Morning Report: Gas * Power * NGL * Crude * Products * Vols — May-14-2025

May 14, 2025

  

 

 

 

 

 

 

 

 

 

Prices as of 9:19 AM CST

 

 

 

 

 

 

 

Current Price

Previous Settle

% Change

Change

Volume

 

 

Natural Gas

$3.504

$3.647

-3.92%

-$0.143

44,296

 

 

WTI

$63.30

$63.67

-0.58%

-$0.37

76,740

 

 

Brent

$66.26

$66.63

-0.56%

-$0.37

19,611

 

 

ULSD

$2.179

$2.171

0.36%

$0.008

18,133

 

 

RBOB

$2.170

$2.166

0.18%

$0.004

13,645

 

 

 

 

Spreads

 

 

 

 

 

 

 

Current

Previous

% Change

Change

Contract

 

 

WTI-Brent

$3.37

$3.38

-0.30%

-$0.01

Jul-25

 

 

3:2:1 Crack

$26.65

$26.29

1.36%

$0.36

Jun-25

 

 

PJM West Spark

$48.05

$45.93

4.62%

$2.12

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

5/13/25

5/12/25

% Change

Change

4/14/25

% Change

5/13/24

% Change

 

 

PJM West On Peak

Jun-25

$55.51

$53.73

3.32%

$1.78

$54.73

1.44%

$49.06

13.14%

 

 

ERCOT North On Peak

Jun-25

$58.03

$62.33

-6.90%

-$4.30

$59.83

-3.02%

$71.68

-19.05%

 

 

CAISO SP 15 On Peak

Jun-25

$26.49

$26.00

1.88%

$0.49

$20.32

30.39%

$33.12

-20.02%

 

 

MISO Indiana On Peak

Jun-25

$52.78

$52.15

1.20%

$0.62

$49.71

6.17%

$50.53

4.44%

 

 

NEISO Mass On Peak

Jun-25

$58.57

$58.72

-0.27%

-$0.16

$56.47

3.72%

$47.90

22.28%

 

 

WECC Mid C On Peak

Jun-25

$36.07

$34.00

6.09%

$2.07

$23.82

51.43%

$42.03

-14.18%

 

 

NYISO Zone G On Peak

Jun-25

$55.04

$49.97

10.15%

$5.07

$53.44

2.99%

$44.57

23.50%

 

 

 

 

 

Natural Gas & Basis

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

5/13/25

5/12/25

% Change

Change

4/14/25

% Change

5/13/24

% Change

 

 

NYMEX Henry Hub

Jun-25

$3.647

$3.646

0.03%

$0.00

$3.46

5.34%

$3.16

15.34%

 

 

Houston Ship Channel

Jun-25

-$0.346

-$0.345

0.26%

$0.00

-$0.34

1.05%

-$0.34

0.49%

 

 

Chicago

Jun-25

-$0.403

-$0.388

-3.79%

-$0.02

-$0.32

24.39%

-$0.26

58.13%

 

 

Waha

Jun-25

-$2.053

-$1.900

-8.06%

-$0.15

-$1.58

29.84%

-$1.06

93.56%

 

 

Algonquin

Jun-25

$0.209

$0.235

-10.82%

-$0.03

$0.32

-35.13%

-$0.17

-220.90%

 

 

Aeco

Jun-25

-$2.184

-$2.259

-3.32%

$0.08

-$1.92

13.82%

-$1.18

84.62%

 

 

Socal

Jun-25

-$0.951

-$0.949

0.22%

$0.00

-$1.14

-16.40%

-$0.12

692.91%

 

 

 

 

 

Natural Gas Liquids

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

5/13/25

5/12/25

% Change

Change

4/14/25

% Change

5/13/24

% Change

 

 

Mt. Belvieu Propane LST

Jun-25

$0.784

$0.772

1.45%

$0.01

$0.69

13.95%

$0.67

17.29%

 

 

Mt. Belvieu Propane non LST

Jun-25

$0.779

$0.771

1.00%

$0.01

$0.69

12.43%

$0.67

15.80%

 

 

Mt. Belview Ethane

Jun-25

$0.264

$0.263

0.46%

$0.00

$0.24

11.13%

$0.25

5.52%

 

 

Mt. Belview Nat. Gasoline

Jun-25

$1.338

$1.343

-0.37%

-$0.01

$1.27

5.51%

$1.43

-6.68%

 

 

Mt. Belvieu Butane LST

Jun-25

$0.861

$0.866

-0.53%

$0.00

$0.84

2.68%

$0.78

10.56%

 

 

Far East Propane

Jun-25

$5.513

$5.502

0.22%

$0.01

$4.99

10.48%

$5.25

5.07%

 

 

Saudi Propane

Jun-25

$5.771

$5.698

1.29%

$0.07

$5.41

6.71%

$4.87

18.50%

 

 

 

 

Crude Oil

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

5/13/25

5/12/25

% Change

Change

4/14/25

% Change

5/13/24

% Change

 

 

WTI

Jul-25

$63.25

$61.56

2.67%

$1.69

$60.59

4.39%

$72.90

-13.24%

 

 

Brent

Jul-25

$66.63

$64.96

2.51%

$1.67

$64.22

3.75%

$77.83

-14.39%

 

 

WCS

Jul-25

-$9.72

-$9.73

-0.14%

$0.01

-$10.66

-8.84%

-$12.60

-22.90%

 

 

LLS

Jul-25

$64.91

$62.96

3.01%

$1.96

$62.52

3.83%

$74.63

-13.02%

 

 

Mars

Jul-25

$63.15

$61.32

2.89%

$1.82

$60.91

3.67%

$71.93

-12.21%

 

 

Sour

Jul-25

$63.28

$61.41

2.95%

$1.87

$60.72

4.21%

$72.51

-12.72%

 

 

ESPO

Jul-25

$64.63

$62.96

2.58%

$1.67

$62.22

3.87%

$75.83

-14.77%

 

 

 

 

Refined Products

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

5/13/25

5/12/25

% Change

Change

4/14/25

% Change

5/13/24

% Change

 

 

NY Heating Oil

Jun-25

$2.17

$2.11

3.08%

$0.07

$2.05

5.95%

$2.43

-10.69%

 

 

NY Gasoline

Jun-25

$2.17

$2.13

1.69%

$0.04

$2.01

7.91%

$2.34

-7.11%

 

 

GC Gasoline

Jun-25

$2.07

$2.03

1.77%

$0.04

$1.91

8.32%

$2.23

-7.43%

 

 

GC Jet

Jun-25

$2.03

$1.94

4.85%

$0.09

$1.97

3.15%

$2.53

-19.65%

 

 

Chicago Ethanol

Jun-25

$1.71

$1.72

-0.70%

-$0.01

$1.82

-6.26%

$1.72

-0.47%

 

 

Rotterdam Gasoil

Jun-25

$632.00

$639.95

-1.24%

-$7.95

$607.68

4.00%

$693.37

-8.85%

 

 

Singapore Jet Kero

Jun-25

$80.10

$79.71

0.48%

$0.38

$77.82

2.93%

$94.50

-15.24%

 

 

 

 

Implied Volatilities

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

5/13/25

5/12/25

% Change

Change

4/14/25

% Change

5/13/24

% Change

 

 

Henry Hub Straddle

Jun-25

63.15%

67.20%

-6.03%

-4.05%

72.93%

-13.41%

30.62%

106.24%

 

 

Algonquin Straddle

Jun-25

60.92%

65.24%

-6.62%

-4.32%

70.16%

-13.17%

31.14%

95.63%

 

 

Waha Straddle

Jun-25

176.93%

185.37%

-4.55%

-8.44%

295.96%

-40.22%

40.45%

337.40%

 

 

Chicago Straddle

Jun-25

64.43%

70.45%

-8.55%

-6.02%

81.56%

-21.00%

30.38%

112.08%

 

 

PJM West Straddle

Jun-25

58.06%

59.62%

-2.62%

-1.56%

50.08%

15.93%

41.30%

40.58%

 

 

SP – 15 Straddle

Jun-25

106.82%

108.37%

-1.43%

-1.55%

102.61%

4.10%

25.35%

321.38%

 

 

Mid. C Straddle

Jun-25

169.03%

100.23%

68.64%

68.80%

17.48%

866.99%

98.18%

72.16%

 

 

 

 

Euro Gas and Power/LNG

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

5/13/25

5/12/25

% Change

Change

4/14/25

% Change

5/13/24

% Change

 

 

Dutch TTF

Jun-25

EUR 35.65

EUR 35.17

1.37%

EUR 0.48

EUR 34.72

2.68%

EUR 33.74

5.68%

 

 

NBP

Jun-25

GBP 84.86

GBP 84.09

0.91%

GBP 0.77

GBP 85.77

-1.07%

GBP 84.67

0.22%

 

 

German Base

Jun-25

EUR 76.22

EUR 75.94

0.36%

EUR 0.28

EUR 69.45

9.74%

EUR 82.65

-7.78%

 

 

UK Base

Jun-25

GBP 75.77

GBP 77.39

-2.09%

-GBP 1.62

GBP 74.10

2.25%

GBP 74.21

2.10%

 

 

French Base

Jun-25

EUR 18.57

EUR 19.62

-5.35%

-EUR 1.05

EUR 31.36

-40.78%

EUR 62.77

-70.41%

 

 

Italian Base

Jun-25

EUR 105.94

EUR 107.57

-1.52%

-EUR 1.64

EUR 103.22

2.63%

EUR 99.11

6.89%

 

 

JKM LNG

Jun-25

$11.70

$11.80

-0.84%

-$0.10

$11.49

1.85%

$11.31

3.44%

 

 

 

 

Freight Forwards (WET & DRY)

 

OTCGH/EOXLive Market Data

 

 

 

Contract

5/13/25

5/12/25

% Change

Change

4/14/25

% Change

5/13/24

% Change

 

 

TD3C FFA Middle East to China (WET)

Jun-25

$35.65

$35.17

1.37%

$0.48

$34.72

2.68%

$33.74

5.68%

 

 

USGC-UK Continent Dirty (WET)

Jun-25

$84.86

$84.09

0.91%

$0.77

$85.77

-1.07%

$84.67

0.22%

 

 

TD20 West Africa to UK Continent (WET)

Jun-25

$76.22

$75.94

0.36%

$0.28

$69.45

9.74%

$82.65

-7.78%

 

 

LPG FFA Middle East Gulf to East (WET)

Jun-25

$75.77

$77.39

-2.09%

-$1.62

$74.10

2.25%

$74.21

2.10%

 

 

TC5 FFA Arabian Gulf to Japan (WET)

Jun-25

$18.57

$19.62

-5.35%

-$1.05

$31.36

-40.78%

$62.77

-70.41%

 

 

Supramax Timecharter (DRY)

Jun-25

$105.94

$107.57

-1.52%

-$1.64

$103.22

2.63%

$99.11

6.89%

 

 

Capesize Timecharter (DRY)

Jun-25

$11.70

$11.80

-0.84%

-$0.10

$11.49

1.85%

$11.31

3.44%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

 

 

 

 

 

 

 

 

 

 

 

 

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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