Morning Report: Gas * Power * NGL * Crude * Products * Vols — Oct-10-2025

Oct 10, 2025

  

 

 

 

 

 

 

 

 

 

Prices as of 7:49 AM CST

 

 

 

 

 

 

 

Current Price

Previous Settle

% Change

Change

Volume

 

 

Natural Gas

$3.196

$3.269

-2.23%

-$0.073

29,703

 

 

WTI

$60.60

$61.51

-1.48%

-$0.91

63,378

 

 

Brent

$64.29

$65.22

-1.43%

-$0.93

16,476

 

 

ULSD

$2.262

$2.280

-0.82%

-$0.019

4,999

 

 

RBOB

$1.865

$1.883

-0.96%

-$0.018

5,756

 

 

 

 

Spreads

 

 

 

 

 

 

 

Current

Previous

% Change

Change

Contract

 

 

WTI-Brent

$4.10

$4.19

-2.15%

-$0.09

Dec-25

 

 

3:2:1 Crack

$22.15

$22.08

0.30%

$0.07

Nov-25

 

 

PJM West Spark

$42.26

$43.24

-2.28%

-$0.98

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

10/9/25

10/8/25

% Change

Change

9/11/25

% Change

10/9/24

% Change

 

 

PJM West On Peak

Nov-25

$49.08

$50.24

-2.30%

-$1.16

$48.39

1.42%

$48.79

0.60%

 

 

ERCOT North On Peak

Nov-25

$35.55

$34.58

2.81%

$0.97

$35.15

1.14%

$39.46

-9.91%

 

 

CAISO SP 15 On Peak

Nov-25

$32.00

$31.74

0.82%

$0.26

$36.00

-11.11%

$45.85

-30.20%

 

 

MISO Indiana On Peak

Nov-25

$46.85

$48.57

-3.54%

-$1.72

$44.57

5.11%

$46.80

0.11%

 

 

NEISO Mass On Peak

Nov-25

$50.87

$51.60

-1.42%

-$0.73

$52.00

-2.17%

$60.06

-15.30%

 

 

WECC Mid C On Peak

Nov-25

$44.00

$43.85

0.34%

$0.15

$50.24

-12.42%

$69.20

-36.42%

 

 

NYISO Zone G On Peak

Nov-25

$49.27

$50.96

-3.31%

-$1.69

$49.24

0.07%

$49.78

-1.02%

 

 

 

 

 

Natural Gas & Basis

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

10/9/25

10/8/25

% Change

Change

9/11/25

% Change

10/9/24

% Change

 

 

NYMEX Henry Hub

Nov-25

$3.269

$3.333

-1.92%

-$0.06

$3.22

1.43%

$3.62

-9.57%

 

 

Houston Ship Channel

Nov-25

-$0.449

-$0.443

1.35%

-$0.01

-$0.51

-12.35%

-$0.55

-18.38%

 

 

Chicago

Nov-25

-$0.266

-$0.304

14.39%

$0.04

-$0.21

26.47%

-$0.24

11.76%

 

 

Waha

Nov-25

-$3.451

-$3.516

-1.85%

$0.06

-$2.78

24.13%

-$1.57

119.85%

 

 

Algonquin

Nov-25

$0.569

$0.470

20.99%

$0.10

$0.87

-34.44%

$1.01

-43.76%

 

 

Aeco

Nov-25

-$1.497

-$1.635

-8.47%

$0.14

-$1.31

13.96%

-$1.20

24.91%

 

 

Socal

Nov-25

-$0.432

-$0.499

-13.34%

$0.07

$0.02

-2942.76%

$0.54

-179.39%

 

 

 

 

 

Natural Gas Liquids

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

10/9/25

10/8/25

% Change

Change

9/11/25

% Change

10/9/24

% Change

 

 

Mt. Belvieu Propane LST

Nov-25

$0.675

$0.664

1.71%

$0.01

$0.72

-5.59%

$0.75

-10.51%

 

 

Mt. Belvieu Propane non LST

Nov-25

$0.651

$0.644

1.21%

$0.01

$0.70

-7.37%

$0.74

-12.37%

 

 

Mt. Belview Ethane

Nov-25

$0.284

$0.288

-1.30%

$0.00

$0.25

15.80%

$0.26

8.04%

 

 

Mt. Belview Nat. Gasoline

Nov-25

$1.270

$1.297

-2.12%

-$0.03

$1.31

-3.17%

$1.42

-10.84%

 

 

Mt. Belvieu Butane LST

Nov-25

$0.820

$0.840

-2.34%

-$0.02

$0.88

-6.66%

$0.90

-8.75%

 

 

Far East Propane

Nov-25

$5.000

$5.021

-0.41%

-$0.02

$5.57

-10.16%

$5.92

-15.55%

 

 

Saudi Propane

Nov-25

$4.740

$4.770

-0.63%

-$0.03

$5.57

-14.91%

$5.45

-12.96%

 

 

 

 

Crude Oil

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

10/9/25

10/8/25

% Change

Change

9/11/25

% Change

10/9/24

% Change

 

 

WTI

Nov-25

$61.51

$62.55

-1.69%

-$1.04

$62.08

-0.92%

$69.43

-11.41%

 

 

Brent

Nov-25

$65.42

$66.49

-1.63%

-$1.07

$66.37

-1.43%

$73.90

-11.47%

 

 

WCS

Nov-25

-$11.39

-$11.31

0.75%

-$0.09

-$11.45

-0.50%

-$15.88

-28.28%

 

 

LLS

Nov-25

$62.38

$64.12

-2.79%

-$1.74

$64.35

-3.06%

$71.89

-13.24%

 

 

Mars

Nov-25

$60.17

$60.94

-1.28%

-$0.77

$61.38

-1.98%

$68.11

-11.66%

 

 

Sour

Nov-25

$60.71

$62.58

-3.07%

-$1.87

$62.31

-2.57%

$69.64

-12.83%

 

 

ESPO

Nov-25

$63.42

$64.49

-1.69%

-$1.07

$64.37

-1.47%

$71.90

-11.79%

 

 

 

 

Refined Products

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

10/9/25

10/8/25

% Change

Change

9/11/25

% Change

10/9/24

% Change

 

 

NY Heating Oil

Nov-25

$2.28

$2.27

0.75%

$0.02

$2.27

0.48%

$2.32

-1.38%

 

 

NY Gasoline

Nov-25

$1.90

$1.87

1.71%

$0.03

$1.94

-2.06%

$1.93

-1.50%

 

 

GC Gasoline

Nov-25

$1.76

$1.73

1.85%

$0.03

$1.80

-2.22%

$1.83

-3.77%

 

 

GC Jet

Nov-25

$2.08

$2.11

-1.19%

-$0.02

$2.06

1.22%

$2.19

-5.15%

 

 

Chicago Ethanol

Nov-25

$1.75

$1.79

-2.29%

-$0.04

$1.79

-2.23%

$1.55

12.54%

 

 

Rotterdam Gasoil

Nov-25

$597.69

$596.91

0.13%

$0.78

$599.11

-0.24%

$648.46

-7.83%

 

 

Singapore Jet Kero

Nov-25

$86.19

$85.65

0.63%

$0.54

$85.28

1.07%

$90.81

-5.09%

 

 

 

 

Implied Volatilities

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

10/9/25

10/8/25

% Change

Change

9/11/25

% Change

10/9/24

% Change

 

 

Henry Hub Straddle

Nov-25

59.68%

59.54%

0.24%

0.14%

54.00%

10.52%

41.25%

44.68%

 

 

Algonquin Straddle

Nov-25

68.51%

68.40%

0.16%

0.11%

74.00%

-7.42%

51.14%

33.97%

 

 

Waha Straddle

Nov-25

1270.51%

1312.58%

-3.21%

-42.07%

238.86%

431.91%

53.76%

2263.30%

 

 

Chicago Straddle

Nov-25

62.79%

64.02%

-1.92%

-1.23%

55.51%

13.11%

43.10%

45.68%

 

 

PJM West Straddle

Nov-25

43.50%

43.92%

-0.96%

-0.42%

34.85%

24.82%

41.29%

5.35%

 

 

SP – 15 Straddle

Nov-25

250.81%

247.99%

1.14%

2.82%

318.02%

-21.13%

51.47%

387.29%

 

 

Mid. C Straddle

Nov-25

34.04%

35.38%

-3.79%

-1.34%

50.67%

-32.82%

62.27%

-45.33%

 

 

 

 

Euro Gas and Power/LNG

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

10/9/25

10/8/25

% Change

Change

9/11/25

% Change

10/9/24

% Change

 

 

Dutch TTF

Nov-25

EUR 32.46

EUR 32.68

-0.69%

-EUR 0.22

EUR 33.05

-1.79%

EUR 38.48

-15.65%

 

 

NBP

Nov-25

GBP 83.22

GBP 83.70

-0.58%

-GBP 0.49

GBP 83.91

-0.83%

GBP 97.85

-14.95%

 

 

German Base

Nov-25

EUR 98.20

EUR 98.79

-0.60%

-EUR 0.60

EUR 95.67

2.64%

EUR 92.15

6.56%

 

 

UK Base

Nov-25

GBP 82.60

GBP 85.46

-3.35%

-GBP 2.86

GBP 84.47

-2.22%

GBP 83.95

-1.61%

 

 

French Base

Nov-25

EUR 71.64

EUR 74.49

-3.83%

-EUR 2.85

EUR 71.00

0.90%

EUR 80.70

-11.23%

 

 

Italian Base

Nov-25

EUR 110.57

EUR 108.75

1.67%

EUR 1.81

EUR 110.29

0.26%

EUR 112.63

-1.83%

 

 

JKM LNG

Nov-25

$10.95

$11.01

-0.53%

-$0.06

$11.50

-4.77%

$13.30

-17.67%

 

 

 

 

Freight Forwards (WET & DRY)

 

OTCGH/EOXLive Market Data

 

 

 

Contract

10/9/25

10/8/25

% Change

Change

9/11/25

% Change

10/9/24

% Change

 

 

TD3C FFA Middle East to China (WET)

Nov-25

$32.46

$32.68

-0.69%

-$0.22

$33.05

-1.79%

$38.48

-15.65%

 

 

USGC-UK Continent Dirty (WET)

Nov-25

$83.22

$83.70

-0.58%

-$0.49

$83.91

-0.83%

$97.85

-14.95%

 

 

TD20 West Africa to UK Continent (WET)

Nov-25

$98.20

$98.79

-0.60%

-$0.60

$95.67

2.64%

$92.15

6.56%

 

 

LPG FFA Middle East Gulf to East (WET)

Nov-25

$82.60

$85.46

-3.35%

-$2.86

$84.47

-2.22%

$83.95

-1.61%

 

 

TC5 FFA Arabian Gulf to Japan (WET)

Nov-25

$71.64

$74.49

-3.83%

-$2.85

$71.00

0.90%

$80.70

-11.23%

 

 

Supramax Timecharter (DRY)

Nov-25

$110.57

$108.75

1.67%

$1.81

$110.29

0.26%

$112.63

-1.83%

 

 

Capesize Timecharter (DRY)

Nov-25

$10.95

$11.01

-0.53%

-$0.06

$11.50

-4.77%

$13.30

-17.67%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

 

 

 

 

 

 

 

 

 

 

 

 

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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