Morning Report: Gas * Power * NGL * Crude * Products * Vols — May-19-2026

May 19, 2026

  

 

 

 

 

 

 

 

 

 

Prices as of 6:24 AM CST

 

 

 

 

 

 

 

Current Price

Previous Settle

% Change

Change

Volume

 

 

Natural Gas

$3.035

$3.024

0.36%

$0.011

10,446

 

 

WTI

$108.39

$108.66

-0.25%

-$0.27

2,123

 

 

Brent

$110.58

$112.10

-1.36%

-$1.52

7,607

 

 

ULSD

$4.072

$4.115

-1.05%

-$0.043

1,702

 

 

RBOB

$3.706

$3.761

-1.47%

-$0.055

1,701

 

 

 

 

Spreads

 

 

 

 

 

 

 

Current

Previous

% Change

Change

Contract

 

 

WTI-Brent

$7.16

$7.72

-7.25%

-$0.56

Jul-26

 

 

3:2:1 Crack

$52.23

$53.16

-1.75%

-$0.93

Jun-26

 

 

PJM West Spark

$61.81

$63.87

-3.23%

-$2.06

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

5/18/26

5/15/26

% Change

Change

4/20/26

% Change

5/16/25

% Change

 

 

PJM West On Peak

Jun-26

$68.30

$70.34

-2.90%

-$2.04

$67.44

1.27%

$57.08

19.66%

 

 

ERCOT North On Peak

Jun-26

$39.58

$39.13

1.16%

$0.45

$42.17

-6.14%

$58.77

-32.64%

 

 

CAISO SP 15 On Peak

Jun-26

$14.02

$14.75

-4.97%

-$0.73

$12.54

11.80%

$30.07

-53.37%

 

 

MISO Indiana On Peak

Jun-26

$56.04

$57.87

-3.17%

-$1.83

$56.94

-1.58%

$51.43

8.97%

 

 

NEISO Mass On Peak

Jun-26

$55.23

$56.53

-2.31%

-$1.31

$54.74

0.89%

$52.27

5.65%

 

 

WECC Mid C On Peak

Jun-26

$27.00

$29.45

-8.33%

-$2.45

$17.25

56.52%

$45.60

-40.79%

 

 

NYISO Zone G On Peak

Jun-26

$56.10

$57.51

-2.44%

-$1.40

$55.79

0.56%

$50.13

11.91%

 

 

 

 

 

Natural Gas & Basis

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

5/18/26

5/15/26

% Change

Change

4/20/26

% Change

5/16/25

% Change

 

 

NYMEX Henry Hub

Jun-26

$3.024

$2.960

2.16%

$0.06

$2.83

6.82%

$4.06

-25.59%

 

 

Houston Ship Channel

Jun-26

-$0.535

-$0.464

15.38%

-$0.07

-$0.40

34.66%

-$0.37

43.59%

 

 

Chicago

Jun-26

-$0.455

-$0.435

-4.40%

-$0.02

-$0.40

13.64%

-$0.43

6.68%

 

 

Waha

Jun-26

-$6.525

-$6.525

0.00%

$0.00

-$5.29

23.27%

-$2.17

201.15%

 

 

Algonquin

Jun-26

-$0.472

-$0.419

-12.82%

-$0.05

$0.29

-263.55%

-$0.34

36.96%

 

 

Aeco

Jun-26

-$1.850

-$1.800

2.78%

-$0.05

-$1.89

-2.15%

-$1.74

6.36%

 

 

Socal

Jun-26

-$1.467

-$1.375

6.73%

-$0.09

-$1.66

-11.58%

-$0.42

246.19%

 

 

 

 

 

Natural Gas Liquids

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

5/18/26

5/15/26

% Change

Change

4/20/26

% Change

5/16/25

% Change

 

 

Mt. Belvieu Propane LST

Jun-26

$0.868

$0.878

-1.14%

-$0.01

$0.77

13.03%

$0.70

24.49%

 

 

Mt. Belvieu Propane non LST

Jun-26

$0.850

$0.858

-0.87%

-$0.01

$0.77

11.11%

$0.70

21.71%

 

 

Mt. Belview Ethane

Jun-26

$0.209

$0.208

0.60%

$0.00

$0.21

0.32%

$0.28

-25.35%

 

 

Mt. Belview Nat. Gasoline

Jun-26

$2.250

$2.220

1.35%

$0.03

$1.85

21.95%

$1.24

81.15%

 

 

Mt. Belvieu Butane LST

Jun-26

$1.270

$1.292

-1.68%

-$0.02

$0.99

27.74%

$0.79

60.76%

 

 

Far East Propane

Jun-26

$8.585

$8.385

2.39%

$0.20

$6.62

29.68%

$4.93

74.02%

 

 

Saudi Propane

Jun-26

$7.420

$7.400

0.27%

$0.02

$6.08

22.04%

$4.90

51.57%

 

 

 

 

Crude Oil

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

5/18/26

5/15/26

% Change

Change

4/20/26

% Change

5/16/25

% Change

 

 

WTI

Jul-26

$104.38

$101.02

3.22%

$3.36

$83.94

24.35%

$60.59

72.27%

 

 

Brent

Jul-26

$112.10

$109.26

2.53%

$2.84

$90.43

23.96%

$64.14

74.77%

 

 

WCS

Jul-26

-$14.00

-$14.05

-0.36%

$0.05

-$14.46

-3.19%

-$12.70

10.24%

 

 

LLS

Jul-26

$96.28

$90.45

6.06%

$5.83

$83.28

15.61%

$63.07

52.66%

 

 

Mars

Jul-26

$98.84

$93.04

5.87%

$5.80

$82.20

20.25%

$60.76

62.68%

 

 

Sour

Jul-26

$100.88

$94.41

6.42%

$6.47

$84.01

20.08%

$60.82

65.86%

 

 

ESPO

Jul-26

$110.10

$107.26

2.58%

$2.84

$88.43

24.51%

$62.14

77.18%

 

 

 

 

Refined Products

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

5/18/26

5/15/26

% Change

Change

4/20/26

% Change

5/16/25

% Change

 

 

NY Heating Oil

Jun-26

$4.07

$4.06

0.32%

$0.01

$3.45

18.03%

$2.05

98.73%

 

 

NY Gasoline

Jun-26

$3.58

$3.55

0.79%

$0.03

$3.04

17.61%

$2.00

79.09%

 

 

GC Gasoline

Jun-26

$3.44

$3.41

0.82%

$0.03

$2.90

18.46%

$1.90

81.15%

 

 

GC Jet

Jun-26

$3.82

$3.78

1.11%

$0.04

$3.54

7.82%

$1.89

101.80%

 

 

Chicago Ethanol

Jun-26

$2.00

$1.92

3.64%

$0.07

$1.90

4.83%

$1.62

23.22%

 

 

Rotterdam Gasoil

Jun-26

$1,139.50

$1,099.50

3.64%

$40.00

$895.50

27.25%

$598.49

90.40%

 

 

Singapore Jet Kero

Jun-26

$158.90

$150.79

5.38%

$8.11

$135.50

17.27%

$78.43

102.60%

 

 

 

 

Implied Volatilities

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

5/18/26

5/15/26

% Change

Change

4/20/26

% Change

5/16/25

% Change

 

 

Henry Hub Straddle

Jul-26

50.39%

50.82%

-0.85%

-0.43%

47.74%

5.55%

44.37%

13.56%

 

 

Algonquin Straddle

Jul-26

109.72%

125.99%

-12.91%

-16.27%

82.67%

32.72%

44.31%

147.63%

 

 

Waha Straddle

Jul-26

137.10%

134.05%

2.27%

3.05%

1043.55%

-86.86%

118.67%

15.53%

 

 

Chicago Straddle

Jul-26

52.32%

53.12%

-1.51%

-0.80%

50.01%

4.61%

45.49%

15.01%

 

 

PJM West Straddle

Jul-26

69.10%

68.58%

0.76%

0.52%

51.81%

33.37%

36.88%

87.36%

 

 

SP – 15 Straddle

Jul-26

176.50%

180.29%

-2.10%

-3.79%

80.55%

119.12%

94.30%

87.17%

 

 

Mid. C Straddle

Jul-26

65.32%

53.20%

22.78%

12.12%

17.87%

265.53%

66.82%

-2.24%

 

 

 

 

Euro Gas and Power/LNG

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

5/18/26

5/15/26

% Change

Change

4/20/26

% Change

5/16/25

% Change

 

 

Dutch TTF

Jul-26

EUR 49.80

EUR 51.01

-2.38%

-EUR 1.22

EUR 39.63

25.68%

EUR 32.81

51.80%

 

 

NBP

Jul-26

GBP 121.74

GBP 124.73

-2.40%

-GBP 2.99

GBP 95.66

27.26%

GBP 79.48

53.18%

 

 

German Base

Jul-26

EUR 96.54

EUR 96.66

-0.12%

-EUR 0.12

EUR 87.30

10.58%

EUR 80.58

19.80%

 

 

UK Base

Jul-26

GBP 102.10

GBP 101.10

0.99%

GBP 1.00

GBP 85.29

19.71%

GBP 68.98

48.01%

 

 

French Base

Jul-26

EUR 41.47

EUR 40.08

3.48%

EUR 1.39

EUR 37.69

10.05%

EUR 36.44

13.81%

 

 

Italian Base

Jul-26

EUR 145.92

EUR 146.56

-0.43%

-EUR 0.64

EUR 126.00

15.81%

EUR 101.07

44.38%

 

 

JKM LNG

Jul-26

$18.31

$17.66

3.67%

$0.65

$15.23

20.28%

$11.69

56.70%

 

 

 

 

Freight Forwards (WET & DRY)

 

OTCGH/EOXLive Market Data

 

 

 

Contract

5/18/26

5/15/26

% Change

Change

4/20/26

% Change

5/16/25

% Change

 

 

TD3C FFA Middle East to China (WET)

Jul-26

$49.80

$51.01

-2.38%

-$1.22

$39.63

25.68%

$32.81

51.80%

 

 

USGC-UK Continent Dirty (WET)

Jul-26

$121.74

$124.73

-2.40%

-$2.99

$95.66

27.26%

$79.48

53.18%

 

 

TD20 West Africa to UK Continent (WET)

Jul-26

$96.54

$96.66

-0.12%

-$0.12

$87.30

10.58%

$80.58

19.80%

 

 

LPG FFA Middle East Gulf to East (WET)

Jul-26

$102.10

$101.10

0.99%

$1.00

$85.29

19.71%

$68.98

48.01%

 

 

TC5 FFA Arabian Gulf to Japan (WET)

Jul-26

$41.47

$40.08

3.48%

$1.39

$37.69

10.05%

$36.44

13.81%

 

 

Supramax Timecharter (DRY)

Jul-26

$145.92

$146.56

-0.43%

-$0.64

$126.00

15.81%

$101.07

44.38%

 

 

Capesize Timecharter (DRY)

Jul-26

$18.31

$17.66

3.67%

$0.65

$15.23

20.28%

$11.69

56.70%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

 

 

 

 

 

 

 

 

 

 

 

 

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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