Morning Report: Gas * Power * NGL * Crude * Products * Vols — May-21-2026

May 21, 2026

  

 

 

 

 

 

 

 

 

 

Prices as of 6:24 AM CST

 

 

 

 

 

 

 

Current Price

Previous Settle

% Change

Change

Volume

 

 

Natural Gas

$3.034

$3.004

1.00%

$0.030

6,596

 

 

WTI

$100.96

$98.26

2.75%

$2.70

63,201

 

 

Brent

$107.32

$105.02

2.19%

$2.30

12,745

 

 

ULSD

$3.994

$3.947

1.18%

$0.047

1,467

 

 

RBOB

$3.514

$3.487

0.75%

$0.026

1,693

 

 

 

 

Spreads

 

 

 

 

 

 

 

Current

Previous

% Change

Change

Contract

 

 

WTI-Brent

$6.45

$6.76

-4.59%

-$0.31

Jul-26

 

 

3:2:1 Crack

$49.39

$50.28

-1.77%

-$0.89

Jul-26

 

 

PJM West Spark

$58.16

$60.07

-3.19%

-$1.91

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

5/20/26

5/19/26

% Change

Change

4/22/26

% Change

5/20/25

% Change

 

 

PJM West On Peak

Jun-26

$64.62

$66.50

-2.82%

-$1.87

$67.83

-4.73%

$56.60

14.18%

 

 

ERCOT North On Peak

Jun-26

$44.87

$39.71

12.97%

$5.15

$41.76

7.43%

$57.65

-22.18%

 

 

CAISO SP 15 On Peak

Jun-26

$13.75

$14.00

-1.79%

-$0.25

$11.47

19.92%

$30.55

-55.00%

 

 

MISO Indiana On Peak

Jun-26

$50.50

$57.12

-11.58%

-$6.61

$56.10

-9.98%

$51.11

-1.19%

 

 

NEISO Mass On Peak

Jun-26

$54.40

$51.94

4.73%

$2.46

$53.37

1.93%

$50.26

8.23%

 

 

WECC Mid C On Peak

Jun-26

$27.00

$27.00

0.00%

$0.00

$17.22

56.82%

$46.78

-42.28%

 

 

NYISO Zone G On Peak

Jun-26

$54.37

$55.15

-1.43%

-$0.79

$54.46

-0.17%

$50.12

8.48%

 

 

 

 

 

Natural Gas & Basis

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

5/20/26

5/19/26

% Change

Change

4/22/26

% Change

5/20/25

% Change

 

 

NYMEX Henry Hub

Jun-26

$3.004

$3.114

-3.53%

-$0.11

$2.86

5.00%

$4.03

-25.46%

 

 

Houston Ship Channel

Jun-26

-$0.563

-$0.569

-1.11%

$0.01

-$0.39

44.64%

-$0.39

43.64%

 

 

Chicago

Jun-26

-$0.447

-$0.460

2.79%

$0.01

-$0.39

14.83%

-$0.44

0.99%

 

 

Waha

Jun-26

-$6.500

-$6.595

-1.44%

$0.09

-$5.64

15.23%

-$2.27

186.95%

 

 

Algonquin

Jun-26

-$0.545

-$0.530

-2.83%

-$0.02

$0.10

-645.00%

-$0.36

50.14%

 

 

Aeco

Jun-26

-$1.855

-$1.945

-4.63%

$0.09

-$1.88

-1.48%

-$1.74

6.40%

 

 

Socal

Jun-26

-$1.460

-$1.510

-3.31%

$0.05

-$1.67

-12.41%

-$0.41

253.68%

 

 

 

 

 

Natural Gas Liquids

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

5/20/26

5/19/26

% Change

Change

4/22/26

% Change

5/20/25

% Change

 

 

Mt. Belvieu Propane LST

Jun-26

$0.854

$0.845

1.04%

$0.01

$0.79

7.73%

$0.70

22.22%

 

 

Mt. Belvieu Propane non LST

Jun-26

$0.823

$0.845

-2.66%

-$0.02

$0.79

4.44%

$0.69

19.17%

 

 

Mt. Belview Ethane

Jun-26

$0.206

$0.206

0.00%

$0.00

$0.21

-2.94%

$0.28

-25.75%

 

 

Mt. Belview Nat. Gasoline

Jun-26

$2.085

$2.240

-6.92%

-$0.16

$1.96

6.51%

$1.21

71.67%

 

 

Mt. Belvieu Butane LST

Jun-26

$1.195

$1.265

-5.55%

-$0.07

$1.05

14.23%

$0.78

54.18%

 

 

Far East Propane

Jun-26

$8.210

$8.700

-5.63%

-$0.49

$6.73

21.99%

$4.94

66.09%

 

 

Saudi Propane

Jun-26

$7.430

$7.460

-0.40%

-$0.03

$6.15

20.81%

$4.89

51.97%

 

 

 

 

Crude Oil

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

5/20/26

5/19/26

% Change

Change

4/22/26

% Change

5/20/25

% Change

 

 

WTI

Jul-26

$98.26

$104.15

-5.99%

-$5.89

$88.38

11.18%

$60.63

62.06%

 

 

Brent

Jul-26

$105.02

$111.28

-5.96%

-$6.26

$96.18

9.19%

$64.16

63.68%

 

 

WCS

Jul-26

-$14.10

-$14.00

0.71%

-$0.10

-$14.05

0.39%

-$12.64

11.53%

 

 

LLS

Jul-26

$98.54

$99.18

-0.65%

-$0.64

$83.53

17.97%

$62.67

57.24%

 

 

Mars

Jul-26

$100.97

$101.07

-0.10%

-$0.10

$84.35

19.71%

$61.03

65.45%

 

 

Sour

Jul-26

$102.65

$103.20

-0.53%

-$0.55

$85.99

19.38%

$60.46

69.78%

 

 

ESPO

Jul-26

$103.02

$109.28

-6.08%

-$6.26

$94.18

9.39%

$62.16

65.73%

 

 

 

 

Refined Products

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

5/20/26

5/19/26

% Change

Change

4/22/26

% Change

5/20/25

% Change

 

 

NY Heating Oil

Jun-26

$3.93

$4.17

-5.66%

-$0.24

$3.79

3.69%

$2.06

90.92%

 

 

NY Gasoline

Jun-26

$3.44

$3.58

-3.94%

-$0.14

$3.19

7.94%

$1.98

73.47%

 

 

GC Gasoline

Jun-26

$3.30

$3.44

-4.10%

-$0.14

$3.05

8.30%

$1.88

75.25%

 

 

GC Jet

Jun-26

$3.75

$3.87

-3.10%

-$0.12

$3.21

16.97%

$1.90

97.37%

 

 

Chicago Ethanol

Jun-26

$2.01

$2.01

-0.15%

$0.00

$1.93

3.89%

$1.62

23.77%

 

 

Rotterdam Gasoil

Jun-26

$1,062.00

$1,130.25

-6.04%

-$68.25

$957.25

10.94%

$596.34

78.09%

 

 

Singapore Jet Kero

Jun-26

$157.00

$160.00

-1.88%

-$3.00

$150.31

4.45%

$79.16

98.32%

 

 

 

 

Implied Volatilities

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

5/20/26

5/19/26

% Change

Change

4/22/26

% Change

5/20/25

% Change

 

 

Henry Hub Straddle

Jul-26

56.35%

51.59%

9.22%

4.76%

48.69%

15.72%

40.70%

38.44%

 

 

Algonquin Straddle

Jul-26

116.60%

107.48%

8.49%

9.12%

102.34%

13.93%

37.60%

210.11%

 

 

Waha Straddle

Jul-26

124.58%

127.65%

-2.41%

-3.07%

563.23%

-77.88%

88.29%

41.10%

 

 

Chicago Straddle

Jul-26

59.00%

56.12%

5.14%

2.89%

51.56%

14.43%

39.53%

49.26%

 

 

PJM West Straddle

Jul-26

69.60%

69.09%

0.74%

0.51%

54.52%

27.66%

37.67%

84.76%

 

 

SP – 15 Straddle

Jul-26

172.68%

164.13%

5.21%

8.55%

78.97%

118.67%

95.59%

80.65%

 

 

Mid. C Straddle

Jul-26

49.93%

45.77%

9.09%

4.16%

18.22%

174.04%

66.60%

-25.03%

 

 

 

 

Euro Gas and Power/LNG

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

5/20/26

5/19/26

% Change

Change

4/22/26

% Change

5/20/25

% Change

 

 

Dutch TTF

Jul-26

EUR 49.08

EUR 51.98

-5.59%

-EUR 2.90

EUR 44.04

11.43%

EUR 33.64

45.89%

 

 

NBP

Jul-26

GBP 118.13

GBP 126.40

-6.54%

-GBP 8.27

GBP 107.08

10.32%

GBP 81.75

44.50%

 

 

German Base

Jul-26

EUR 96.35

EUR 98.27

-1.95%

-EUR 1.92

EUR 90.00

7.06%

EUR 82.02

17.47%

 

 

UK Base

Jul-26

GBP 102.14

GBP 104.38

-2.15%

-GBP 2.25

GBP 88.44

15.49%

GBP 73.43

39.09%

 

 

French Base

Jul-26

EUR 46.56

EUR 40.45

15.11%

EUR 6.11

EUR 39.96

16.52%

EUR 35.71

30.36%

 

 

Italian Base

Jul-26

EUR 150.89

EUR 150.25

0.43%

EUR 0.64

EUR 130.23

15.86%

EUR 102.40

47.35%

 

 

JKM LNG

Jul-26

$19.20

$19.78

-2.92%

-$0.58

$16.23

18.35%

$11.33

69.46%

 

 

 

 

Freight Forwards (WET & DRY)

 

OTCGH/EOXLive Market Data

 

 

 

Contract

5/20/26

5/19/26

% Change

Change

4/22/26

% Change

5/20/25

% Change

 

 

TD3C FFA Middle East to China (WET)

Jul-26

$49.08

$51.98

-5.59%

-$2.90

$44.04

11.43%

$33.64

45.89%

 

 

USGC-UK Continent Dirty (WET)

Jul-26

$118.13

$126.40

-6.54%

-$8.27

$107.08

10.32%

$81.75

44.50%

 

 

TD20 West Africa to UK Continent (WET)

Jul-26

$96.35

$98.27

-1.95%

-$1.92

$90.00

7.06%

$82.02

17.47%

 

 

LPG FFA Middle East Gulf to East (WET)

Jul-26

$102.14

$104.38

-2.15%

-$2.25

$88.44

15.49%

$73.43

39.09%

 

 

TC5 FFA Arabian Gulf to Japan (WET)

Jul-26

$46.56

$40.45

15.11%

$6.11

$39.96

16.52%

$35.71

30.36%

 

 

Supramax Timecharter (DRY)

Jul-26

$150.89

$150.25

0.43%

$0.64

$130.23

15.86%

$102.40

47.35%

 

 

Capesize Timecharter (DRY)

Jul-26

$19.20

$19.78

-2.92%

-$0.58

$16.23

18.35%

$11.33

69.46%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

 

 

 

 

 

 

 

 

 

 

 

 

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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