Morning Report: Gas * Power * NGL * Crude * Products * Vols — May-15-2026

May 15, 2026

  

 

 

 

 

 

 

 

 

 

Prices as of 7:16 AM CST

 

 

 

 

 

 

 

Current Price

Previous Settle

% Change

Change

Volume

 

 

Natural Gas

$2.929

$2.894

1.21%

$0.035

23,419

 

 

WTI

$104.20

$101.17

2.99%

$3.03

17,713

 

 

Brent

$108.34

$105.72

2.48%

$2.62

10,316

 

 

ULSD

$4.004

$3.906

2.53%

$0.099

4,453

 

 

RBOB

$3.650

$3.606

1.22%

$0.044

3,914

 

 

 

 

Spreads

 

 

 

 

 

 

 

Current

Previous

% Change

Change

Contract

 

 

WTI-Brent

$8.46

$8.80

-3.86%

-$0.34

Jul-26

 

 

3:2:1 Crack

$52.43

$52.82

-0.75%

-$0.39

Jun-26

 

 

PJM West Spark

$64.20

$66.26

-3.11%

-$2.06

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

 

 

 

 

05/14/21

 

 

 

5/8/26

5/1/26

Net Change

% Change

5/9/25

% Change

5 Year Avg.

% Change

 

 

East

388

361

27

7.48%

396

-2.02%

398

-2.51%

 

 

Midwest

476

452

24

5.31%

480

-0.83%

488

-2.54%

 

 

Mountain

206

203

3

1.48%

185

11.35%

146

40.90%

 

 

Pacific

279

275

4

1.45%

237

17.72%

210

32.86%

 

 

South

941

914

27

2.95%

957

-1.67%

949

-0.86%

 

 

    Salt

285

273

12

4.40%

308

-7.47%

288

-1.18%

 

 

    Non_Salt

656

641

15

2.34%

648

1.23%

661

-0.76%

 

 

Total

2,290

2,205

85

3.85%

2,255

1.55%

2,192

4.47%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Power Generation Additions/Retirements

 

 

  

 

Front Month Prices

 

 

 

 

 

 

 

 

 

 

 

 

 

Electricity

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

5/14/26

5/13/26

% Change

Change

4/16/26

% Change

5/14/25

% Change

 

 

PJM West On Peak

Jun-26

$70.47

$72.45

-2.73%

-$1.98

$66.20

6.46%

$58.24

21.01%

 

 

ERCOT North On Peak

Jun-26

$38.99

$39.75

-1.91%

-$0.76

$38.32

1.75%

$58.45

-33.30%

 

 

CAISO SP 15 On Peak

Jun-26

$14.34

$13.37

7.26%

$0.97

$12.25

17.10%

$32.38

-55.69%

 

 

MISO Indiana On Peak

Jun-26

$57.81

$57.43

0.66%

$0.38

$54.76

5.55%

$53.75

7.56%

 

 

NEISO Mass On Peak

Jun-26

$55.24

$57.01

-3.11%

-$1.78

$53.98

2.32%

$54.37

1.60%

 

 

WECC Mid C On Peak

Jun-26

$28.25

$28.90

-2.24%

-$0.65

$18.00

56.98%

$49.93

-43.42%

 

 

NYISO Zone G On Peak

Jun-26

$55.76

$57.51

-3.04%

-$1.75

$55.34

0.76%

$52.05

7.14%

 

 

 

 

 

Natural Gas & Basis

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

5/14/26

5/13/26

% Change

Change

4/16/26

% Change

5/14/25

% Change

 

 

NYMEX Henry Hub

Jun-26

$2.894

$2.864

1.05%

$0.03

$2.79

3.69%

$4.06

-28.75%

 

 

Houston Ship Channel

Jun-26

-$0.440

-$0.440

0.00%

$0.00

-$0.40

11.39%

-$0.38

16.99%

 

 

Chicago

Jun-26

-$0.400

-$0.405

1.25%

$0.00

-$0.40

-0.05%

-$0.42

-5.48%

 

 

Waha

Jun-26

-$6.435

-$6.375

-0.94%

-$0.06

-$5.40

19.07%

-$2.17

196.93%

 

 

Algonquin

Jun-26

-$0.380

-$0.398

4.40%

$0.02

$0.29

-230.45%

-$0.34

10.98%

 

 

Aeco

Jun-26

-$1.770

-$1.720

2.91%

-$0.05

-$1.87

-5.55%

-$1.75

0.92%

 

 

Socal

Jun-26

-$1.345

-$1.345

0.00%

$0.00

-$1.68

-19.84%

-$0.42

219.55%

 

 

 

 

 

Natural Gas Liquids

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

5/14/26

5/13/26

% Change

Change

4/16/26

% Change

5/14/25

% Change

 

 

Mt. Belvieu Propane LST

Jun-26

$0.856

$0.859

-0.29%

$0.00

$0.80

7.03%

$0.72

19.33%

 

 

Mt. Belvieu Propane non LST

Jun-26

$0.833

$0.849

-1.83%

-$0.02

$0.78

6.27%

$0.72

16.09%

 

 

Mt. Belview Ethane

Jun-26

$0.206

$0.206

0.03%

$0.00

$0.21

0.64%

$0.28

-25.88%

 

 

Mt. Belview Nat. Gasoline

Jun-26

$2.150

$2.160

-0.46%

-$0.01

$1.90

13.46%

$1.26

70.06%

 

 

Mt. Belvieu Butane LST

Jun-26

$1.273

$1.316

-3.33%

-$0.04

$1.01

26.00%

$0.81

56.45%

 

 

Far East Propane

Jun-26

$8.158

$8.050

1.35%

$0.11

$6.83

19.45%

$5.00

63.13%

 

 

Saudi Propane

Jun-26

$7.281

$7.250

0.42%

$0.03

$6.21

17.22%

$4.90

48.51%

 

 

 

 

Crude Oil

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

5/14/26

5/13/26

% Change

Change

4/16/26

% Change

5/14/25

% Change

 

 

WTI

Jul-26

$96.92

$96.81

0.11%

$0.11

$86.98

11.43%

$61.33

58.03%

 

 

Brent

Jul-26

$105.72

$105.63

0.09%

$0.09

$93.57

12.98%

$64.97

62.72%

 

 

WCS

Jul-26

-$14.25

-$14.25

0.00%

$0.00

-$13.02

9.41%

-$13.39

6.45%

 

 

LLS

Jul-26

$91.95

$94.58

-2.86%

-$2.63

$82.46

11.51%

$63.68

44.38%

 

 

Mars

Jul-26

$93.94

$96.74

-2.98%

-$2.80

$84.13

11.65%

$61.54

52.64%

 

 

Sour

Jul-26

$95.86

$98.24

-2.48%

-$2.38

$83.70

14.53%

$61.60

55.60%

 

 

ESPO

Jul-26

$103.72

$103.63

0.09%

$0.09

$91.57

13.27%

$62.97

64.71%

 

 

 

 

Refined Products

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

5/14/26

5/13/26

% Change

Change

4/16/26

% Change

5/14/25

% Change

 

 

NY Heating Oil

Jun-26

$3.91

$3.96

-1.39%

-$0.05

$3.57

9.35%

$2.09

87.30%

 

 

NY Gasoline

Jun-26

$3.61

$3.68

-1.82%

-$0.07

$3.08

17.18%

$2.01

79.64%

 

 

GC Gasoline

Jun-26

$3.47

$3.54

-1.89%

-$0.07

$2.94

17.99%

$1.91

81.72%

 

 

GC Jet

Jun-26

$3.64

$3.72

-2.15%

-$0.08

$3.80

-4.18%

$1.92

90.24%

 

 

Chicago Ethanol

Jun-26

$1.95

$1.99

-1.61%

-$0.03

$1.89

3.06%

$1.60

22.37%

 

 

Rotterdam Gasoil

Jun-26

$1,076.41

$1,091.26

-1.36%

-$14.85

$915.00

17.64%

$611.11

76.14%

 

 

Singapore Jet Kero

Jun-26

$149.40

$156.62

-4.61%

-$7.22

$130.71

14.30%

$80.33

85.98%

 

 

 

 

Implied Volatilities

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

5/14/26

5/13/26

% Change

Change

4/16/26

% Change

5/14/25

% Change

 

 

Henry Hub Straddle

Jul-26

51.31%

50.86%

0.88%

0.45%

47.10%

8.94%

43.12%

18.99%

 

 

Algonquin Straddle

Jul-26

119.07%

117.09%

1.69%

1.98%

109.60%

8.64%

41.95%

183.85%

 

 

Waha Straddle

Jul-26

141.21%

146.53%

-3.63%

-5.32%

1430.52%

-90.13%

121.06%

16.65%

 

 

Chicago Straddle

Jul-26

53.56%

51.89%

3.23%

1.67%

49.57%

8.06%

44.12%

21.41%

 

 

PJM West Straddle

Jul-26

67.99%

66.19%

2.72%

1.80%

54.86%

23.93%

36.43%

86.63%

 

 

SP – 15 Straddle

Jul-26

169.24%

163.27%

3.66%

5.97%

76.47%

121.32%

93.37%

81.26%

 

 

Mid. C Straddle

Jul-26

62.02%

53.57%

15.77%

8.45%

18.20%

240.77%

65.46%

-5.26%

 

 

 

 

Euro Gas and Power/LNG

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

5/14/26

5/13/26

% Change

Change

4/16/26

% Change

5/14/25

% Change

 

 

Dutch TTF

Jul-26

EUR 47.74

EUR 46.60

2.44%

EUR 1.14

EUR 42.33

12.77%

EUR 32.37

47.50%

 

 

NBP

Jul-26

GBP 116.21

GBP 113.53

2.36%

GBP 2.68

GBP 102.15

13.76%

GBP 79.27

46.60%

 

 

German Base

Jul-26

EUR 93.24

EUR 92.46

0.84%

EUR 0.78

EUR 87.74

6.27%

EUR 80.73

15.50%

 

 

UK Base

Jul-26

GBP 97.13

GBP 97.16

-0.03%

-GBP 0.03

GBP 88.72

9.47%

GBP 69.87

39.01%

 

 

French Base

Jul-26

EUR 40.10

EUR 40.91

-1.99%

-EUR 0.81

EUR 39.77

0.82%

EUR 37.65

6.49%

 

 

Italian Base

Jul-26

EUR 139.29

EUR 140.26

-0.70%

-EUR 0.97

EUR 127.46

9.28%

EUR 102.52

35.87%

 

 

JKM LNG

Jul-26

$17.20

$17.24

-0.19%

-$0.03

$15.85

8.54%

$11.32

51.90%

 

 

 

 

Freight Forwards (WET & DRY)

 

OTCGH/EOXLive Market Data

 

 

 

Contract

5/14/26

5/13/26

% Change

Change

4/16/26

% Change

5/14/25

% Change

 

 

TD3C FFA Middle East to China (WET)

Jul-26

$47.74

$46.60

2.44%

$1.14

$42.33

12.77%

$32.37

47.50%

 

 

USGC-UK Continent Dirty (WET)

Jul-26

$116.21

$113.53

2.36%

$2.68

$102.15

13.76%

$79.27

46.60%

 

 

TD20 West Africa to UK Continent (WET)

Jul-26

$93.24

$92.46

0.84%

$0.78

$87.74

6.27%

$80.73

15.50%

 

 

LPG FFA Middle East Gulf to East (WET)

Jul-26

$97.13

$97.16

-0.03%

-$0.03

$88.72

9.47%

$69.87

39.01%

 

 

TC5 FFA Arabian Gulf to Japan (WET)

Jul-26

$40.10

$40.91

-1.99%

-$0.81

$39.77

0.82%

$37.65

6.49%

 

 

Supramax Timecharter (DRY)

Jul-26

$139.29

$140.26

-0.70%

-$0.97

$127.46

9.28%

$102.52

35.87%

 

 

Capesize Timecharter (DRY)

Jul-26

$17.20

$17.24

-0.19%

-$0.03

$15.85

8.54%

$11.32

51.90%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

 

 

 

 

 

 

 

 

 

 

 

 

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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