Morning Report: Gas * Power * NGL * Crude * Products * Vols — Nov-24-2025

Nov 24, 2025

  

 

 

 

 

 

 

 

 

 

Prices as of 7:01 AM CST

 

 

 

 

 

 

 

Current Price

Previous Settle

% Change

Change

Volume

 

 

Natural Gas

$4.497

$4.580

-1.81%

-$0.083

12,040

 

 

WTI

$58.09

$58.06

0.05%

$0.03

47,677

 

 

Brent

$62.60

$62.56

0.06%

$0.04

7,972

 

 

ULSD

$2.401

$2.456

-2.25%

-$0.055

4,891

 

 

RBOB

$1.884

$1.883

0.05%

$0.001

3,164

 

 

 

 

Spreads

 

 

 

 

 

 

 

Current

Previous

% Change

Change

Contract

 

 

WTI-Brent

$4.52

$4.50

0.44%

$0.02

Jan-26

 

 

3:2:1 Crack

$25.81

$26.25

-1.69%

-$0.44

Jan-26

 

 

PJM West Spark

$65.63

$67.54

-2.82%

-$1.90

Dec-25

 

 

 

 

Baker Hughes Rig Count

 

 

 

 

 

 

 

Date

Count

Change

1 Year Chg.

1 Year Date

 

 

U.S.

11/21/25

554

5

-29

11/22/24

 

 

Canada

11/21/25

195

7

-6

11/22/24

 

 

International

Oct-2025

1059

-25

-101

Oct-2024

 

 

 

 

CFTC Net Positions

 

 

 

 

 

 

As of 10/7/2025

Open Interest

Total Net Long

Total Net Short

Diff

 

 

PJM West On Peak

99,958

99,520

99,619

-99

 

 

PJM West Off Peak

95,453

95,240

95,076

164

 

 

Natural Gas Henry Hub

337,213

324,053

325,173

-1,120

 

 

WTI – Light Sweet Crude Futures

322,245

270,567

255,066

15,501

 

 

Brent Crude Last Day

221,988

215,020

217,930

-2,910

 

 

NYM Ethanol

47,469

46,793

46,938

-145

 

 

Mt Belvieu LDH Propane Swap

141,008

140,001

140,582

-581

 

 

RBOB

353,466

330,091

337,726

-7,635

 

 

HSC Basis

736,487

729,173

730,416

-1,243

 

 

 

 

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

 

 

 

 

11/20/20

 

 

 

11/14/25

11/7/25

Net Change

% Change

11/15/24

% Change

5 Year Avg.

% Change

 

 

East

905

914

-9

-0.98%

931

-2.79%

908

-0.29%

 

 

Midwest

1,112

1,117

-5

-0.45%

1,140

-2.46%

1,104

0.72%

 

 

Mountain

292

290

2

0.69%

293

-0.34%

241

21.36%

 

 

Pacific

322

321

1

0.31%

313

2.88%

285

13.14%

 

 

South

1,316

1,318

-2

-0.15%

1,291

1.94%

1,248

5.45%

 

 

    Salt

352

353

-1

-0.28%

347

1.44%

338

4.14%

 

 

    Non_Salt

963

965

-2

-0.21%

944

2.01%

910

5.82%

 

 

Total

3,946

3,960

-14

-0.35%

3,969

-0.58%

3,784

4.27%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Power Generation Additions/Retirements

 

 

  

 

Front Month Prices

 

 

 

 

 

 

 

 

 

 

 

 

 

Electricity

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

11/21/25

11/20/25

% Change

Change

10/24/25

% Change

11/21/24

% Change

 

 

PJM West On Peak

Dec-25

$75.27

$77.34

-2.67%

-$2.06

$60.93

23.55%

$57.53

30.83%

 

 

ERCOT North On Peak

Dec-25

$53.55

$52.72

1.58%

$0.83

$39.59

35.26%

$44.89

19.29%

 

 

CAISO SP 15 On Peak

Dec-25

$51.75

$51.96

-0.40%

-$0.21

$47.25

9.52%

$68.27

-24.20%

 

 

MISO Indiana On Peak

Dec-25

$65.08

$68.31

-4.73%

-$3.23

$55.69

16.88%

$53.81

20.94%

 

 

NEISO Mass On Peak

Dec-25

$115.70

$112.96

2.43%

$2.75

$91.26

26.79%

$85.92

34.66%

 

 

WECC Mid C On Peak

Dec-25

$73.00

$73.00

0.00%

$0.00

$64.56

13.08%

$96.01

-23.97%

 

 

NYISO Zone G On Peak

Dec-25

$102.54

$108.03

-5.08%

-$5.49

$82.35

24.52%

$68.49

49.72%

 

 

 

 

 

Natural Gas & Basis

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

11/21/25

11/20/25

% Change

Change

10/24/25

% Change

11/21/24

% Change

 

 

NYMEX Henry Hub

Dec-25

$4.580

$4.474

2.37%

$0.11

$4.03

13.51%

$4.10

11.79%

 

 

Houston Ship Channel

Dec-25

-$0.255

-$0.240

6.08%

-$0.01

-$0.26

-0.93%

-$0.37

-31.66%

 

 

Chicago

Dec-25

$0.255

$0.342

34.03%

-$0.09

$0.23

10.86%

$0.29

-12.82%

 

 

Waha

Dec-25

-$2.702

-$2.500

-8.07%

-$0.20

-$1.86

44.95%

-$1.58

70.87%

 

 

Algonquin

Dec-25

$7.240

$7.058

2.57%

$0.18

$5.33

35.80%

$4.93

46.86%

 

 

Aeco

Dec-25

-$2.174

-$2.129

2.12%

-$0.05

-$1.62

34.28%

-$1.65

31.86%

 

 

Socal

Dec-25

$0.079

$0.209

-62.34%

-$0.13

$0.36

-78.15%

$2.66

-97.04%

 

 

 

 

 

Natural Gas Liquids

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

11/21/25

11/20/25

% Change

Change

10/24/25

% Change

11/21/24

% Change

 

 

Mt. Belvieu Propane LST

Dec-25

$0.644

$0.638

0.98%

$0.01

$0.67

-4.61%

$0.74

-13.53%

 

 

Mt. Belvieu Propane non LST

Dec-25

$0.630

$0.637

-1.13%

-$0.01

$0.67

-5.73%

$0.76

-16.88%

 

 

Mt. Belview Ethane

Dec-25

$0.270

$0.266

1.41%

$0.00

$0.25

6.41%

$0.26

3.01%

 

 

Mt. Belview Nat. Gasoline

Dec-25

$1.215

$1.240

-2.02%

-$0.03

$1.26

-3.58%

$1.38

-12.23%

 

 

Mt. Belvieu Butane LST

Dec-25

$0.804

$0.820

-1.97%

-$0.02

$0.85

-5.77%

$0.88

-8.97%

 

 

Far East Propane

Dec-25

$4.996

$5.030

-0.67%

-$0.03

$4.99

0.12%

$5.64

-11.35%

 

 

Saudi Propane

Dec-25

$4.820

$4.860

-0.82%

-$0.04

$4.65

3.66%

$5.34

-9.71%

 

 

 

 

Crude Oil

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

11/21/25

11/20/25

% Change

Change

10/24/25

% Change

11/21/24

% Change

 

 

WTI

Jan-26

$58.06

$59.00

-1.62%

-$0.94

$61.16

-5.07%

$67.38

-13.83%

 

 

Brent

Jan-26

$62.56

$63.38

-1.31%

-$0.82

$65.25

-4.13%

$71.42

-12.41%

 

 

WCS

Jan-26

-$12.46

-$12.33

1.04%

-$0.13

-$14.27

-12.69%

-$12.18

2.33%

 

 

LLS

Jan-26

$59.35

$60.01

-1.12%

-$0.66

$62.78

-5.47%

$69.61

-14.75%

 

 

Mars

Jan-26

$56.57

$57.78

-2.15%

-$1.21

$59.81

-5.41%

$65.86

-14.12%

 

 

Sour

Jan-26

$57.37

$59.31

-3.38%

-$1.94

$61.18

-6.23%

$67.46

-14.96%

 

 

ESPO

Jan-26

$60.56

$61.38

-1.35%

-$0.82

$63.26

-4.26%

$69.42

-12.76%

 

 

 

 

Refined Products

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

11/21/25

11/20/25

% Change

Change

10/24/25

% Change

11/21/24

% Change

 

 

NY Heating Oil

Dec-25

$2.43

$2.54

-4.02%

-$0.10

$2.38

2.48%

$2.27

7.27%

 

 

NY Gasoline

Dec-25

$1.84

$1.85

-0.59%

-$0.01

$1.88

-2.49%

$1.89

-2.91%

 

 

GC Gasoline

Dec-25

$1.70

$1.71

-0.64%

-$0.01

$1.75

-2.69%

$1.79

-5.30%

 

 

GC Jet

Dec-25

$2.18

$2.22

-1.76%

-$0.04

$2.12

3.12%

$2.11

3.26%

 

 

Chicago Ethanol

Dec-25

$1.73

$1.73

0.17%

$0.00

$1.68

3.10%

$1.57

10.04%

 

 

Rotterdam Gasoil

Dec-25

$590.62

$607.66

-2.80%

-$17.04

$597.81

-1.20%

$627.14

-5.82%

 

 

Singapore Jet Kero

Dec-25

$90.26

$94.03

-4.01%

-$3.77

$88.79

1.65%

$88.31

2.21%

 

 

 

 

Implied Volatilities

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

11/21/25

11/20/25

% Change

Change

10/24/25

% Change

11/21/24

% Change

 

 

Henry Hub Straddle

Jan-26

66.12%

78.63%

-15.91%

-12.51%

70.36%

-6.03%

44.90%

47.26%

 

 

Algonquin Straddle

Jan-26

72.95%

84.80%

-13.97%

-11.85%

84.63%

-13.80%

50.62%

44.11%

 

 

Waha Straddle

Jan-26

89.41%

96.26%

-7.12%

-6.85%

98.28%

-9.03%

51.99%

71.98%

 

 

Chicago Straddle

Jan-26

63.24%

75.63%

-16.38%

-12.39%

67.98%

-6.97%

42.27%

49.61%

 

 

PJM West Straddle

Jan-26

99.61%

94.83%

5.04%

4.78%

66.91%

48.87%

57.92%

71.98%

 

 

SP – 15 Straddle

Jan-26

200.80%

391.07%

-48.65%

-190.27%

149.38%

34.42%

153.49%

30.82%

 

 

Mid. C Straddle

Jan-26

137.24%

114.23%

20.14%

23.01%

92.44%

48.46%

81.07%

69.29%

 

 

 

 

Euro Gas and Power/LNG

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

11/21/25

11/20/25

% Change

Change

10/24/25

% Change

11/21/24

% Change

 

 

Dutch TTF

Jan-26

EUR 30.46

EUR 30.90

-1.41%

-EUR 0.44

EUR 32.37

-5.89%

EUR 42.35

-28.08%

 

 

NBP

Jan-26

GBP 79.96

GBP 81.58

-1.99%

-GBP 1.62

GBP 84.53

-5.41%

GBP 110.63

-27.73%

 

 

German Base

Jan-26

EUR 106.91

EUR 108.21

-1.20%

-EUR 1.30

EUR 104.24

2.57%

EUR 114.39

-6.54%

 

 

UK Base

Jan-26

GBP 86.14

GBP 88.29

-2.44%

-GBP 2.16

GBP 87.98

-2.10%

GBP 89.95

-4.23%

 

 

French Base

Jan-26

EUR 71.93

EUR 73.69

-2.39%

-EUR 1.76

EUR 83.21

-13.55%

EUR 104.99

-31.49%

 

 

Italian Base

Jan-26

EUR 115.91

EUR 117.32

-1.21%

-EUR 1.42

EUR 114.07

1.61%

EUR 127.29

-8.94%

 

 

JKM LNG

Jan-26

$11.28

$11.87

-4.93%

-$0.59

$11.25

0.28%

$14.31

-21.19%

 

 

 

 

Freight Forwards (WET & DRY)

 

OTCGH/EOXLive Market Data

 

 

 

Contract

11/21/25

11/20/25

% Change

Change

10/24/25

% Change

11/21/24

% Change

 

 

TD3C FFA Middle East to China (WET)

Jan-26

$30.46

$30.90

-1.41%

-$0.44

$32.37

-5.89%

$42.35

-28.08%

 

 

USGC-UK Continent Dirty (WET)

Jan-26

$79.96

$81.58

-1.99%

-$1.62

$84.53

-5.41%

$110.63

-27.73%

 

 

TD20 West Africa to UK Continent (WET)

Jan-26

$106.91

$108.21

-1.20%

-$1.30

$104.24

2.57%

$114.39

-6.54%

 

 

LPG FFA Middle East Gulf to East (WET)

Jan-26

$86.14

$88.29

-2.44%

-$2.16

$87.98

-2.10%

$89.95

-4.23%

 

 

TC5 FFA Arabian Gulf to Japan (WET)

Jan-26

$71.93

$73.69

-2.39%

-$1.76

$83.21

-13.55%

$104.99

-31.49%

 

 

Supramax Timecharter (DRY)

Jan-26

$115.91

$117.32

-1.21%

-$1.42

$114.07

1.61%

$127.29

-8.94%

 

 

Capesize Timecharter (DRY)

Jan-26

$11.28

$11.87

-4.93%

-$0.59

$11.25

0.28%

$14.31

-21.19%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

 

 

 

 

 

 

 

 

 

 

 

 

Cooling Degree Days

 

 

 

 

 

 

11/22/2025

Week Tot

Dev Norm

Dev L YR

Cum Tot

CumD Norm

CumD L YR

CumD Norm

CumD L YR

 

 

New England

0

0

0

549

132

-40

32.00%

-7.00%

 

 

Middle Atlantic

0

0

0

801

145

-62

22.00%

-7.00%

 

 

E N Central

0

0

0

862

153

46

22.00%

6.00%

 

 

W N Central

0

0

0

1,057

130

59

14.00%

6.00%

 

 

South Atlantic

12

0

0

2,096

176

-109

9.00%

-5.00%

 

 

E S Central

5

4

4

1,787

243

-41

16.00%

-2.00%

 

 

W S Central

38

32

25

2,816

381

-89

16.00%

-3.00%

 

 

Mountain

0

0

0

1,342

99

-108

8.00%

-7.00%

 

 

Pacific

0

-1

0

729

27

-190

4.00%

-21.00%

 

 

United States

7

4

3

1,366

159

-68

13.00%

-5.00%

 

 

 

 

Heating Degree Days

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11/22/2025

Week Tot

Dev Norm

Dev L YR

Cum Tot

CumD Norm

CumD L YR

CumD Norm

CumD L YR

 

 

New England

199

22

53

1,080

-80

144

-7.00%

15.00%

 

 

Middle Atlantic

172

9

48

862

-124

162

-13.00%

23.00%

 

 

E N Central

175

-11

48

957

-143

183

-13.00%

24.00%

 

 

W N Central

152

-57

5

875

-306

60

-26.00%

7.00%

 

 

South Atlantic

64

-20

1

384

-34

99

-8.00%

35.00%

 

 

E S Central

54

-58

-19

441

-109

128

-20.00%

41.00%

 

 

W S Central

10

-66

-33

156

-127

26

-45.00%

21.00%

 

 

Mountain

136

-32

-43

686

-322

-137

-32.00%

-17.00%

 

 

Pacific

114

15

-10

418

-146

-87

-26.00%

-17.00%

 

 

United States

116

-18

9

615

-136

71

-18.00%

13.00%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

Weather Forecast & Seasonal Outlook

 

Tropical Outlook

 

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