Morning Report: Gas * Power * NGL * Crude * Products * Vols — Oct-09-2025

Oct 9, 2025

  

 

 

 

 

 

 

 

 

 

Prices as of 9:16 AM CST

 

 

 

 

 

 

 

Current Price

Previous Settle

% Change

Change

Volume

 

 

Natural Gas

$3.355

$3.333

0.66%

$0.022

60,163

 

 

WTI

$62.49

$62.55

-0.10%

-$0.06

86,864

 

 

Brent

$66.18

$66.25

-0.11%

-$0.07

16,331

 

 

ULSD

$2.306

$2.291

0.63%

$0.014

12,021

 

 

RBOB

$1.909

$1.910

-0.02%

$0.000

12,162

 

 

 

 

Spreads

 

 

 

 

 

 

 

Current

Previous

% Change

Change

Contract

 

 

WTI-Brent

$4.24

$4.23

0.24%

$0.01

Dec-25

 

 

3:2:1 Crack

$22.09

$21.94

0.67%

$0.15

Nov-25

 

 

PJM West Spark

$43.11

$44.68

-3.50%

-$1.57

Nov-25

 

 

 

 

Baker Hughes Rig Count

 

 

 

 

 

 

 

Date

Count

Change

1 Year Chg.

1 Year Date

 

 

U.S.

10/03/25

549

0

-36

10/04/24

 

 

Canada

10/03/25

190

0

-33

10/04/24

 

 

International

Sept-2025

1084

8

-72

Sept-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

10/8/25

10/7/25

% Change

Change

9/10/25

% Change

10/8/24

% Change

 

 

PJM West On Peak

Nov-25

$50.24

$51.81

-3.03%

-$1.57

$47.66

5.41%

$48.88

2.77%

 

 

ERCOT North On Peak

Nov-25

$34.58

$36.67

-5.71%

-$2.09

$36.03

-4.02%

$39.28

-11.97%

 

 

CAISO SP 15 On Peak

Nov-25

$31.74

$32.50

-2.34%

-$0.76

$36.57

-13.21%

$47.15

-32.67%

 

 

MISO Indiana On Peak

Nov-25

$48.57

$51.58

-5.83%

-$3.01

$44.94

8.09%

$46.90

3.57%

 

 

NEISO Mass On Peak

Nov-25

$51.60

$54.75

-5.76%

-$3.15

$55.63

-7.25%

$59.89

-13.84%

 

 

WECC Mid C On Peak

Nov-25

$43.85

$43.49

0.82%

$0.36

$53.22

-17.60%

$68.93

-36.38%

 

 

NYISO Zone G On Peak

Nov-25

$50.96

$53.62

-4.95%

-$2.65

$51.22

-0.50%

$49.88

2.17%

 

 

 

 

 

Natural Gas & Basis

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

10/8/25

10/7/25

% Change

Change

9/10/25

% Change

10/8/24

% Change

 

 

NYMEX Henry Hub

Nov-25

$3.333

$3.498

-4.72%

-$0.16

$3.30

0.94%

$3.66

-8.96%

 

 

Houston Ship Channel

Nov-25

-$0.443

-$0.409

8.44%

-$0.03

-$0.50

-11.27%

-$0.54

-18.54%

 

 

Chicago

Nov-25

-$0.304

-$0.294

-3.42%

-$0.01

-$0.22

38.24%

-$0.24

28.98%

 

 

Waha

Nov-25

-$3.516

-$3.290

-6.85%

-$0.23

-$2.66

31.94%

-$1.57

123.85%

 

 

Algonquin

Nov-25

$0.470

$0.561

-16.18%

-$0.09

$0.86

-45.24%

$1.04

-54.59%

 

 

Aeco

Nov-25

-$1.635

-$1.707

-4.21%

$0.07

-$1.21

35.04%

-$1.18

38.02%

 

 

Socal

Nov-25

-$0.499

-$0.487

2.30%

-$0.01

-$0.02

2003.80%

$0.55

-189.94%

 

 

 

 

 

Natural Gas Liquids

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

10/8/25

10/7/25

% Change

Change

9/10/25

% Change

10/8/24

% Change

 

 

Mt. Belvieu Propane LST

Nov-25

$0.664

$0.675

-1.67%

-$0.01

$0.73

-8.46%

$0.76

-12.21%

 

 

Mt. Belvieu Propane non LST

Nov-25

$0.644

$0.660

-2.48%

-$0.02

$0.72

-10.14%

$0.75

-14.21%

 

 

Mt. Belview Ethane

Nov-25

$0.288

$0.280

2.67%

$0.01

$0.25

16.74%

$0.25

13.55%

 

 

Mt. Belview Nat. Gasoline

Nov-25

$1.297

$1.279

1.47%

$0.02

$1.33

-2.44%

$1.43

-9.55%

 

 

Mt. Belvieu Butane LST

Nov-25

$0.840

$0.830

1.18%

$0.01

$0.88

-4.68%

$0.91

-7.24%

 

 

Far East Propane

Nov-25

$5.021

$4.991

0.59%

$0.03

$5.59

-10.18%

$5.92

-15.21%

 

 

Saudi Propane

Nov-25

$4.770

$4.690

1.71%

$0.08

$5.60

-14.81%

$5.50

-13.22%

 

 

 

 

Crude Oil

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

10/8/25

10/7/25

% Change

Change

9/10/25

% Change

10/8/24

% Change

 

 

WTI

Nov-25

$62.55

$61.73

1.31%

$0.82

$63.35

-1.26%

$70.08

-10.74%

 

 

Brent

Nov-25

$66.49

$65.67

1.24%

$0.82

$67.49

-1.48%

$74.69

-10.98%

 

 

WCS

Nov-25

-$11.31

-$11.61

-2.72%

$0.31

-$11.50

-1.69%

-$15.61

-27.58%

 

 

LLS

Nov-25

$64.12

$63.94

0.28%

$0.18

$64.77

-1.00%

$71.56

-10.40%

 

 

Mars

Nov-25

$60.94

$60.46

0.79%

$0.48

$62.58

-2.63%

$68.81

-11.44%

 

 

Sour

Nov-25

$62.58

$62.35

0.36%

$0.23

$63.67

-1.72%

$70.35

-11.05%

 

 

ESPO

Nov-25

$64.49

$63.67

1.28%

$0.82

$65.49

-1.52%

$72.69

-11.28%

 

 

 

 

Refined Products

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

10/8/25

10/7/25

% Change

Change

9/10/25

% Change

10/8/24

% Change

 

 

NY Heating Oil

Nov-25

$2.27

$2.28

-0.57%

-$0.01

$2.33

-2.62%

$2.32

-2.20%

 

 

NY Gasoline

Nov-25

$1.87

$1.91

-2.05%

-$0.04

$1.94

-3.71%

$1.98

-5.47%

 

 

GC Gasoline

Nov-25

$1.73

$1.77

-2.21%

-$0.04

$1.80

-4.00%

$1.88

-7.89%

 

 

GC Jet

Nov-25

$2.11

$2.12

-0.47%

-$0.01

$2.06

2.43%

$2.18

-3.44%

 

 

Chicago Ethanol

Nov-25

$1.79

$1.86

-3.45%

-$0.06

$1.75

2.05%

$1.59

13.00%

 

 

Rotterdam Gasoil

Nov-25

$596.91

$592.68

0.71%

$4.23

$605.09

-1.35%

$661.28

-9.73%

 

 

Singapore Jet Kero

Nov-25

$85.65

$84.47

1.40%

$1.18

$85.03

0.73%

$89.42

-4.22%

 

 

 

 

Implied Volatilities

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

10/8/25

10/7/25

% Change

Change

9/10/25

% Change

10/8/24

% Change

 

 

Henry Hub Straddle

Nov-25

59.54%

52.28%

13.89%

7.26%

52.09%

14.30%

39.26%

51.66%

 

 

Algonquin Straddle

Nov-25

68.40%

61.12%

11.91%

7.28%

65.44%

4.52%

48.22%

41.85%

 

 

Waha Straddle

Nov-25

1312.58%

1346.48%

-2.52%

-33.90%

189.48%

592.73%

49.77%

2537.29%

 

 

Chicago Straddle

Nov-25

64.02%

55.65%

15.04%

8.37%

55.40%

15.56%

41.32%

54.94%

 

 

PJM West Straddle

Nov-25

43.92%

42.22%

4.03%

1.70%

33.94%

29.40%

41.33%

6.27%

 

 

SP – 15 Straddle

Nov-25

247.99%

245.88%

0.86%

2.11%

313.86%

-20.99%

51.39%

382.56%

 

 

Mid. C Straddle

Nov-25

35.38%

69.22%

-48.89%

-33.84%

48.56%

-27.14%

62.28%

-43.19%

 

 

 

 

Euro Gas and Power/LNG

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

10/8/25

10/7/25

% Change

Change

9/10/25

% Change

10/8/24

% Change

 

 

Dutch TTF

Nov-25

EUR 32.68

EUR 33.38

-2.10%

-EUR 0.70

EUR 33.94

-3.70%

EUR 38.54

-15.19%

 

 

NBP

Nov-25

GBP 83.70

GBP 86.00

-2.67%

-GBP 2.30

GBP 86.43

-3.15%

GBP 99.09

-15.53%

 

 

German Base

Nov-25

EUR 98.79

EUR 99.27

-0.48%

-EUR 0.48

EUR 97.53

1.30%

EUR 92.31

7.03%

 

 

UK Base

Nov-25

GBP 85.46

GBP 85.24

0.27%

GBP 0.23

GBP 86.07

-0.71%

GBP 85.60

-0.16%

 

 

French Base

Nov-25

EUR 74.49

EUR 76.54

-2.67%

-EUR 2.05

EUR 74.29

0.28%

EUR 80.22

-7.14%

 

 

Italian Base

Nov-25

EUR 108.75

EUR 111.89

-2.81%

-EUR 3.14

EUR 112.75

-3.54%

EUR 112.99

-3.74%

 

 

JKM LNG

Nov-25

$11.01

$11.15

-1.26%

-$0.14

$11.65

-5.50%

$13.78

-20.09%

 

 

 

 

Freight Forwards (WET & DRY)

 

OTCGH/EOXLive Market Data

 

 

 

Contract

10/8/25

10/7/25

% Change

Change

9/10/25

% Change

10/8/24

% Change

 

 

TD3C FFA Middle East to China (WET)

Nov-25

$32.68

$33.38

-2.10%

-$0.70

$33.94

-3.70%

$38.54

-15.19%

 

 

USGC-UK Continent Dirty (WET)

Nov-25

$83.70

$86.00

-2.67%

-$2.30

$86.43

-3.15%

$99.09

-15.53%

 

 

TD20 West Africa to UK Continent (WET)

Nov-25

$98.79

$99.27

-0.48%

-$0.48

$97.53

1.30%

$92.31

7.03%

 

 

LPG FFA Middle East Gulf to East (WET)

Nov-25

$85.46

$85.24

0.27%

$0.23

$86.07

-0.71%

$85.60

-0.16%

 

 

TC5 FFA Arabian Gulf to Japan (WET)

Nov-25

$74.49

$76.54

-2.67%

-$2.05

$74.29

0.28%

$80.22

-7.14%

 

 

Supramax Timecharter (DRY)

Nov-25

$108.75

$111.89

-2.81%

-$3.14

$112.75

-3.54%

$112.99

-3.74%

 

 

Capesize Timecharter (DRY)

Nov-25

$11.01

$11.15

-1.26%

-$0.14

$11.65

-5.50%

$13.78

-20.09%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

 

 

 

 

 

 

 

 

 

 

 

 

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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