Morning Report: Gas * Power * NGL * Crude * Products * Vols — Oct-07-2025

Oct 7, 2025

  

 

 

 

 

 

 

 

 

 

Prices as of 7:57 AM CST

 

 

 

 

 

 

 

Current Price

Previous Settle

% Change

Change

Volume

 

 

Natural Gas

$3.401

$3.357

1.31%

$0.044

35,758

 

 

WTI

$61.64

$61.69

-0.08%

-$0.05

46,753

 

 

Brent

$65.40

$65.47

-0.11%

-$0.07

10,265

 

 

ULSD

$2.260

$2.244

0.72%

$0.016

6,104

 

 

RBOB

$1.894

$1.902

-0.38%

-$0.007

6,764

 

 

 

 

Spreads

 

 

 

 

 

 

 

Current

Previous

% Change

Change

Contract

 

 

WTI-Brent

$4.10

$4.13

-0.73%

-$0.03

Dec-25

 

 

3:2:1 Crack

$21.71

$21.71

-0.02%

$0.00

Nov-25

 

 

PJM West Spark

$44.83

$43.79

2.37%

$1.04

Nov-25

 

 

 

 

Baker Hughes Rig Count

 

 

 

 

 

 

 

Date

Count

Change

1 Year Chg.

1 Year Date

 

 

U.S.

09/19/25

542

3

-46

09/20/24

 

 

Canada

09/19/25

189

3

-22

09/20/24

 

 

International

August-2025

1076

-3

-66

August-2024

 

 

 

 

CFTC Net Positions

 

 

 

 

 

 

As of 9/23/2025

Open Interest

Total Net Long

Total Net Short

Diff

 

 

PJM West On Peak

102,773

102,325

102,400

-75

 

 

PJM West Off Peak

96,882

96,685

96,493

192

 

 

Natural Gas Henry Hub

345,687

332,518

334,033

-1,515

 

 

WTI – Light Sweet Crude Futures

165,725

139,486

131,892

7,594

 

 

Brent Crude Last Day

235,477

227,938

229,310

-1,372

 

 

NYM Ethanol

53,845

53,048

53,281

-233

 

 

Mt Belvieu LDH Propane Swap

155,446

154,412

155,018

-606

 

 

RBOB

361,113

336,109

347,150

-11,041

 

 

HSC Basis

765,288

754,685

758,098

-3,413

 

 

 

 

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

 

 

 

 

10/02/20

 

 

 

9/26/25

9/19/25

Net Change

% Change

9/27/24

% Change

5 Year Avg.

% Change

 

 

East

832

807

25

3.10%

846

-1.65%

830

0.19%

 

 

Midwest

972

945

27

2.86%

1,013

-4.05%

991

-1.88%

 

 

Mountain

269

266

3

1.13%

283

-4.95%

230

17.16%

 

 

Pacific

302

300

2

0.67%

293

3.07%

277

9.10%

 

 

South

1,186

1,190

-4

-0.34%

1,113

6.56%

1,116

6.23%

 

 

    Salt

292

299

-7

-2.34%

261

11.88%

274

6.57%

 

 

    Non_Salt

894

890

4

0.45%

852

4.93%

842

6.18%

 

 

Total

3,561

3,508

53

1.51%

3,547

0.39%

3,443

3.42%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Power Generation Additions/Retirements

 

 

  

 

Front Month Prices

 

 

 

 

 

 

 

 

 

 

 

 

 

Electricity

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

10/6/25

10/3/25

% Change

Change

9/8/25

% Change

10/4/24

% Change

 

 

PJM West On Peak

Nov-25

$52.10

$50.97

2.21%

$1.13

$48.45

7.53%

$49.69

4.84%

 

 

ERCOT North On Peak

Nov-25

$36.27

$36.74

-1.29%

-$0.48

$36.45

-0.49%

$40.91

-11.34%

 

 

CAISO SP 15 On Peak

Nov-25

$32.43

$31.50

2.97%

$0.93

$36.48

-11.09%

$46.65

-30.47%

 

 

MISO Indiana On Peak

Nov-25

$49.74

$47.80

4.07%

$1.95

$46.57

6.81%

$47.43

4.88%

 

 

NEISO Mass On Peak

Nov-25

$52.51

$53.16

-1.22%

-$0.65

$56.57

-7.17%

$59.66

-11.98%

 

 

WECC Mid C On Peak

Nov-25

$46.47

$43.46

6.93%

$3.01

$53.00

-12.32%

$72.96

-36.31%

 

 

NYISO Zone G On Peak

Nov-25

$50.42

$51.21

-1.55%

-$0.80

$52.76

-4.44%

$49.64

1.57%

 

 

 

 

 

Natural Gas & Basis

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

10/6/25

10/3/25

% Change

Change

9/8/25

% Change

10/4/24

% Change

 

 

NYMEX Henry Hub

Nov-25

$3.357

$3.324

0.99%

$0.03

$3.35

0.15%

$3.68

-8.90%

 

 

Houston Ship Channel

Nov-25

-$0.407

-$0.378

7.84%

-$0.03

-$0.49

-17.58%

-$0.59

-31.27%

 

 

Chicago

Nov-25

-$0.312

-$0.293

-6.24%

-$0.02

-$0.23

35.19%

-$0.23

32.95%

 

 

Waha

Nov-25

-$3.645

-$3.919

-6.98%

$0.27

-$2.52

44.84%

-$1.58

130.67%

 

 

Algonquin

Nov-25

$0.526

$0.557

-5.55%

-$0.03

$0.76

-30.45%

$1.01

-47.99%

 

 

Aeco

Nov-25

-$1.606

-$1.559

3.01%

-$0.05

-$1.39

15.76%

-$1.26

27.21%

 

 

Socal

Nov-25

-$0.545

-$0.526

3.57%

-$0.02

-$0.05

1054.24%

$0.53

-202.25%

 

 

 

 

 

Natural Gas Liquids

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

10/6/25

10/3/25

% Change

Change

9/8/25

% Change

10/4/24

% Change

 

 

Mt. Belvieu Propane LST

Nov-25

$0.682

$0.689

-0.91%

-$0.01

$0.71

-3.71%

$0.76

-10.55%

 

 

Mt. Belvieu Propane non LST

Nov-25

$0.671

$0.676

-0.75%

-$0.01

$0.71

-5.07%

$0.76

-11.84%

 

 

Mt. Belview Ethane

Nov-25

$0.280

$0.275

1.83%

$0.01

$0.25

13.46%

$0.26

8.72%

 

 

Mt. Belview Nat. Gasoline

Nov-25

$1.278

$1.263

1.19%

$0.01

$1.30

-1.37%

$1.49

-14.48%

 

 

Mt. Belvieu Butane LST

Nov-25

$0.849

$0.842

0.73%

$0.01

$0.87

-2.45%

$0.92

-7.49%

 

 

Far East Propane

Nov-25

$5.140

$5.160

-0.39%

-$0.02

$5.53

-7.13%

$5.95

-13.64%

 

 

Saudi Propane

Nov-25

$4.780

$4.810

-0.62%

-$0.03

$5.54

-13.71%

$5.49

-12.87%

 

 

 

 

Crude Oil

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

10/6/25

10/3/25

% Change

Change

9/8/25

% Change

10/4/24

% Change

 

 

WTI

Nov-25

$61.69

$60.88

1.31%

$0.81

$61.87

-0.29%

$69.85

-11.68%

 

 

Brent

Nov-25

$65.64

$64.69

1.45%

$0.96

$66.02

-0.57%

$74.56

-11.96%

 

 

WCS

Nov-25

-$11.69

-$11.64

0.47%

-$0.06

-$12.00

-2.59%

-$15.80

-26.00%

 

 

LLS

Nov-25

$63.42

$62.82

0.94%

$0.60

$63.85

-0.67%

$73.32

-13.51%

 

 

Mars

Nov-25

$60.63

$59.60

1.70%

$1.03

$61.48

-1.38%

$68.48

-11.47%

 

 

Sour

Nov-25

$62.05

$61.22

1.34%

$0.83

$62.23

-0.28%

$69.91

-11.24%

 

 

ESPO

Nov-25

$63.64

$62.69

1.50%

$0.95

$64.02

-0.59%

$72.56

-12.29%

 

 

 

 

Refined Products

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

10/6/25

10/3/25

% Change

Change

9/8/25

% Change

10/4/24

% Change

 

 

NY Heating Oil

Nov-25

$2.24

$2.24

0.31%

$0.01

$2.30

-2.52%

$2.35

-4.59%

 

 

NY Gasoline

Nov-25

$1.90

$1.86

2.31%

$0.04

$1.93

-1.45%

$2.01

-5.37%

 

 

GC Gasoline

Nov-25

$1.76

$1.72

2.50%

$0.04

$1.79

-1.56%

$1.91

-7.75%

 

 

GC Jet

Nov-25

$2.03

$2.02

0.59%

$0.01

$2.04

-0.59%

$2.24

-9.12%

 

 

Chicago Ethanol

Nov-25

$1.90

$1.91

-0.52%

-$0.01

$1.81

5.15%

$1.55

22.82%

 

 

Rotterdam Gasoil

Nov-25

$591.48

$585.20

1.07%

$6.29

$591.96

-0.08%

$654.80

-9.67%

 

 

Singapore Jet Kero

Nov-25

$84.65

$83.35

1.56%

$1.30

$84.21

0.53%

$92.62

-8.60%

 

 

 

 

Implied Volatilities

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

10/6/25

10/3/25

% Change

Change

9/8/25

% Change

10/4/24

% Change

 

 

Henry Hub Straddle

Nov-25

54.60%

58.34%

-6.41%

-3.74%

51.78%

5.45%

41.97%

30.09%

 

 

Algonquin Straddle

Nov-25

68.45%

65.12%

5.11%

3.33%

62.44%

9.63%

51.85%

32.02%

 

 

Waha Straddle

Nov-25

1388.31%

1401.96%

-0.97%

-13.65%

211.67%

555.88%

54.60%

2442.69%

 

 

Chicago Straddle

Nov-25

56.31%

62.82%

-10.36%

-6.51%

54.54%

3.25%

44.15%

27.54%

 

 

PJM West Straddle

Nov-25

43.35%

39.69%

9.22%

3.66%

35.52%

22.04%

41.32%

4.91%

 

 

SP – 15 Straddle

Nov-25

244.59%

237.72%

2.89%

6.87%

316.05%

-22.61%

51.11%

378.56%

 

 

Mid. C Straddle

Nov-25

43.85%

40.63%

7.93%

3.22%

48.06%

-8.76%

61.96%

-29.23%

 

 

 

 

Euro Gas and Power/LNG

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

10/6/25

10/3/25

% Change

Change

9/8/25

% Change

10/4/24

% Change

 

 

Dutch TTF

Nov-25

EUR 33.12

EUR 31.65

4.66%

EUR 1.47

EUR 33.79

-1.99%

EUR 39.95

-17.10%

 

 

NBP

Nov-25

GBP 85.11

GBP 80.99

5.09%

GBP 4.12

GBP 86.23

-1.30%

GBP 100.71

-15.50%

 

 

German Base

Nov-25

EUR 100.17

EUR 96.59

3.71%

EUR 3.59

EUR 98.59

1.61%

EUR 94.70

5.78%

 

 

UK Base

Nov-25

GBP 83.47

GBP 82.13

1.63%

GBP 1.34

GBP 84.24

-0.91%

GBP 85.50

-2.38%

 

 

French Base

Nov-25

EUR 74.43

EUR 71.17

4.57%

EUR 3.25

EUR 77.27

-3.67%

EUR 82.02

-9.25%

 

 

Italian Base

Nov-25

EUR 114.28

EUR 109.18

4.67%

EUR 5.10

EUR 111.66

2.35%

EUR 114.69

-0.36%

 

 

JKM LNG

Nov-25

$11.24

$10.93

2.85%

$0.31

$11.70

-3.95%

$13.42

-16.23%

 

 

 

 

Freight Forwards (WET & DRY)

 

OTCGH/EOXLive Market Data

 

 

 

Contract

10/6/25

10/3/25

% Change

Change

9/8/25

% Change

10/4/24

% Change

 

 

TD3C FFA Middle East to China (WET)

Nov-25

$33.12

$31.65

4.66%

$1.47

$33.79

-1.99%

$39.95

-17.10%

 

 

USGC-UK Continent Dirty (WET)

Nov-25

$85.11

$80.99

5.09%

$4.12

$86.23

-1.30%

$100.71

-15.50%

 

 

TD20 West Africa to UK Continent (WET)

Nov-25

$100.17

$96.59

3.71%

$3.59

$98.59

1.61%

$94.70

5.78%

 

 

LPG FFA Middle East Gulf to East (WET)

Nov-25

$83.47

$82.13

1.63%

$1.34

$84.24

-0.91%

$85.50

-2.38%

 

 

TC5 FFA Arabian Gulf to Japan (WET)

Nov-25

$74.43

$71.17

4.57%

$3.25

$77.27

-3.67%

$82.02

-9.25%

 

 

Supramax Timecharter (DRY)

Nov-25

$114.28

$109.18

4.67%

$5.10

$111.66

2.35%

$114.69

-0.36%

 

 

Capesize Timecharter (DRY)

Nov-25

$11.24

$10.93

2.85%

$0.31

$11.70

-3.95%

$13.42

-16.23%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

 

 

 

 

 

 

 

 

 

 

 

 

Cooling Degree Days

 

 

 

 

 

 

10/04/2025

Week Tot

Dev Norm

Dev L YR

Cum Tot

CumD Norm

CumD L YR

CumD Norm

CumD L YR

 

 

New England

4

3

3

546

129

-43

31.00%

-7.00%

 

 

Middle Atlantic

10

6

6

796

143

-65

22.00%

-8.00%

 

 

E N Central

24

19

15

853

150

44

21.00%

5.00%

 

 

W N Central

42

34

26

1,036

117

54

13.00%

5.00%

 

 

South Atlantic

47

5

-18

1,969

190

-62

11.00%

-3.00%

 

 

E S Central

46

19

10

1,738

238

-9

16.00%

-1.00%

 

 

W S Central

75

23

7

2,558

256

-61

11.00%

-2.00%

 

 

Mountain

21

-4

-33

1,289

91

-78

8.00%

-6.00%

 

 

Pacific

2

-16

-42

722

50

-141

7.00%

-16.00%

 

 

United States

30

9

-5

1,303

150

-46

13.00%

-3.00%

 

 

 

 

Heating Degree Days

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

10/04/2025

Week Tot

Dev Norm

Dev L YR

Cum Tot

CumD Norm

CumD L YR

CumD Norm

CumD L YR

 

 

New England

43

-27

10

182

-50

29

-22.00%

19.00%

 

 

Middle Atlantic

24

-31

9

80

-80

8

-50.00%

11.00%

 

 

E N Central

9

-49

-13

125

-66

7

-35.00%

6.00%

 

 

W N Central

3

-54

-22

100

-117

-16

-54.00%

-14.00%

 

 

South Atlantic

7

-11

7

18

-18

7

NA

NA

 

 

E S Central

3

-20

-3

15

-32

-1

NA

NA

 

 

W S Central

0

-5

-1

3

-9

-1

NA

NA

 

 

Mountain

24

-27

8

85

-129

4

-60.00%

5.00%

 

 

Pacific

21

-3

6

44

-78

-28

-64.00%

-40.00%

 

 

United States

14

-23

1

64

-59

0

-48.00%

-2.00%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

Weather Forecast & Seasonal Outlook

 

Tropical Outlook

 

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