Morning Report: Gas * Power * NGL * Crude * Products * Vols — Nov-26-2025

Nov 26, 2025

  

 

 

 

 

 

 

 

 

 

Prices as of 8:05 AM CST

 

 

 

 

 

 

 

Current Price

Previous Settle

% Change

Change

Volume

 

 

Natural Gas

$4.597

$4.424

3.91%

$0.173

37,273

 

 

WTI

$57.91

$57.95

-0.07%

-$0.04

60,748

 

 

Brent

$62.37

$62.48

-0.18%

-$0.11

6,763

 

 

ULSD

$2.346

$2.354

-0.35%

-$0.008

1,872

 

 

RBOB

$1.868

$1.857

0.58%

$0.011

2,320

 

 

 

 

Spreads

 

 

 

 

 

 

 

Current

Previous

% Change

Change

Contract

 

 

WTI-Brent

$4.48

$4.53

-1.10%

-$0.05

Jan-26

 

 

3:2:1 Crack

$25.17

$24.98

0.79%

$0.20

Jan-26

 

 

PJM West Spark

NA

NA

NA

NA

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

11/25/25

11/24/25

% Change

Change

10/28/25

% Change

11/25/24

% Change

 

 

PJM West On Peak

Dec-25

$72.33

$74.57

-3.01%

-$2.25

$60.03

20.48%

$56.61

27.77%

 

 

ERCOT North On Peak

Dec-25

$47.69

$51.75

-7.84%

-$4.06

$39.19

21.70%

$44.80

6.45%

 

 

CAISO SP 15 On Peak

Dec-25

$50.02

$50.50

-0.95%

-$0.48

$47.38

5.57%

$70.31

-28.86%

 

 

MISO Indiana On Peak

Dec-25

$64.16

$65.63

-2.24%

-$1.47

$54.84

17.00%

$52.53

22.14%

 

 

NEISO Mass On Peak

Dec-25

$121.61

$110.73

9.82%

$10.88

$90.34

34.62%

$86.68

40.30%

 

 

WECC Mid C On Peak

Dec-25

$75.54

$75.63

-0.12%

-$0.09

$65.42

15.46%

$94.69

-20.22%

 

 

NYISO Zone G On Peak

Dec-25

$106.14

$103.98

2.08%

$2.16

$81.20

30.71%

$69.15

53.50%

 

 

 

 

 

Natural Gas & Basis

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

11/25/25

11/24/25

% Change

Change

10/28/25

% Change

11/25/24

% Change

 

 

NYMEX Henry Hub

Jan-26

$4.481

$4.672

-4.09%

-$0.19

$4.14

8.21%

$4.41

1.66%

 

 

Houston Ship Channel

Jan-26

-$0.009

$0.024

-137.04%

-$0.03

-$0.06

-84.07%

-$0.24

-96.27%

 

 

Chicago

Jan-26

$0.797

$0.811

1.69%

-$0.01

$0.74

7.01%

$0.90

-10.96%

 

 

Waha

Jan-26

-$1.275

-$1.316

-3.06%

$0.04

-$1.29

-1.15%

-$0.78

64.17%

 

 

Algonquin

Jan-26

$10.280

$10.322

-0.40%

-$0.04

$9.48

8.43%

$9.47

8.55%

 

 

Aeco

Jan-26

-$2.121

-$2.256

-6.00%

$0.14

-$1.73

22.93%

-$1.74

22.01%

 

 

Socal

Jan-26

$0.261

$0.236

10.87%

$0.03

$0.70

-62.73%

$2.46

-89.40%

 

 

 

 

 

Natural Gas Liquids

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

11/25/25

11/24/25

% Change

Change

10/28/25

% Change

11/25/24

% Change

 

 

Mt. Belvieu Propane LST

Dec-25

$0.648

$0.649

-0.19%

$0.00

$0.67

-3.19%

$0.75

-13.78%

 

 

Mt. Belvieu Propane non LST

Dec-25

$0.631

$0.632

-0.17%

$0.00

$0.67

-5.77%

$0.75

-15.85%

 

 

Mt. Belview Ethane

Dec-25

$0.254

$0.270

-5.99%

-$0.02

$0.25

1.54%

$0.26

-2.78%

 

 

Mt. Belview Nat. Gasoline

Dec-25

$1.205

$1.226

-1.75%

-$0.02

$1.23

-2.05%

$1.36

-11.26%

 

 

Mt. Belvieu Butane LST

Dec-25

$0.810

$0.806

0.47%

$0.00

$0.85

-4.31%

$0.90

-9.70%

 

 

Far East Propane

Dec-25

$5.030

$5.020

0.20%

$0.01

$5.07

-0.78%

$5.66

-11.13%

 

 

Saudi Propane

Dec-25

$4.834

$4.890

-1.14%

-$0.06

$4.69

3.18%

$5.38

-10.07%

 

 

 

 

Crude Oil

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

11/25/25

11/24/25

% Change

Change

10/28/25

% Change

11/25/24

% Change

 

 

WTI

Jan-26

$57.95

$58.84

-1.54%

-$0.89

$59.78

-3.06%

$66.40

-12.73%

 

 

Brent

Jan-26

$62.48

$63.37

-1.42%

-$0.89

$63.83

-2.11%

$70.35

-11.19%

 

 

WCS

Jan-26

-$12.19

-$12.69

-4.10%

$0.50

-$12.60

-3.28%

-$12.71

-4.10%

 

 

LLS

Jan-26

$59.19

$60.12

-1.57%

-$0.93

$60.77

-2.60%

$68.28

-13.30%

 

 

Mars

Jan-26

$56.36

$56.19

0.29%

$0.17

$58.03

-2.89%

$66.13

-14.78%

 

 

Sour

Jan-26

$58.07

$57.87

0.35%

$0.20

$59.65

-2.65%

$66.58

-12.79%

 

 

ESPO

Jan-26

$60.48

$61.37

-1.47%

-$0.89

$61.83

-2.18%

$68.35

-11.51%

 

 

 

 

Refined Products

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

11/25/25

11/24/25

% Change

Change

10/28/25

% Change

11/25/24

% Change

 

 

NY Heating Oil

Dec-25

$2.36

$2.42

-2.44%

-$0.06

$2.35

0.51%

$2.22

6.22%

 

 

NY Gasoline

Dec-25

$1.84

$1.82

0.88%

$0.02

$1.85

-0.65%

$1.86

-1.29%

 

 

GC Gasoline

Dec-25

$1.70

$1.68

0.95%

$0.02

$1.71

-0.70%

$1.76

-3.63%

 

 

GC Jet

Dec-25

$2.12

$2.13

-0.47%

-$0.01

$2.20

-3.68%

$2.06

3.06%

 

 

Chicago Ethanol

Dec-25

$1.72

$1.73

-0.58%

-$0.01

$1.67

2.45%

$1.56

10.22%

 

 

Rotterdam Gasoil

Dec-25

$587.41

$593.88

-1.09%

-$6.47

$599.34

-1.99%

$617.41

-4.86%

 

 

Singapore Jet Kero

Dec-25

$87.42

$86.49

1.08%

$0.93

$89.00

-1.78%

$86.59

0.95%

 

 

 

 

Implied Volatilities

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

11/25/25

11/24/25

% Change

Change

10/28/25

% Change

11/25/24

% Change

 

 

Henry Hub Straddle

Jan-26

67.80%

69.75%

-2.80%

-1.95%

66.21%

2.40%

40.58%

67.08%

 

 

Algonquin Straddle

Jan-26

71.36%

75.89%

-5.97%

-4.53%

77.12%

-7.47%

47.40%

50.55%

 

 

Waha Straddle

Jan-26

93.03%

89.71%

3.70%

3.32%

92.89%

0.15%

42.32%

119.83%

 

 

Chicago Straddle

Jan-26

64.64%

66.78%

-3.20%

-2.14%

63.27%

2.17%

38.67%

67.16%

 

 

PJM West Straddle

Jan-26

97.51%

99.85%

-2.34%

-2.34%

66.29%

47.10%

60.28%

61.76%

 

 

SP – 15 Straddle

Jan-26

212.88%

207.94%

2.38%

4.94%

152.59%

39.51%

155.93%

36.52%

 

 

Mid. C Straddle

Jan-26

114.02%

111.02%

2.70%

3.00%

90.94%

25.38%

80.84%

41.04%

 

 

 

 

Euro Gas and Power/LNG

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

11/25/25

11/24/25

% Change

Change

10/28/25

% Change

11/25/24

% Change

 

 

Dutch TTF

Jan-26

EUR 29.51

EUR 29.98

-1.57%

-EUR 0.47

EUR 31.82

-7.25%

EUR 41.87

-29.51%

 

 

NBP

Jan-26

GBP 77.81

GBP 78.93

-1.43%

-GBP 1.13

GBP 83.65

-6.99%

GBP 110.71

-29.72%

 

 

German Base

Jan-26

EUR 104.10

EUR 104.16

-0.05%

-EUR 0.05

EUR 103.32

0.76%

EUR 114.28

-8.90%

 

 

UK Base

Jan-26

GBP 84.95

GBP 86.77

-2.10%

-GBP 1.82

GBP 87.43

-2.84%

GBP 90.74

-6.39%

 

 

French Base

Jan-26

EUR 67.33

EUR 67.92

-0.86%

-EUR 0.58

EUR 82.14

-18.03%

EUR 105.68

-36.28%

 

 

Italian Base

Jan-26

EUR 114.01

EUR 113.73

0.25%

EUR 0.28

EUR 113.71

0.26%

EUR 126.47

-9.85%

 

 

JKM LNG

Jan-26

$11.17

$11.02

1.41%

$0.15

$11.20

-0.24%

$14.43

-22.59%

 

 

 

 

Freight Forwards (WET & DRY)

 

OTCGH/EOXLive Market Data

 

 

 

Contract

11/25/25

11/24/25

% Change

Change

10/28/25

% Change

11/25/24

% Change

 

 

TD3C FFA Middle East to China (WET)

Jan-26

$29.51

$29.98

-1.57%

-$0.47

$31.82

-7.25%

$41.87

-29.51%

 

 

USGC-UK Continent Dirty (WET)

Jan-26

$77.81

$78.93

-1.43%

-$1.13

$83.65

-6.99%

$110.71

-29.72%

 

 

TD20 West Africa to UK Continent (WET)

Jan-26

$104.10

$104.16

-0.05%

-$0.05

$103.32

0.76%

$114.28

-8.90%

 

 

LPG FFA Middle East Gulf to East (WET)

Jan-26

$84.95

$86.77

-2.10%

-$1.82

$87.43

-2.84%

$90.74

-6.39%

 

 

TC5 FFA Arabian Gulf to Japan (WET)

Jan-26

$67.33

$67.92

-0.86%

-$0.58

$82.14

-18.03%

$105.68

-36.28%

 

 

Supramax Timecharter (DRY)

Jan-26

$114.01

$113.73

0.25%

$0.28

$113.71

0.26%

$126.47

-9.85%

 

 

Capesize Timecharter (DRY)

Jan-26

$11.17

$11.02

1.41%

$0.15

$11.20

-0.24%

$14.43

-22.59%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

 

 

 

 

 

 

 

 

 

 

 

 

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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