

-0.20%

$72.71

16.08%

 

 

LPG FFA Middle East Gulf to East (WET)

Jun-26

$92.07

$92.52

-0.49%

-$0.46

$88.50

4.03%

$70.63

30.35%

 

 

TC5 FFA Arabian Gulf to Japan (WET)

Jun-26

$24.12

$23.47

2.77%

$0.65

$27.61

-12.64%

$32.22

-25.14%

 

 

Supramax Timecharter (DRY)

Jun-26

$120.97

$121.34

-0.30%

-$0.36

$125.06

-3.27%

$91.89

31.64%

 

 

Capesize Timecharter (DRY)

Jun-26

$17.04

$16.79

1.46%

$0.24

$16.40

3.90%

$11.29

50.88%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

 

 

 

 

 

 

 

 

 

 

 

 

Cooling Degree Days

 

 

 

 

 

 

05/09/2026

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

-1

-1

18

17

16

NA

NA

 

 

E N Central

0

-5

0

14

7

13

NA

NA

 

 

W N Central

1

-6

-2

25

8

19

NA

NA

 

 

South Atlantic

30

2

-12

265

47

-5

22.00%

-1.00%

 

 

E S Central

11

-8

-4

128

48

12

NA

NA

 

 

W S Central

33

-9

3

404

177

84

78.00%

26.00%

 

 

Mountain

15

1

6

102

35

52

NA

NA

 

 

Pacific

2

-4

-1

32

4

28

NA

NA

 

 

United States

11

-3

-2

120

37

23

NA

NA

 

 

 

 

Heating Degree Days

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

05/09/2026

Week Tot

Dev Norm

Dev L YR

Cum Tot

CumD Norm

CumD L YR

CumD Norm

CumD L YR

 

 

New England

86

0

38

6,401

24

443

0.00%

7.00%

 

 

Middle Atlantic

69

0

35

5,632

-114

448

-2.00%

9.00%

 

 

E N Central

86

13

13

5,915

-390

164

-6.00%

3.00%

 

 

W N Central

83

19

34

5,761

-816

-230

-12.00%

-4.00%

 

 

South Atlantic

26

6

16

2,664

-148

109

-5.00%

4.00%

 

 

E S Central

41

16

7

3,103

-452

-47

-13.00%

-1.00%

 

 

W S Central

14

7

1

1,696

-582

-239

-26.00%

-12.00%

 

 

Mountain

60

-7

-6

3,803

-1,180

-790

-24.00%

-17.00%

 

 

Pacific

35

-15

-14

2,286

-750

-659

-25.00%

-22.00%

 

 

United States

52

4

12

3,943

-447

-66

-10.00%

-2.00%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

Weather Forecast & Seasonal Outlook

 

 

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