Morning Report: Gas * Power * NGL * Crude * Products * Vols — May-22-2026

May 22, 2026

  

 

 

 

 

 

 

 

 

 

Prices as of 6:23 AM CST

 

 

 

 

 

 

 

Current Price

Previous Settle

% Change

Change

Volume

 

 

Natural Gas

$2.994

$3.018

-0.80%

-$0.024

4,330

 

 

WTI

$98.25

$96.35

1.97%

$1.90

50,369

 

 

Brent

$105.36

$102.58

2.71%

$2.78

8,687

 

 

ULSD

$3.942

$3.832

2.87%

$0.110

1,031

 

 

RBOB

$3.463

$3.380

2.46%

$0.083

1,020

 

 

 

 

Spreads

 

 

 

 

 

 

 

Current

Previous

% Change

Change

Contract

 

 

WTI-Brent

$7.04

$6.23

13.00%

$0.81

Jul-26

 

 

3:2:1 Crack

$49.29

$47.51

3.75%

$1.78

Jul-26

 

 

PJM West Spark

$57.25

$58.16

-1.58%

-$0.92

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

 

 

 

 

05/21/21

 

 

 

5/15/26

5/8/26

Net Change

% Change

5/16/25

% Change

5 Year Avg.

% Change

 

 

East

419

388

31

7.99%

432

-3.01%

428

-2.19%

 

 

Midwest

505

476

29

6.09%

512

-1.37%

515

-1.98%

 

 

Mountain

210

206

4

1.94%

192

9.38%

153

36.90%

 

 

Pacific

286

279

7

2.51%

244

17.21%

218

31.43%

 

 

South

972

941

31

3.29%

996

-2.41%

976

-0.37%

 

 

    Salt

298

285

13

4.56%

321

-7.17%

296

0.61%

 

 

    Non_Salt

673

656

17

2.59%

674

-0.15%

679

-0.91%

 

 

Total

2,391

2,290

101

4.41%

2,375

0.67%

2,290

4.42%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Power Generation Additions/Retirements

 

 

  

 

Front Month Prices

 

 

 

 

 

 

 

 

 

 

 

 

 

Electricity

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

5/21/26

5/20/26

% Change

Change

4/23/26

% Change

5/21/25

% Change

 

 

PJM West On Peak

Jun-26

$63.66

$64.62

-1.49%

-$0.96

$66.27

-3.94%

$57.09

11.50%

 

 

ERCOT North On Peak

Jun-26

$38.99

$44.87

-13.10%

-$5.88

$37.16

4.91%

$56.47

-30.96%

 

 

CAISO SP 15 On Peak

Jun-26

$14.02

$13.75

1.93%

$0.27

$10.22

37.18%

$29.70

-52.81%

 

 

MISO Indiana On Peak

Jun-26

$50.93

$50.50

0.84%

$0.42

$54.32

-6.25%

$51.72

-1.54%

 

 

NEISO Mass On Peak

Jun-26

$51.77

$54.40

-4.82%

-$2.62

$52.74

-1.83%

$53.50

-3.23%

 

 

WECC Mid C On Peak

Jun-26

$27.83

$27.00

3.09%

$0.83

$17.01

63.61%

$46.62

-40.30%

 

 

NYISO Zone G On Peak

Jun-26

$50.84

$54.37

-6.49%

-$3.53

$53.87

-5.62%

$52.57

-3.29%

 

 

 

 

 

Natural Gas & Basis

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

5/21/26

5/20/26

% Change

Change

4/23/26

% Change

5/21/25

% Change

 

 

NYMEX Henry Hub

Jun-26

$3.018

$3.004

0.47%

$0.01

$2.76

9.35%

$4.04

-25.28%

 

 

Houston Ship Channel

Jun-26

-$0.515

-$0.563

-8.44%

$0.05

-$0.38

37.08%

-$0.38

35.14%

 

 

Chicago

Jun-26

-$0.465

-$0.447

-3.76%

-$0.02

-$0.38

23.47%

-$0.43

7.81%

 

 

Waha

Jun-26

-$6.350

-$6.500

-2.31%

$0.15

-$5.79

9.73%

-$2.27

179.87%

 

 

Algonquin

Jun-26

-$0.590

-$0.545

-8.26%

-$0.04

-$0.02

3564.60%

-$0.37

58.09%

 

 

Aeco

Jun-26

-$1.820

-$1.855

-1.89%

$0.03

-$1.83

-0.39%

-$1.77

2.56%

 

 

Socal

Jun-26

-$1.390

-$1.460

-4.79%

$0.07

-$1.60

-13.03%

-$0.37

270.96%

 

 

 

 

 

Natural Gas Liquids

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

5/21/26

5/20/26

% Change

Change

4/23/26

% Change

5/21/25

% Change

 

 

Mt. Belvieu Propane LST

Jun-26

$0.845

$0.854

-1.02%

-$0.01

$0.82

3.21%

$0.70

20.95%

 

 

Mt. Belvieu Propane non LST

Jun-26

$0.828

$0.823

0.61%

$0.01

$0.82

1.07%

$0.70

18.44%

 

 

Mt. Belview Ethane

Jun-26

$0.204

$0.206

-1.21%

$0.00

$0.21

-2.98%

$0.28

-27.45%

 

 

Mt. Belview Nat. Gasoline

Jun-26

$2.051

$2.085

-1.62%

-$0.03

$2.04

0.55%

$1.23

66.76%

 

 

Mt. Belvieu Butane LST

Jun-26

$1.182

$1.195

-1.06%

-$0.01

$1.06

11.84%

$0.78

52.22%

 

 

Far East Propane

Jun-26

$8.080

$8.210

-1.58%

-$0.13

$6.83

18.30%

$4.93

63.89%

 

 

Saudi Propane

Jun-26

$7.441

$7.430

0.14%

$0.01

$6.30

18.10%

$4.90

51.99%

 

 

 

 

Crude Oil

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

5/21/26

5/20/26

% Change

Change

4/23/26

% Change

5/21/25

% Change

 

 

WTI

Jul-26

$96.35

$98.26

-1.98%

-$1.91

$90.82

6.09%

$60.38

59.57%

 

 

Brent

Jul-26

$102.58

$105.02

-2.38%

-$2.44

$99.35

3.25%

$63.94

60.43%

 

 

WCS

Jul-26

-$14.00

-$14.10

-0.71%

$0.10

-$14.18

-1.23%

-$13.14

6.55%

 

 

LLS

Jul-26

$94.64

$98.54

-4.12%

-$3.90

$88.43

7.02%

$62.65

51.05%

 

 

Mars

Jul-26

$96.94

$100.97

-4.16%

-$4.03

$87.34

10.99%

$60.30

60.76%

 

 

Sour

Jul-26

$96.54

$102.65

-6.33%

-$6.11

$90.67

6.48%

$60.46

59.69%

 

 

ESPO

Jul-26

$100.58

$103.02

-2.43%

-$2.44

$97.35

3.32%

$61.94

62.38%

 

 

 

 

Refined Products

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

5/21/26

5/20/26

% Change

Change

4/23/26

% Change

5/21/25

% Change

 

 

NY Heating Oil

Jun-26

$3.85

$3.93

-2.11%

-$0.08

$3.88

-0.82%

$2.07

85.90%

 

 

NY Gasoline

Jun-26

$3.55

$3.44

3.05%

$0.11

$3.15

12.58%

$2.01

76.54%

 

 

GC Gasoline

Jun-26

$3.40

$3.30

3.18%

$0.11

$3.01

13.16%

$1.91

78.46%

 

 

GC Jet

Jun-26

$3.56

$3.75

-5.07%

-$0.19

$3.91

-8.86%

$1.93

84.84%

 

 

Chicago Ethanol

Jun-26

$2.02

$2.01

0.50%

$0.01

$1.91

5.50%

$1.63

23.32%

 

 

Rotterdam Gasoil

Jun-26

$1,020.75

$1,062.00

-3.88%

-$41.25

$970.50

5.18%

$607.47

68.03%

 

 

Singapore Jet Kero

Jun-26

$148.51

$157.00

-5.41%

-$8.49

$152.55

-2.65%

$80.47

84.55%

 

 

 

 

Implied Volatilities

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

5/21/26

5/20/26

% Change

Change

4/23/26

% Change

5/21/25

% Change

 

 

Henry Hub Straddle

Jul-26

56.35%

56.35%

0.00%

0.00%

52.32%

7.70%

47.82%

17.83%

 

 

Algonquin Straddle

Jul-26

109.28%

116.60%

-6.28%

-7.32%

143.79%

-24.00%

45.25%

141.51%

 

 

Waha Straddle

Jul-26

142.61%

124.58%

14.48%

18.04%

514.91%

-72.30%

91.93%

55.13%

 

 

Chicago Straddle

Jul-26

58.51%

59.00%

-0.82%

-0.49%

54.14%

8.08%

48.13%

21.58%

 

 

PJM West Straddle

Jul-26

70.57%

69.60%

1.39%

0.97%

54.64%

29.15%

37.24%

89.50%

 

 

SP – 15 Straddle

Jul-26

166.63%

172.68%

-3.50%

-6.05%

78.89%

111.22%

93.85%

77.55%

 

 

Mid. C Straddle

Jul-26

49.87%

49.93%

-0.12%

-0.06%

17.76%

180.80%

68.09%

-26.76%

 

 

 

 

Euro Gas and Power/LNG

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

5/21/26

5/20/26

% Change

Change

4/23/26

% Change

5/21/25

% Change

 

 

Dutch TTF

Jul-26

EUR 47.62

EUR 49.08

-2.98%

-EUR 1.46

EUR 45.35

4.98%

EUR 33.68

41.36%

 

 

NBP

Jul-26

GBP 115.24

GBP 118.13

-2.45%

-GBP 2.89

GBP 110.09

4.68%

GBP 82.42

39.83%

 

 

German Base

Jul-26

EUR 96.56

EUR 96.35

0.22%

EUR 0.21

EUR 90.34

6.89%

EUR 81.47

18.52%

 

 

UK Base

Jul-26

GBP 101.14

GBP 102.14

-0.97%

-GBP 0.99

GBP 93.96

7.64%

GBP 74.12

36.46%

 

 

French Base

Jul-26

EUR 45.50

EUR 46.56

-2.27%

-EUR 1.06

EUR 38.98

16.73%

EUR 38.39

18.52%

 

 

Italian Base

Jul-26

EUR 142.10

EUR 150.89

-5.83%

-EUR 8.79

EUR 134.12

5.95%

EUR 104.88

35.49%

 

 

JKM LNG

Jul-26

$18.96

$19.20

-1.28%

-$0.24

$16.49

14.97%

$11.41

66.11%

 

 

 

 

Freight Forwards (WET & DRY)

 

OTCGH/EOXLive Market Data

 

 

 

Contract

5/21/26

5/20/26

% Change

Change

4/23/26

% Change

5/21/25

% Change

 

 

TD3C FFA Middle East to China (WET)

Jul-26

$47.62

$49.08

-2.98%

-$1.46

$45.35

4.98%

$33.68

41.36%

 

 

USGC-UK Continent Dirty (WET)

Jul-26

$115.24

$118.13

-2.45%

-$2.89

$110.09

4.68%

$82.42

39.83%

 

 

TD20 West Africa to UK Continent (WET)

Jul-26

$96.56

$96.35

0.22%

$0.21

$90.34

6.89%

$81.47

18.52%

 

 

LPG FFA Middle East Gulf to East (WET)

Jul-26

$101.14

$102.14

-0.97%

-$0.99

$93.96

7.64%

$74.12

36.46%

 

 

TC5 FFA Arabian Gulf to Japan (WET)

Jul-26

$45.50

$46.56

-2.27%

-$1.06

$38.98

16.73%

$38.39

18.52%

 

 

Supramax Timecharter (DRY)

Jul-26

$142.10

$150.89

-5.83%

-$8.79

$134.12

5.95%

$104.88

35.49%

 

 

Capesize Timecharter (DRY)

Jul-26

$18.96

$19.20

-1.28%

-$0.24

$16.49

14.97%

$11.41

66.11%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

 

 

 

 

 

 

 

 

 

 

 

 

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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