Morning Report: Gas * Power * NGL * Crude * Products * Vols — Oct-15-2025

Oct 15, 2025

  

 

 

 

 

 

 

 

 

 

Prices as of 7:58 AM CST

 

 

 

 

 

 

 

Current Price

Previous Settle

% Change

Change

Volume

 

 

Natural Gas

$2.970

$3.028

-1.92%

-$0.058

28,788

 

 

WTI

$59.16

$58.70

0.78%

$0.46

47,295

 

 

Brent

$62.73

$62.39

0.54%

$0.34

10,140

 

 

ULSD

$2.194

$2.198

-0.16%

-$0.003

6,963

 

 

RBOB

$1.836

$1.829

0.40%

$0.007

5,429

 

 

 

 

Spreads

 

 

 

 

 

 

 

Current

Previous

% Change

Change

Contract

 

 

WTI-Brent

$4.03

$4.12

-2.18%

-$0.09

Dec-25

 

 

3:2:1 Crack

$21.92

$22.10

-0.83%

-$0.18

Nov-25

 

 

PJM West Spark

$41.30

$42.97

-3.90%

-$1.68

Nov-25

 

 

 

 

Baker Hughes Rig Count

 

 

 

 

 

 

 

Date

Count

Change

1 Year Chg.

1 Year Date

 

 

U.S.

10/10/25

547

-2

-39

10/11/24

 

 

Canada

10/10/25

193

3

-26

10/11/24

 

 

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

10/14/25

10/13/25

% Change

Change

9/16/25

% Change

10/14/24

% Change

 

 

PJM West On Peak

Nov-25

$47.67

$49.45

-3.61%

-$1.78

$51.49

-7.42%

$48.63

-1.97%

 

 

ERCOT North On Peak

Nov-25

$33.65

$35.46

-5.09%

-$1.81

$37.91

-11.24%

$38.63

-12.89%

 

 

CAISO SP 15 On Peak

Nov-25

$31.44

$32.20

-2.35%

-$0.76

$35.75

-12.06%

$47.37

-33.63%

 

 

MISO Indiana On Peak

Nov-25

$46.34

$47.46

-2.36%

-$1.12

$46.88

-1.15%

$46.88

-1.16%

 

 

NEISO Mass On Peak

Nov-25

$48.47

$51.25

-5.43%

-$2.78

$55.36

-12.44%

$61.77

-21.54%

 

 

WECC Mid C On Peak

Nov-25

$43.62

$44.00

-0.86%

-$0.38

$53.26

-18.09%

$76.13

-42.70%

 

 

NYISO Zone G On Peak

Nov-25

$47.26

$49.80

-5.10%

-$2.54

$51.53

-8.28%

$49.67

-4.84%

 

 

 

 

 

Natural Gas & Basis

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

10/14/25

10/13/25

% Change

Change

9/16/25

% Change

10/14/24

% Change

 

 

NYMEX Henry Hub

Nov-25

$3.028

$3.118

-2.89%

-$0.09

$3.36

-9.75%

$3.52

-14.07%

 

 

Houston Ship Channel

Nov-25

-$0.473

-$0.480

-1.36%

$0.01

-$0.48

-0.98%

-$0.55

-13.93%

 

 

Chicago

Nov-25

-$0.254

-$0.255

0.35%

$0.00

-$0.20

24.05%

-$0.24

5.21%

 

 

Waha

Nov-25

-$2.575

-$2.556

-0.71%

-$0.02

-$3.11

-17.23%

-$1.70

51.45%

 

 

Algonquin

Nov-25

$0.452

$0.494

-8.50%

-$0.04

$0.78

-42.18%

$0.94

-51.72%

 

 

Aeco

Nov-25

-$1.289

-$1.338

-3.65%

$0.05

-$1.37

-5.98%

-$1.17

9.87%

 

 

Socal

Nov-25

-$0.417

-$0.415

0.55%

$0.00

$0.00

-139233.33%

$0.53

-178.89%

 

 

 

 

 

Natural Gas Liquids

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

10/14/25

10/13/25

% Change

Change

9/16/25

% Change

10/14/24

% Change

 

 

Mt. Belvieu Propane LST

Nov-25

$0.633

$0.622

1.66%

$0.01

$0.73

-13.76%

$0.77

-17.86%

 

 

Mt. Belvieu Propane non LST

Nov-25

$0.613

$0.613

-0.02%

$0.00

$0.72

-15.43%

$0.77

-19.98%

 

 

Mt. Belview Ethane

Nov-25

$0.259

$0.257

0.51%

$0.00

$0.26

0.00%

$0.25

1.98%

 

 

Mt. Belview Nat. Gasoline

Nov-25

$1.210

$1.233

-1.84%

-$0.02

$1.35

-10.11%

$1.47

-17.46%

 

 

Mt. Belvieu Butane LST

Nov-25

$0.781

$0.772

1.23%

$0.01

$0.90

-13.31%

$0.91

-14.41%

 

 

Far East Propane

Nov-25

$4.682

$4.680

0.05%

$0.00

$5.66

-17.27%

$5.87

-20.25%

 

 

Saudi Propane

Nov-25

$4.460

$4.525

-1.44%

-$0.07

$5.64

-20.92%

$5.44

-17.97%

 

 

 

 

Crude Oil

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

10/14/25

10/13/25

% Change

Change

9/16/25

% Change

10/14/24

% Change

 

 

WTI

Dec-25

$58.27

$59.07

-1.37%

-$0.80

$63.82

-8.70%

$69.94

-16.69%

 

 

Brent

Dec-25

$62.39

$63.32

-1.49%

-$0.93

$68.01

-8.26%

$74.50

-16.26%

 

 

WCS

Dec-25

-$11.70

-$11.70

0.00%

$0.00

-$11.93

-1.93%

-$15.76

-25.77%

 

 

LLS

Dec-25

$60.42

$61.72

-2.16%

-$1.31

$65.77

-8.14%

$71.70

-15.74%

 

 

Mars

Dec-25

$56.83

$57.97

-2.01%

-$1.14

$63.08

-9.91%

$68.46

-16.99%

 

 

Sour

Dec-25

$58.71

$59.64

-1.59%

-$0.93

$63.71

-7.86%

$70.01

-16.14%

 

 

ESPO

Dec-25

$60.39

$61.32

-1.54%

-$0.93

$66.01

-8.51%

$72.50

-16.70%

 

 

 

 

Refined Products

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

10/14/25

10/13/25

% Change

Change

9/16/25

% Change

10/14/24

% Change

 

 

NY Heating Oil

Nov-25

$2.20

$2.26

-2.66%

-$0.06

$2.39

-8.04%

$2.32

-5.18%

 

 

NY Gasoline

Nov-25

$1.82

$1.85

-1.57%

-$0.03

$1.97

-7.38%

$1.98

-8.27%

 

 

GC Gasoline

Nov-25

$1.68

$1.71

-1.70%

-$0.03

$1.83

-7.95%

$1.88

-10.83%

 

 

GC Jet

Nov-25

$2.08

$1.98

5.31%

$0.11

$2.13

-2.21%

$2.16

-3.48%

 

 

Chicago Ethanol

Nov-25

$1.72

$1.75

-2.28%

-$0.04

$1.88

-8.78%

$1.56

10.22%

 

 

Rotterdam Gasoil

Nov-25

$575.12

$582.73

-1.31%

-$7.61

$622.72

-7.64%

$650.88

-11.64%

 

 

Singapore Jet Kero

Nov-25

$84.31

$85.17

-1.00%

-$0.86

$86.90

-2.98%

$91.10

-7.45%

 

 

 

 

Implied Volatilities

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

10/14/25

10/13/25

% Change

Change

9/16/25

% Change

10/14/24

% Change

 

 

Henry Hub Straddle

Nov-25

61.86%

61.21%

1.06%

0.65%

53.46%

15.71%

44.12%

40.21%

 

 

Algonquin Straddle

Nov-25

72.97%

70.41%

3.64%

2.56%

63.65%

14.64%

49.88%

46.29%

 

 

Waha Straddle

Nov-25

1203.23%

1237.46%

-2.77%

-34.23%

311.71%

286.01%

74.92%

1506.02%

 

 

Chicago Straddle

Nov-25

69.10%

67.70%

2.07%

1.40%

56.78%

21.70%

47.24%

46.27%

 

 

PJM West Straddle

Nov-25

45.79%

46.97%

-2.51%

-1.18%

35.12%

30.38%

41.22%

11.09%

 

 

SP – 15 Straddle

Nov-25

266.72%

260.76%

2.29%

5.96%

332.23%

-19.72%

52.07%

412.23%

 

 

Mid. C Straddle

Nov-25

47.93%

37.46%

27.95%

10.47%

48.88%

-1.94%

63.31%

-24.29%

 

 

 

 

Euro Gas and Power/LNG

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

10/14/25

10/13/25

% Change

Change

9/16/25

% Change

10/14/24

% Change

 

 

Dutch TTF

Nov-25

EUR 31.91

EUR 31.91

0.00%

EUR 0.00

EUR 33.13

-3.71%

EUR 39.74

-19.71%

 

 

NBP

Nov-25

GBP 81.23

GBP 80.04

1.49%

GBP 1.19

GBP 84.54

-3.90%

GBP 101.40

-19.89%

 

 

German Base

Nov-25

EUR 98.46

EUR 96.95

1.55%

EUR 1.51

EUR 97.59

0.89%

EUR 97.61

0.87%

 

 

UK Base

Nov-25

GBP 81.88

GBP 80.98

1.11%

GBP 0.90

GBP 83.48

-1.92%

GBP 83.95

-2.46%

 

 

French Base

Nov-25

EUR 71.39

EUR 73.28

-2.58%

-EUR 1.89

EUR 71.42

-0.04%

EUR 85.93

-16.92%

 

 

Italian Base

Nov-25

EUR 111.24

EUR 108.91

2.14%

EUR 2.33

EUR 112.20

-0.85%

EUR 117.20

-5.08%

 

 

JKM LNG

Nov-25

$11.13

$10.81

2.89%

$0.31

$11.48

-3.06%

$13.83

-19.57%

 

 

 

 

Freight Forwards (WET & DRY)

 

OTCGH/EOXLive Market Data

 

 

 

Contract

10/14/25

10/13/25

% Change

Change

9/16/25

% Change

10/14/24

% Change

 

 

TD3C FFA Middle East to China (WET)

Nov-25

$31.91

$31.91

0.00%

$0.00

$33.13

-3.71%

$39.74

-19.71%

 

 

USGC-UK Continent Dirty (WET)

Nov-25

$81.23

$80.04

1.49%

$1.19

$84.54

-3.90%

$101.40

-19.89%

 

 

TD20 West Africa to UK Continent (WET)

Nov-25

$98.46

$96.95

1.55%

$1.51

$97.59

0.89%

$97.61

0.87%

 

 

LPG FFA Middle East Gulf to East (WET)

Nov-25

$81.88

$80.98

1.11%

$0.90

$83.48

-1.92%

$83.95

-2.46%

 

 

TC5 FFA Arabian Gulf to Japan (WET)

Nov-25

$71.39

$73.28

-2.58%

-$1.89

$71.42

-0.04%

$85.93

-16.92%

 

 

Supramax Timecharter (DRY)

Nov-25

$111.24

$108.91

2.14%

$2.33

$112.20

-0.85%

$117.20

-5.08%

 

 

Capesize Timecharter (DRY)

Nov-25

$11.13

$10.81

2.89%

$0.31

$11.48

-3.06%

$13.83

-19.57%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

 

 

 

 

 

 

 

 

 

 

 

 

Cooling Degree Days

 

 

 

 

 

 

10/11/2025

Week Tot

Dev Norm

Dev L YR

Cum Tot

CumD Norm

CumD L YR

CumD Norm

CumD L YR

 

 

New England

3

3

3

549

132

-40

32.00%

-7.00%

 

 

Middle Atlantic

5

3

5

801

146

-60

22.00%

-7.00%

 

 

E N Central

9

6

7

862

156

51

22.00%

6.00%

 

 

W N Central

9

5

2

1,045

121

55

13.00%

6.00%

 

 

South Atlantic

40

6

-1

2,009

196

-63

11.00%

-3.00%

 

 

E S Central

28

10

-2

1,767

249

-11

16.00%

-1.00%

 

 

W S Central

76

36

8

2,634

292

-54

12.00%

-2.00%

 

 

Mountain

17

-1

-27

1,306

90

-105

7.00%

-7.00%

 

 

Pacific

1

-12

-45

723

38

-186

6.00%

-20.00%

 

 

United States

22

6

-6

1,324

155

-52

13.00%

-4.00%

 

 

 

 

Heating Degree Days

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

10/11/2025

Week Tot

Dev Norm

Dev L YR

Cum Tot

CumD Norm

CumD L YR

CumD Norm

CumD L YR

 

 

New England

57

-31

-14

239

-81

8

-25.00%

3.00%

 

 

Middle Atlantic

47

-25

-2

128

-104

-2

-45.00%

-2.00%

 

 

E N Central

51

-24

-2

176

-89

3

-34.00%

2.00%

 

 

W N Central

49

-23

4

150

-139

-9

-48.00%

-6.00%

 

 

South Atlantic

16

-10

3

34

-29

5

NA

NA

 

 

E S Central

15

-19

2

30

-51

-4

NA

NA

 

 

W S Central

1

-8

0

4

-17

-1

NA

NA

 

 

Mountain

48

-15

25

133

-143

28

-52.00%

27.00%

 

 

Pacific

21

-9

6

66

-87

-22

-57.00%

-24.00%

 

 

United States

31

-17

2

96

-75

-1

-44.00%

-1.00%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

Weather Forecast & Seasonal Outlook

 

Tropical Outlook

 

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