Morning Report: Gas * Power * NGL * Crude * Products * Vols — May-18-2026

May 18, 2026

  

 

 

 

 

 

 

 

 

 

Prices as of 6:33 AM CST

 

 

 

 

 

 

 

Current Price

Previous Settle

% Change

Change

Volume

 

 

Natural Gas

$3.057

$2.960

3.28%

$0.097

21,622

 

 

WTI

$106.81

$105.42

1.32%

$1.39

7,689

 

 

Brent

$110.69

$109.26

1.31%

$1.43

8,627

 

 

ULSD

$4.124

$4.053

1.75%

$0.071

2,871

 

 

RBOB

$3.734

$3.702

0.86%

$0.032

2,513

 

 

 

 

Spreads

 

 

 

 

 

 

 

Current

Previous

% Change

Change

Contract

 

 

WTI-Brent

$8.22

$8.24

-0.24%

-$0.02

Jul-26

 

 

3:2:1 Crack

$53.94

$53.46

0.91%

$0.48

Jun-26

 

 

PJM West Spark

$63.82

$64.14

-0.50%

-$0.32

Jun-26

 

 

 

 

Baker Hughes Rig Count

 

 

 

 

 

 

 

Date

Count

Change

1 Year Chg.

1 Year Date

 

 

U.S.

05/15/26

551

3

-25

05/16/25

 

 

Canada

05/15/26

124

0

3

05/16/25

 

 

International

Apr-2026

1036

-22

-51

Apr-2025

 

 

 

 

CFTC Net Positions

 

 

 

 

 

 

As of 5/12/2026

Open Interest

Total Net Long

Total Net Short

Diff

 

 

PJM West On Peak

126,444

125,973

126,137

-164

 

 

PJM West Off Peak

121,155

120,780

120,866

-86

 

 

Natural Gas Henry Hub

388,461

371,978

369,982

1,996

 

 

WTI – Light Sweet Crude Futures

222,402

188,901

179,249

9,652

 

 

Brent Crude Last Day

356,524

346,170

350,597

-4,427

 

 

NYM Ethanol

50,947

49,724

49,459

265

 

 

Mt Belvieu LDH Propane Swap

109,824

109,120

108,982

138

 

 

RBOB

330,082

301,954

317,933

-15,979

 

 

HSC Basis

907,745

899,412

897,202

2,210

 

 

 

 

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

5/15/26

5/14/26

% Change

Change

4/17/26

% Change

5/15/25

% Change

 

 

PJM West On Peak

Jun-26

$70.34

$70.47

-0.19%

-$0.14

$67.20

4.67%

$58.14

20.98%

 

 

ERCOT North On Peak

Jun-26

$39.13

$38.99

0.36%

$0.14

$39.71

-1.46%

$57.19

-31.57%

 

 

CAISO SP 15 On Peak

Jun-26

$14.75

$14.34

2.84%

$0.41

$12.50

18.02%

$30.83

-52.15%

 

 

MISO Indiana On Peak

Jun-26

$57.87

$57.81

0.12%

$0.07

$56.00

3.34%

$52.62

9.99%

 

 

NEISO Mass On Peak

Jun-26

$56.53

$55.24

2.34%

$1.29

$53.84

5.00%

$53.17

6.32%

 

 

WECC Mid C On Peak

Jun-26

$29.45

$28.25

4.26%

$1.20

$18.63

58.13%

$48.04

-38.69%

 

 

NYISO Zone G On Peak

Jun-26

$57.51

$55.76

3.13%

$1.74

$54.95

4.65%

$51.02

12.72%

 

 

 

 

 

Natural Gas & Basis

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

5/15/26

5/14/26

% Change

Change

4/17/26

% Change

5/15/25

% Change

 

 

NYMEX Henry Hub

Jun-26

$2.960

$2.894

2.28%

$0.07

$2.82

5.15%

$4.05

-26.90%

 

 

Houston Ship Channel

Jun-26

-$0.464

-$0.440

5.39%

-$0.02

-$0.39

17.69%

-$0.38

22.38%

 

 

Chicago

Jun-26

-$0.435

-$0.400

-8.05%

-$0.03

-$0.39

10.21%

-$0.43

2.06%

 

 

Waha

Jun-26

-$6.525

-$6.435

-1.40%

-$0.09

-$5.21

25.25%

-$2.15

203.79%

 

 

Algonquin

Jun-26

-$0.419

-$0.380

-10.21%

-$0.04

$0.23

-282.09%

-$0.35

19.97%

 

 

Aeco

Jun-26

-$1.800

-$1.770

1.69%

-$0.03

-$1.89

-4.85%

-$1.73

3.92%

 

 

Socal

Jun-26

-$1.375

-$1.345

2.23%

-$0.03

-$1.66

-17.07%

-$0.42

225.06%

 

 

 

 

 

Natural Gas Liquids

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

5/15/26

5/14/26

% Change

Change

4/17/26

% Change

5/15/25

% Change

 

 

Mt. Belvieu Propane LST

Jun-26

$0.878

$0.856

2.48%

$0.02

$0.76

15.08%

$0.70

25.73%

 

 

Mt. Belvieu Propane non LST

Jun-26

$0.858

$0.833

2.91%

$0.02

$0.75

15.10%

$0.70

22.82%

 

 

Mt. Belview Ethane

Jun-26

$0.208

$0.206

0.58%

$0.00

$0.20

1.84%

$0.28

-25.51%

 

 

Mt. Belview Nat. Gasoline

Jun-26

$2.220

$2.150

3.26%

$0.07

$1.75

26.86%

$1.22

81.25%

 

 

Mt. Belvieu Butane LST

Jun-26

$1.292

$1.273

1.53%

$0.02

$0.97

32.58%

$0.79

62.71%

 

 

Far East Propane

Jun-26

$8.385

$8.158

2.77%

$0.23

$6.35

32.04%

$4.98

68.39%

 

 

Saudi Propane

Jun-26

$7.400

$7.281

1.64%

$0.12

$5.93

24.79%

$4.89

51.40%

 

 

 

 

Crude Oil

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

5/15/26

5/14/26

% Change

Change

4/17/26

% Change

5/15/25

% Change

 

 

WTI

Jul-26

$101.02

$96.92

4.06%

$4.10

$80.22

25.93%

$60.36

67.36%

 

 

Brent

Jul-26

$109.26

$105.72

3.24%

$3.54

$86.51

26.30%

$63.99

70.75%

 

 

WCS

Jul-26

-$14.05

-$14.25

-1.42%

$0.20

-$13.76

2.09%

-$14.40

-2.46%

 

 

LLS

Jul-26

$90.45

$91.95

-1.66%

-$1.50

$83.09

8.86%

$62.62

44.44%

 

 

Mars

Jul-26

$93.04

$93.94

-0.96%

-$0.90

$80.19

16.02%

$60.62

53.49%

 

 

Sour

Jul-26

$94.41

$95.86

-1.53%

-$1.45

$84.92

11.18%

$60.57

55.87%

 

 

ESPO

Jul-26

$107.26

$103.72

3.30%

$3.54

$84.51

26.92%

$61.99

73.03%

 

 

 

 

Refined Products

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

5/15/26

5/14/26

% Change

Change

4/17/26

% Change

5/15/25

% Change

 

 

NY Heating Oil

Jun-26

$4.06

$3.91

3.89%

$0.15

$3.32

22.22%

$2.05

98.39%

 

 

NY Gasoline

Jun-26

$3.55

$3.61

-1.58%

-$0.06

$2.94

20.65%

$1.99

78.94%

 

 

GC Gasoline

Jun-26

$3.41

$3.47

-1.64%

-$0.06

$2.80

21.68%

$1.88

81.01%

 

 

GC Jet

Jun-26

$3.78

$3.64

3.65%

$0.13

$3.04

24.32%

$1.91

97.80%

 

 

Chicago Ethanol

Jun-26

$1.92

$1.95

-1.43%

-$0.03

$1.89

1.58%

$1.64

17.31%

 

 

Rotterdam Gasoil

Jun-26

$1,099.50

$1,076.41

2.15%

$23.09

$860.00

27.85%

$591.24

85.96%

 

 

Singapore Jet Kero

Jun-26

$150.79

$149.40

0.93%

$1.39

$146.60

2.86%

$79.47

89.74%

 

 

 

 

Implied Volatilities

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

5/15/26

5/14/26

% Change

Change

4/17/26

% Change

5/15/25

% Change

 

 

Henry Hub Straddle

Jul-26

50.82%

51.31%

-0.95%

-0.49%

47.59%

6.79%

46.37%

9.60%

 

 

Algonquin Straddle

Jul-26

125.99%

119.07%

5.81%

6.92%

89.90%

40.15%

45.77%

175.28%

 

 

Waha Straddle

Jul-26

134.05%

141.21%

-5.07%

-7.16%

699.49%

-80.84%

119.42%

12.25%

 

 

Chicago Straddle

Jul-26

53.12%

53.56%

-0.83%

-0.45%

56.88%

-6.61%

47.55%

11.71%

 

 

PJM West Straddle

Jul-26

68.58%

67.99%

0.87%

0.59%

54.41%

26.04%

36.63%

87.22%

 

 

SP – 15 Straddle

Jul-26

180.29%

169.24%

6.53%

11.05%

78.61%

129.35%

95.43%

88.92%

 

 

Mid. C Straddle

Jul-26

53.20%

62.02%

-14.22%

-8.82%

17.80%

198.88%

65.00%

-18.15%

 

 

 

 

Euro Gas and Power/LNG

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

5/15/26

5/14/26

% Change

Change

4/17/26

% Change

5/15/25

% Change

 

 

Dutch TTF

Jul-26

EUR 51.01

EUR 47.74

6.86%

EUR 3.27

EUR 39.34

29.68%

EUR 32.79

55.58%

 

 

NBP

Jul-26

GBP 124.73

GBP 116.21

7.33%

GBP 8.52

GBP 94.50

31.99%

GBP 79.79

56.32%

 

 

German Base

Jul-26

EUR 96.66

EUR 93.24

3.67%

EUR 3.42

EUR 86.23

12.10%

EUR 81.59

18.47%

 

 

UK Base

Jul-26

GBP 101.10

GBP 97.13

4.09%

GBP 3.97

GBP 87.10

16.07%

GBP 69.53

45.40%

 

 

French Base

Jul-26

EUR 40.08

EUR 40.10

-0.04%

-EUR 0.02

EUR 39.42

1.67%

EUR 36.50

9.80%

 

 

Italian Base

Jul-26

EUR 146.56

EUR 139.29

5.22%

EUR 7.27

EUR 128.58

13.98%

EUR 102.17

43.45%

 

 

JKM LNG

Jul-26

$17.66

$17.20

2.68%

$0.46

$14.79

19.44%

$11.14

58.52%

 

 

 

 

Freight Forwards (WET & DRY)

 

OTCGH/EOXLive Market Data

 

 

 

Contract

5/15/26

5/14/26

% Change

Change

4/17/26

% Change

5/15/25

% Change

 

 

TD3C FFA Middle East to China (WET)

Jul-26

$51.01

$47.74

6.86%

$3.27

$39.34

29.68%

$32.79

55.58%

 

 

USGC-UK Continent Dirty (WET)

Jul-26

$124.73

$116.21

7.33%

$8.52

$94.50

31.99%

$79.79

56.32%

 

 

TD20 West Africa to UK Continent (WET)

Jul-26

$96.66

$93.24

3.67%

$3.42

$86.23

12.10%

$81.59

18.47%

 

 

LPG FFA Middle East Gulf to East (WET)

Jul-26

$101.10

$97.13

4.09%

$3.97

$87.10

16.07%

$69.53

45.40%

 

 

TC5 FFA Arabian Gulf to Japan (WET)

Jul-26

$40.08

$40.10

-0.04%

-$0.02

$39.42

1.67%

$36.50

9.80%

 

 

Supramax Timecharter (DRY)

Jul-26

$146.56

$139.29

5.22%

$7.27

$128.58

13.98%

$102.17

43.45%

 

 

Capesize Timecharter (DRY)

Jul-26

$17.66

$17.20

2.68%

$0.46

$14.79

19.44%

$11.14

58.52%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

 

 

 

 

 

 

 

 

 

 

 

 

Cooling Degree Days

 

 

 

 

 

 

05/16/2026

Week Tot

Dev Norm

Dev L YR

Cum Tot

CumD Norm

CumD L YR

CumD Norm

CumD L YR

 

 

New England

0

0

-2

1

1

-1

NA

NA

 

 

Middle Atlantic

0

-3

-3

18

13

13

NA

NA

 

 

E N Central

1

-8

-15

15

-2

-2

NA

NA

 

 

W N Central

13

2

-15

39

11

4

NA

NA

 

 

South Atlantic

38

2

-11

303

49

-16

19.00%

-5.00%

 

 

E S Central

23

-3

-18

151

45

-6

42.00%

-4.00%

 

 

W S Central

63

11

-3

466

187

81

67.00%

21.00%

 

 

Mountain

39

21

17

141

56

69

NA

NA

 

 

Pacific

8

1

0

40

6

28

NA

NA

 

 

United States

20

2

-6

141

40

16

40.00%

14.00%

 

 

 

 

Heating Degree Days

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

05/16/2026

Week Tot

Dev Norm

Dev L YR

Cum Tot

CumD Norm

CumD L YR

CumD Norm

CumD L YR

 

 

New England

79

10

32

6,479

32

476

0.00%

8.00%

 

 

Middle Atlantic

64

10

38

5,696

-104

487

-2.00%

9.00%

 

 

E N Central

69

10

46

5,984

-380

210

-6.00%

4.00%

 

 

W N Central

38

-13

23

5,800

-829

-207

-13.00%

-3.00%

 

 

South Atlantic

21

6

13

2,686

-142

122

-5.00%

5.00%

 

 

E S Central

21

2

10

3,124

-450

-37

-13.00%

-1.00%

 

 

W S Central

2

-2

-3

1,698

-585

-242

-26.00%

-12.00%

 

 

Mountain

20

-37

-21

3,823

-1,216

-811

-24.00%

-18.00%

 

 

Pacific

24

-20

-21

2,310

-770

-681

-25.00%

-23.00%

 

 

United States

37

-2

14

3,980

-449

-52

-10.00%

-1.00%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

Weather Forecast & Seasonal Outlook

 

 

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