Morning Report: Gas * Power * NGL * Crude * Products * Vols — May-13-2025

May 13, 2025

  

 

 

 

 

 

 

 

 

 

Prices as of 7:12 AM CST

 

 

 

 

 

 

 

Current Price

Previous Settle

% Change

Change

Volume

 

 

Natural Gas

$3.671

$3.646

0.69%

$0.025

14,418

 

 

WTI

$62.64

$61.95

1.11%

$0.69

42,184

 

 

Brent

$65.58

$64.96

0.95%

$0.62

12,157

 

 

ULSD

$2.129

$2.111

0.86%

$0.018

4,026

 

 

RBOB

$2.140

$2.133

0.30%

$0.006

6,749

 

 

 

 

Spreads

 

 

 

 

 

 

 

Current

Previous

% Change

Change

Contract

 

 

WTI-Brent

$3.34

$3.40

-1.76%

-$0.06

Jul-25

 

 

3:2:1 Crack

$26.00

$26.34

-1.26%

-$0.33

Jun-25

 

 

PJM West Spark

$45.94

$47.90

-4.10%

-$1.97

Jun-25

 

 

 

 

Baker Hughes Rig Count

 

 

 

 

 

 

 

Date

Count

Change

1 Year Chg.

1 Year Date

 

 

U.S.

05/09/25

578

-6

-25

05/10/24

 

 

Canada

05/09/25

114

-6

-2

05/10/24

 

 

International

Apr

891

-8

-87

Apr

 

 

 

 

CFTC Net Positions

 

 

 

 

 

 

As of 5/6/2025

Open Interest

Total Net Long

Total Net Short

Diff

 

 

PJM West On Peak

92,553

91,821

91,950

-129

 

 

PJM West Off Peak

83,736

83,290

83,053

237

 

 

Natural Gas Henry Hub

361,881

346,356

349,677

-3,321

 

 

WTI – Light Sweet Crude Futures

290,095

229,851

218,550

11,301

 

 

Brent Crude Last Day

188,137

178,522

180,343

-1,821

 

 

NYM Ethanol

31,812

31,164

31,270

-106

 

 

Mt Belvieu LDH Propane Swap

145,984

145,426

145,495

-69

 

 

RBOB

400,459

377,141

379,598

-2,457

 

 

HSC Basis

860,497

853,570

854,207

-637

 

 

 

 

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

 

 

 

 

05/08/20

 

 

 

5/2/25

4/25/25

Net Change

% Change

5/3/24

% Change

5 Year Avg.

% Change

 

 

East

362

331

31

9.37%

454

-20.26%

390

-7.13%

 

 

Midwest

454

425

29

6.82%

584

-22.26%

487

-6.78%

 

 

Mountain

180

174

6

3.45%

191

-5.76%

128

40.85%

 

 

Pacific

232

226

6

2.65%

246

-5.69%

204

13.95%

 

 

South

917

885

32

3.62%

1,087

-15.64%

951

-3.55%

 

 

    Salt

293

281

12

4.27%

314

-6.69%

290

0.96%

 

 

    Non_Salt

624

605

19

3.14%

773

-19.28%

660

-5.51%

 

 

Total

2,145

2,041

104

5.10%

2,563

-16.31%

2,160

-0.68%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Power Generation Additions/Retirements

 

 

  

 

Front Month Prices

 

 

 

 

 

 

 

 

 

 

 

 

 

Electricity

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

5/12/25

5/9/25

% Change

Change

4/11/25

% Change

5/10/24

% Change

 

 

PJM West On Peak

Jun-25

$53.73

$55.71

-3.55%

-$1.98

$54.48

-1.39%

$48.81

10.09%

 

 

ERCOT North On Peak

Jun-25

$62.33

$58.43

6.68%

$3.90

$56.95

9.45%

$68.31

-8.76%

 

 

CAISO SP 15 On Peak

Jun-25

$26.00

$27.31

-4.78%

-$1.31

$20.07

29.57%

$33.88

-23.25%

 

 

MISO Indiana On Peak

Jun-25

$52.15

$50.01

4.28%

$2.14

$49.66

5.01%

$50.27

3.75%

 

 

NEISO Mass On Peak

Jun-25

$58.72

$56.75

3.49%

$1.98

$58.52

0.34%

$48.02

22.30%

 

 

WECC Mid C On Peak

Jun-25

$34.00

$34.81

-2.33%

-$0.81

$24.00

41.67%

$42.30

-19.63%

 

 

NYISO Zone G On Peak

Jun-25

$49.97

$52.98

-5.67%

-$3.00

$57.19

-12.62%

$44.35

12.69%

 

 

 

 

 

Natural Gas & Basis

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

5/12/25

5/9/25

% Change

Change

4/11/25

% Change

5/10/24

% Change

 

 

NYMEX Henry Hub

Jun-25

$3.646

$3.795

-3.93%

-$0.15

$3.65

-0.08%

$3.14

16.19%

 

 

Houston Ship Channel

Jun-25

-$0.345

-$0.340

1.44%

$0.00

-$0.34

0.73%

-$0.34

2.04%

 

 

Chicago

Jun-25

-$0.388

-$0.382

-1.55%

-$0.01

-$0.34

14.99%

-$0.25

55.05%

 

 

Waha

Jun-25

-$1.900

-$1.840

-3.25%

-$0.06

-$2.03

-6.37%

-$1.03

84.31%

 

 

Algonquin

Jun-25

$0.235

$0.264

-11.13%

-$0.03

$0.15

56.32%

-$0.17

-236.04%

 

 

Aeco

Jun-25

-$2.259

-$2.251

0.36%

-$0.01

-$2.02

11.74%

-$1.15

97.12%

 

 

Socal

Jun-25

-$0.949

-$0.848

11.90%

-$0.10

-$1.28

-25.88%

-$0.12

676.90%

 

 

 

 

 

Natural Gas Liquids

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

5/12/25

5/9/25

% Change

Change

4/11/25

% Change

5/10/24

% Change

 

 

Mt. Belvieu Propane LST

Jun-25

$0.772

$0.725

6.53%

$0.05

$0.67

15.84%

$0.66

16.17%

 

 

Mt. Belvieu Propane non LST

Jun-25

$0.771

$0.726

6.15%

$0.04

$0.66

16.92%

$0.67

14.74%

 

 

Mt. Belview Ethane

Jun-25

$0.263

$0.264

-0.43%

$0.00

$0.24

10.65%

$0.24

7.69%

 

 

Mt. Belview Nat. Gasoline

Jun-25

$1.343

$1.320

1.70%

$0.02

$1.23

9.05%

$1.44

-6.45%

 

 

Mt. Belvieu Butane LST

Jun-25

$0.866

$0.830

4.30%

$0.04

$0.81

6.27%

$0.78

10.83%

 

 

Far East Propane

Jun-25

$5.502

$5.203

5.75%

$0.30

$4.80

14.59%

$5.23

5.17%

 

 

Saudi Propane

Jun-25

$5.698

$5.750

-0.91%

-$0.05

$5.38

5.93%

$4.89

16.43%

 

 

 

 

Crude Oil

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

5/12/25

5/9/25

% Change

Change

4/11/25

% Change

5/10/24

% Change

 

 

WTI

Jul-25

$61.56

$60.58

1.59%

$0.98

$60.34

2.02%

$72.46

-15.04%

 

 

Brent

Jul-25

$64.96

$63.91

1.62%

$1.05

$64.01

1.48%

$77.36

-16.03%

 

 

WCS

Jul-25

-$9.73

-$8.50

12.62%

-$1.23

-$10.97

-11.33%

-$12.60

-22.79%

 

 

LLS

Jul-25

$62.96

$62.31

1.03%

$0.65

$62.05

1.46%

$75.26

-16.35%

 

 

Mars

Jul-25

$61.32

$60.62

1.14%

$0.70

$60.84

0.79%

$72.66

-15.61%

 

 

Sour

Jul-25

$61.41

$60.52

1.46%

$0.90

$60.61

1.33%

$73.11

-16.00%

 

 

ESPO

Jul-25

$62.96

$61.91

1.67%

$1.05

$62.01

1.53%

$75.36

-16.45%

 

 

 

 

Refined Products

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

5/12/25

5/9/25

% Change

Change

4/11/25

% Change

5/10/24

% Change

 

 

NY Heating Oil

Jun-25

$2.11

$2.07

1.93%

$0.04

$2.04

3.49%

$2.45

-13.82%

 

 

NY Gasoline

Jun-25

$2.13

$2.11

1.09%

$0.02

$1.97

8.22%

$2.30

-7.42%

 

 

GC Gasoline

Jun-25

$2.03

$2.01

1.14%

$0.02

$1.87

8.66%

$2.20

-7.76%

 

 

GC Jet

Jun-25

$1.94

$1.90

2.00%

$0.04

$1.93

0.26%

$2.32

-16.29%

 

 

Chicago Ethanol

Jun-25

$1.72

$1.73

-0.41%

-$0.01

$1.81

-4.97%

$1.68

2.50%

 

 

Rotterdam Gasoil

Jun-25

$639.95

$624.03

2.55%

$15.93

$587.09

9.00%

$689.62

-7.20%

 

 

Singapore Jet Kero

Jun-25

$79.71

$78.05

2.13%

$1.66

$78.47

1.59%

$97.48

-18.22%

 

 

 

 

Implied Volatilities

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

5/12/25

5/9/25

% Change

Change

4/11/25

% Change

5/10/24

% Change

 

 

Henry Hub Straddle

Jun-25

67.20%

60.88%

10.38%

6.32%

67.57%

-0.55%

36.68%

83.21%

 

 

Algonquin Straddle

Jun-25

65.24%

58.35%

11.81%

6.89%

67.57%

-3.45%

37.32%

74.81%

 

 

Waha Straddle

Jun-25

185.37%

226.21%

-18.05%

-40.84%

286.22%

-35.24%

46.83%

295.84%

 

 

Chicago Straddle

Jun-25

70.45%

64.64%

8.99%

5.81%

75.22%

-6.34%

36.25%

94.34%

 

 

PJM West Straddle

Jun-25

59.62%

61.65%

-3.29%

-2.03%

49.92%

19.43%

41.66%

43.11%

 

 

SP – 15 Straddle

Jun-25

108.37%

103.10%

5.11%

5.27%

103.05%

5.16%

29.77%

264.02%

 

 

Mid. C Straddle

Jun-25

100.23%

108.49%

-7.61%

-8.26%

20.21%

395.94%

78.30%

28.01%

 

 

 

 

Euro Gas and Power/LNG

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

5/12/25

5/9/25

% Change

Change

4/11/25

% Change

5/10/24

% Change

 

 

Dutch TTF

Jun-25

EUR 35.17

EUR 34.61

1.63%

EUR 0.56

EUR 33.77

4.15%

EUR 33.87

3.84%

 

 

NBP

Jun-25

GBP 84.09

GBP 82.64

1.76%

GBP 1.45

GBP 83.52

0.69%

GBP 85.68

-1.86%

 

 

German Base

Jun-25

EUR 75.94

EUR 72.34

4.97%

EUR 3.60

EUR 65.80

15.42%

EUR 84.17

-9.78%

 

 

UK Base

Jun-25

GBP 77.39

GBP 75.46

2.56%

GBP 1.93

GBP 71.25

8.62%

GBP 74.90

3.33%

 

 

French Base

Jun-25

EUR 19.62

EUR 21.48

-8.63%

-EUR 1.85

EUR 31.52

-37.75%

EUR 63.87

-69.28%

 

 

Italian Base

Jun-25

EUR 107.57

EUR 101.37

6.12%

EUR 6.21

EUR 100.88

6.64%

EUR 97.84

9.95%

 

 

JKM LNG

Jun-25

$11.80

$11.31

4.33%

$0.49

$11.06

6.67%

$11.67

1.12%

 

 

 

 

Freight Forwards (WET & DRY)

 

OTCGH/EOXLive Market Data

 

 

 

Contract

5/12/25

5/9/25

% Change

Change

4/11/25

% Change

5/10/24

% Change

 

 

TD3C FFA Middle East to China (WET)

Jun-25

$35.17

$34.61

1.63%

$0.56

$33.77

4.15%

$33.87

3.84%

 

 

USGC-UK Continent Dirty (WET)

Jun-25

$84.09

$82.64

1.76%

$1.45

$83.52

0.69%

$85.68

-1.86%

 

 

TD20 West Africa to UK Continent (WET)

Jun-25

$75.94

$72.34

4.97%

$3.60

$65.80

15.42%

$84.17

-9.78%

 

 

LPG FFA Middle East Gulf to East (WET)

Jun-25

$77.39

$75.46

2.56%

$1.93

$71.25

8.62%

$74.90

3.33%

 

 

TC5 FFA Arabian Gulf to Japan (WET)

Jun-25

$19.62

$21.48

-8.63%

-$1.85

$31.52

-37.75%

$63.87

-69.28%

 

 

Supramax Timecharter (DRY)

Jun-25

$107.57

$101.37

6.12%

$6.21

$100.88

6.64%

$97.84

9.95%

 

 

Capesize Timecharter (DRY)

Jun-25

$11.80

$11.31

4.33%

$0.49

$11.06

6.67%

$11.67

1.12%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

 

 

 

 

 

 

 

 

 

 

 

 

Cooling Degree Days

 

 

 

 

 

 

05/10/2025

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

-1

-5

2

0

-8

NA

NA

 

 

E N Central

0

-5

-4

0

-8

-10

NA

NA

 

 

W N Central

5

-2

2

8

-11

-3

NA

NA

 

 

South Atlantic

39

10

-17

274

51

24

23.00%

10.00%

 

 

E S Central

14

-6

-42

117

34

-6

NA

NA

 

 

W S Central

31

-12

-41

324

90

9

38.00%

3.00%

 

 

Mountain

11

-3

4

54

-15

23

NA

NA

 

 

Pacific

9

3

9

9

-20

9

NA

NA

 

 

United States

14

-1

-10

100

15

5

NA

NA

 

 

 

 

Heating Degree Days

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

05/10/2025

Week Tot

Dev Norm

Dev L YR

Cum Tot

CumD Norm

CumD L YR

CumD Norm

CumD L YR

 

 

New England

56

-27

-16

5,968

-420

405

-7.00%

7.00%

 

 

Middle Atlantic

40

-27

-2

5,190

-565

341

-10.00%

7.00%

 

 

E N Central

68

-3

33

5,759

-556

541

-9.00%

10.00%

 

 

W N Central

41

-21

-12

5,995

-590

439

-9.00%

8.00%

 

 

South Atlantic

13

-7

8

2,559

-256

126

-9.00%

5.00%

 

 

E S Central

35

11

34

3,155

-403

96

-11.00%

3.00%

 

 

W S Central

12

5

11

1,936

-343

-104

-15.00%

-5.00%

 

 

Mountain

63

-3

-24

4,596

-395

-106

-8.00%

-2.00%

 

 

Pacific

41

-8

-31

2,947

-95

-12

-3.00%

0.00%

 

 

United States

39

-8

2

4,014

-382

195

-9.00%

5.00%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

Weather Forecast & Seasonal Outlook

 

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