Morning Report: Gas * Power * NGL * Crude * Products * Vols — Oct-27-2025

Oct 27, 2025

  

 

 

 

 

 

 

 

 

 

Prices as of 7:50 AM CST

 

 

 

 

 

 

 

Current Price

Previous Settle

% Change

Change

Volume

 

 

Natural Gas

$3.301

$3.304

-0.09%

-$0.003

11,101

 

 

WTI

$61.44

$61.50

-0.10%

-$0.06

86,060

 

 

Brent

$65.90

$65.94

-0.06%

-$0.04

12,545

 

 

ULSD

$2.432

$2.403

1.21%

$0.029

2,256

 

 

RBOB

$1.919

$1.923

-0.21%

-$0.004

795

 

 

 

 

Spreads

 

 

 

 

 

 

 

Current

Previous

% Change

Change

Contract

 

 

WTI-Brent

$4.44

$4.44

0.00%

$0.00

Dec-25

 

 

3:2:1 Crack

$24.46

$24.13

1.37%

$0.33

Dec-25

 

 

PJM West Spark

$46.54

$45.96

1.26%

$0.58

Nov-25

 

 

 

 

Baker Hughes Rig Count

 

 

 

 

 

 

 

Date

Count

Change

1 Year Chg.

1 Year Date

 

 

U.S.

10/24/25

550

2

-35

10/25/24

 

 

Canada

10/24/25

199

1

-17

10/25/24

 

 

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

 

 

 

 

10/30/20

 

 

 

10/17/25

10/10/25

Net Change

% Change

10/18/24

% Change

5 Year Avg.

% Change

 

 

East

899

883

16

1.81%

901

-0.22%

893

0.65%

 

 

Midwest

1,060

1,031

29

2.81%

1,088

-2.57%

1,068

-0.77%

 

 

Mountain

282

279

3

1.08%

291

-3.09%

239

18.09%

 

 

Pacific

311

307

4

1.30%

300

3.67%

281

10.60%

 

 

South

1,255

1,221

34

2.78%

1,205

4.15%

1,188

5.64%

 

 

    Salt

320

303

17

5.61%

314

1.91%

308

3.76%

 

 

    Non_Salt

935

918

17

1.85%

891

4.94%

880

6.30%

 

 

Total

3,808

3,721

87

2.34%

3,785

0.61%

3,669

3.78%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Power Generation Additions/Retirements

 

 

  

 

Front Month Prices

 

 

 

 

 

 

 

 

 

 

 

 

 

Electricity

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

10/24/25

10/23/25

% Change

Change

9/26/25

% Change

10/24/24

% Change

 

 

PJM West On Peak

Nov-25

$53.65

$53.03

1.18%

$0.63

$50.46

6.34%

$47.80

12.24%

 

 

ERCOT North On Peak

Nov-25

$34.41

$35.06

-1.86%

-$0.65

$36.72

-6.27%

$35.47

-2.99%

 

 

CAISO SP 15 On Peak

Nov-25

$31.75

$30.78

3.17%

$0.97

$34.25

-7.30%

$45.80

-30.67%

 

 

MISO Indiana On Peak

Nov-25

$46.49

$45.70

1.72%

$0.79

$47.14

-1.37%

$46.45

0.09%

 

 

NEISO Mass On Peak

Nov-25

$52.85

$53.96

-2.06%

-$1.11

$53.51

-1.23%

$57.92

-8.76%

 

 

WECC Mid C On Peak

Nov-25

$44.24

$42.61

3.83%

$1.63

$46.50

-4.86%

$72.07

-38.62%

 

 

NYISO Zone G On Peak

Nov-25

$55.10

$55.03

0.14%

$0.08

$50.96

8.13%

$49.01

12.43%

 

 

 

 

 

Natural Gas & Basis

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

10/24/25

10/23/25

% Change

Change

9/26/25

% Change

10/24/24

% Change

 

 

NYMEX Henry Hub

Nov-25

$3.360

$3.344

0.48%

$0.02

$3.21

4.80%

$3.56

-5.54%

 

 

Houston Ship Channel

Nov-25

-$0.417

-$0.441

-5.48%

$0.02

-$0.41

2.20%

-$0.52

-19.95%

 

 

Chicago

Nov-25

-$0.252

-$0.238

-5.59%

-$0.01

-$0.20

23.13%

-$0.22

13.65%

 

 

Waha

Nov-25

-$2.795

-$2.651

-5.44%

-$0.14

-$3.10

-9.88%

-$1.94

44.07%

 

 

Algonquin

Nov-25

$0.641

$0.892

-28.06%

-$0.25

$0.76

-15.55%

$1.08

-40.51%

 

 

Aeco

Nov-25

-$1.507

-$1.576

-4.40%

$0.07

-$1.39

8.72%

-$1.27

18.44%

 

 

Socal

Nov-25

-$0.570

-$0.589

-3.23%

$0.02

-$0.08

587.21%

$0.61

-192.80%

 

 

 

 

 

Natural Gas Liquids

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

10/24/25

10/23/25

% Change

Change

9/26/25

% Change

10/24/24

% Change

 

 

Mt. Belvieu Propane LST

Nov-25

$0.661

$0.661

-0.01%

$0.00

$0.74

-10.33%

$0.74

-10.79%

 

 

Mt. Belvieu Propane non LST

Nov-25

$0.650

$0.645

0.74%

$0.00

$0.72

-10.27%

$0.74

-12.67%

 

 

Mt. Belview Ethane

Nov-25

$0.247

$0.250

-0.99%

$0.00

$0.26

-6.20%

$0.26

-2.99%

 

 

Mt. Belview Nat. Gasoline

Nov-25

$1.265

$1.258

0.57%

$0.01

$1.36

-6.98%

$1.41

-10.16%

 

 

Mt. Belvieu Butane LST

Nov-25

$0.854

$0.838

1.94%

$0.02

$0.92

-7.46%

$0.88

-2.88%

 

 

Far East Propane

Nov-25

$4.951

$4.930

0.42%

$0.02

$5.52

-10.39%

$5.71

-13.29%

 

 

Saudi Propane

Nov-25

$4.560

$4.600

-0.87%

-$0.04

$5.54

-17.70%

$5.30

-14.02%

 

 

 

 

Crude Oil

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

10/24/25

10/23/25

% Change

Change

9/26/25

% Change

10/24/24

% Change

 

 

WTI

Dec-25

$61.51

$61.79

-0.45%

-$0.28

$65.14

-5.57%

$67.66

-9.09%

 

 

Brent

Dec-25

$66.00

$65.99

0.02%

$0.01

$69.22

-4.65%

$71.99

-8.32%

 

 

WCS

Dec-25

-$12.04

-$12.12

-0.70%

$0.08

-$12.44

-3.20%

-$16.48

-26.95%

 

 

LLS

Dec-25

$63.33

$60.90

3.85%

$2.44

$66.76

-5.13%

$71.25

-11.11%

 

 

Mars

Dec-25

$60.35

$57.75

4.31%

$2.60

$63.72

-5.28%

$65.74

-8.19%

 

 

Sour

Dec-25

$61.53

$58.52

4.89%

$3.01

$64.75

-4.97%

$67.41

-8.73%

 

 

ESPO

Dec-25

$64.00

$63.99

0.02%

$0.01

$67.22

-4.79%

$69.99

-8.56%

 

 

 

 

Refined Products

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

10/24/25

10/23/25

% Change

Change

9/26/25

% Change

10/24/24

% Change

 

 

NY Heating Oil

Nov-25

$2.37

$2.39

-0.84%

-$0.02

$2.41

-1.86%

$2.25

5.24%

 

 

NY Gasoline

Nov-25

$1.93

$1.92

0.21%

$0.00

$1.95

-1.18%

$1.91

0.63%

 

 

GC Gasoline

Nov-25

$1.79

$1.78

0.22%

$0.00

$1.81

-1.27%

$1.82

-1.54%

 

 

GC Jet

Nov-25

$2.13

$2.12

0.66%

$0.01

$2.16

-1.30%

$2.09

2.01%

 

 

Chicago Ethanol

Nov-25

$1.77

$1.78

-0.84%

-$0.01

$1.87

-5.35%

$1.59

11.67%

 

 

Rotterdam Gasoil

Nov-25

$627.01

$619.48

1.22%

$7.53

$632.00

-0.79%

$631.36

-0.69%

 

 

Singapore Jet Kero

Nov-25

$90.10

$88.26

2.08%

$1.83

$89.20

1.00%

$87.53

2.93%

 

 

 

 

Implied Volatilities

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

10/24/25

10/23/25

% Change

Change

9/26/25

% Change

10/24/24

% Change

 

 

Henry Hub Straddle

Dec-25

68.54%

69.87%

-1.90%

-1.33%

55.20%

24.17%

43.91%

56.09%

 

 

Algonquin Straddle

Dec-25

84.90%

90.60%

-6.29%

-5.70%

62.46%

35.93%

47.60%

78.36%

 

 

Waha Straddle

Dec-25

149.84%

134.32%

11.55%

15.52%

148.34%

1.01%

61.52%

143.56%

 

 

Chicago Straddle

Dec-25

68.63%

70.07%

-2.06%

-1.44%

54.15%

26.74%

44.48%

54.29%

 

 

PJM West Straddle

Dec-25

56.68%

47.06%

20.44%

9.62%

42.90%

32.12%

45.00%

25.96%

 

 

SP – 15 Straddle

Dec-25

243.22%

240.72%

1.04%

2.50%

161.29%

50.80%

100.48%

142.06%

 

 

Mid. C Straddle

Dec-25

76.93%

64.40%

19.46%

12.53%

61.75%

24.58%

91.34%

-15.78%

 

 

 

 

Euro Gas and Power/LNG

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

10/24/25

10/23/25

% Change

Change

9/26/25

% Change

10/24/24

% Change

 

 

Dutch TTF

Dec-25

EUR 32.18

EUR 32.62

-1.33%

-EUR 0.43

EUR 33.46

-3.81%

EUR 41.41

-22.28%

 

 

NBP

Dec-25

GBP 83.07

GBP 83.92

-1.02%

-GBP 0.85

GBP 87.66

-5.23%

GBP 106.96

-22.34%

 

 

German Base

Dec-25

EUR 98.05

EUR 99.78

-1.73%

-EUR 1.73

EUR 93.64

4.71%

EUR 102.87

-4.69%

 

 

UK Base

Dec-25

GBP 80.41

GBP 82.84

-2.94%

-GBP 2.43

GBP 84.54

-4.89%

GBP 85.40

-5.85%

 

 

French Base

Dec-25

EUR 67.83

EUR 71.22

-4.77%

-EUR 3.40

EUR 74.73

-9.24%

EUR 89.06

-23.84%

 

 

Italian Base

Dec-25

EUR 112.65

EUR 112.79

-0.12%

-EUR 0.14

EUR 111.64

0.90%

EUR 124.16

-9.27%

 

 

JKM LNG

Dec-25

$11.25

$11.39

-1.19%

-$0.14

$11.29

-0.35%

$13.52

-16.77%

 

 

 

 

Freight Forwards (WET & DRY)

 

OTCGH/EOXLive Market Data

 

 

 

Contract

10/24/25

10/23/25

% Change

Change

9/26/25

% Change

10/24/24

% Change

 

 

TD3C FFA Middle East to China (WET)

Dec-25

$32.18

$32.62

-1.33%

-$0.43

$33.46

-3.81%

$41.41

-22.28%

 

 

USGC-UK Continent Dirty (WET)

Dec-25

$83.07

$83.92

-1.02%

-$0.85

$87.66

-5.23%

$106.96

-22.34%

 

 

TD20 West Africa to UK Continent (WET)

Dec-25

$98.05

$99.78

-1.73%

-$1.73

$93.64

4.71%

$102.87

-4.69%

 

 

LPG FFA Middle East Gulf to East (WET)

Dec-25

$80.41

$82.84

-2.94%

-$2.43

$84.54

-4.89%

$85.40

-5.85%

 

 

TC5 FFA Arabian Gulf to Japan (WET)

Dec-25

$67.83

$71.22

-4.77%

-$3.40

$74.73

-9.24%

$89.06

-23.84%

 

 

Supramax Timecharter (DRY)

Dec-25

$112.65

$112.79

-0.12%

-$0.14

$111.64

0.90%

$124.16

-9.27%

 

 

Capesize Timecharter (DRY)

Dec-25

$11.25

$11.39

-1.19%

-$0.14

$11.29

-0.35%

$13.52

-16.77%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

 

 

 

 

 

 

 

 

 

 

 

 

Cooling Degree Days

 

 

 

 

 

 

10/25/2025

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

-60

22.00%

-7.00%

 

 

E N Central

0

-1

0

862

154

51

22.00%

6.00%

 

 

W N Central

0

-1

-1

1,057

131

63

14.00%

6.00%

 

 

South Atlantic

20

-1

1

2,051

190

-58

10.00%

-3.00%

 

 

E S Central

2

-4

0

1,781

245

-1

16.00%

0.00%

 

 

W S Central

37

15

0

2,731

337

-42

14.00%

-2.00%

 

 

Mountain

8

1

2

1,320

85

-122

7.00%

-9.00%

 

 

Pacific

0

-4

-3

723

26

-194

4.00%

-21.00%

 

 

United States

9

1

0

1,346

157

-51

13.00%

-4.00%

 

 

 

 

Heating Degree Days

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

10/25/2025

Week Tot

Dev Norm

Dev L YR

Cum Tot

CumD Norm

CumD L YR

CumD Norm

CumD L YR

 

 

New England

92

-28

29

429

-115

10

-21.00%

2.00%

 

 

Middle Atlantic

88

-16

38

291

-134

15

-32.00%

5.00%

 

 

E N Central

117

5

51

341

-129

0

-27.00%

0.00%

 

 

W N Central

114

2

62

311

-182

-4

-37.00%

-1.00%

 

 

South Atlantic

44

-1

12

101

-42

-6

-29.00%

-6.00%

 

 

E S Central

60

1

13

107

-79

-31

-42.00%

-22.00%

 

 

W S Central

12

-13

-1

18

-44

-16

NA

NA

 

 

Mountain

76

-18

-1

283

-165

58

-37.00%

26.00%

 

 

Pacific

37

-13

5

167

-75

24

-31.00%

17.00%

 

 

United States

68

-7

23

210

-98

5

-32.00%

2.00%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

Weather Forecast & Seasonal Outlook

 

Tropical Outlook

 

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