Morning Report: Gas * Power * NGL * Crude * Products * Vols — Sep-04-2025

Sep 4, 2025

  

 

 

 

 

 

 

 

 

 

Prices as of 8:04 AM CST

 

 

 

 

 

 

 

Current Price

Previous Settle

% Change

Change

Volume

 

 

Natural Gas

$3.113

$3.064

1.60%

$0.049

33,497

 

 

WTI

$63.25

$63.97

-1.13%

-$0.72

73,137

 

 

Brent

$66.83

$67.60

-1.14%

-$0.77

15,321

 

 

ULSD

$2.315

$2.361

-1.94%

-$0.046

10,982

 

 

RBOB

$2.013

$2.012

0.06%

$0.001

11,909

 

 

 

 

Spreads

 

 

 

 

 

 

 

Current

Previous

% Change

Change

Contract

 

 

WTI-Brent

$3.99

$4.03

-0.99%

-$0.04

Nov-25

 

 

3:2:1 Crack

$23.93

$23.94

-0.04%

-$0.01

Oct-25

 

 

PJM West Spark

$35.84

$40.17

-10.78%

-$4.33

Oct-25

 

 

 

 

Baker Hughes Rig Count

 

 

 

 

 

 

 

Date

Count

Change

1 Year Chg.

1 Year Date

 

 

U.S.

08/29/25

536

-2

-47

08/30/24

 

 

Canada

08/29/25

175

-5

-45

08/30/24

 

 

International

July-2025

914

1

-20

July-2024

 

 

 

 

CFTC Net Positions

 

 

 

 

 

 

As of 8/26/2025

Open Interest

Total Net Long

Total Net Short

Diff

 

 

PJM West On Peak

97,122

96,859

96,585

274

 

 

PJM West Off Peak

90,064

89,832

89,441

391

 

 

Natural Gas Henry Hub

350,095

335,442

338,231

-2,789

 

 

WTI – Light Sweet Crude Futures

173,323

145,906

140,525

5,381

 

 

Brent Crude Last Day

219,232

212,600

212,874

-274

 

 

NYM Ethanol

44,682

43,953

44,151

-198

 

 

Mt Belvieu LDH Propane Swap

156,136

155,150

155,806

-656

 

 

RBOB

330,812

308,936

315,606

-6,670

 

 

HSC Basis

768,608

755,488

761,075

-5,587

 

 

 

 

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

 

 

 

 

08/28/20

 

 

 

8/22/25

8/15/25

Net Change

% Change

8/23/24

% Change

5 Year Avg.

% Change

 

 

East

707

690

17

2.46%

754

-6.23%

722

-2.10%

 

 

Midwest

832

812

20

2.46%

909

-8.47%

855

-2.69%

 

 

Mountain

254

255

-1

-0.39%

266

-4.51%

208

22.23%

 

 

Pacific

298

301

-3

-1.00%

287

3.83%

265

12.62%

 

 

South

1,125

1,141

-16

-1.40%

1,119

0.54%

1,044

7.80%

 

 

    Salt

272

282

-10

-3.55%

272

0.00%

249

9.24%

 

 

    Non_Salt

853

859

-6

-0.70%

847

0.71%

795

7.32%

 

 

Total

3,217

3,199

18

0.56%

3,334

-3.51%

3,093

4.00%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Power Generation Additions/Retirements

 

 

  

 

Front Month Prices

 

 

 

 

 

 

 

 

 

 

 

 

 

Electricity

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

9/3/25

9/2/25

% Change

Change

8/5/25

% Change

9/3/24

% Change

 

 

PJM West On Peak

Oct-25

$42.47

$46.73

-9.10%

-$4.25

$54.51

-22.09%

$48.59

-12.59%

 

 

ERCOT North On Peak

Oct-25

$35.30

$37.03

-4.67%

-$1.73

$41.82

-15.59%

$36.76

-3.98%

 

 

CAISO SP 15 On Peak

Oct-25

$33.80

$33.06

2.24%

$0.74

$33.26

1.62%

$35.32

-4.30%

 

 

MISO Indiana On Peak

Oct-25

$39.51

$43.21

-8.56%

-$3.70

$50.54

-21.83%

$46.94

-15.82%

 

 

NEISO Mass On Peak

Oct-25

$40.11

$39.73

0.93%

$0.37

$43.59

-7.99%

$41.81

-4.08%

 

 

WECC Mid C On Peak

Oct-25

$51.59

$51.81

-0.42%

-$0.22

$50.10

2.98%

$62.19

-17.05%

 

 

NYISO Zone G On Peak

Oct-25

$43.29

$41.50

4.31%

$1.79

$45.59

-5.04%

$39.87

8.58%

 

 

 

 

 

Natural Gas & Basis

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

9/3/25

9/2/25

% Change

Change

8/5/25

% Change

9/3/24

% Change

 

 

NYMEX Henry Hub

Oct-25

$3.064

$3.009

1.83%

$0.05

$3.11

-1.42%

$3.23

-5.17%

 

 

Houston Ship Channel

Oct-25

-$0.425

-$0.423

0.47%

$0.00

-$0.46

-7.63%

-$0.62

-31.19%

 

 

Chicago

Oct-25

-$0.395

-$0.401

1.52%

$0.01

-$0.37

7.70%

-$0.53

-25.45%

 

 

Waha

Oct-25

-$2.510

-$2.489

-0.86%

-$0.02

-$2.52

-0.21%

-$1.99

26.04%

 

 

Algonquin

Oct-25

-$0.837

-$0.891

6.04%

$0.05

-$0.71

17.68%

-$0.83

0.75%

 

 

Aeco

Oct-25

-$1.986

-$1.890

5.06%

-$0.10

-$2.20

-9.67%

-$1.25

59.45%

 

 

Socal

Oct-25

-$0.331

-$0.326

1.66%

-$0.01

-$0.58

-43.15%

-$0.34

-2.62%

 

 

 

 

 

Natural Gas Liquids

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

9/3/25

9/2/25

% Change

Change

8/5/25

% Change

9/3/24

% Change

 

 

Mt. Belvieu Propane LST

Oct-25

$0.724

$0.725

-0.20%

$0.00

$0.71

2.66%

$0.70

3.08%

 

 

Mt. Belvieu Propane non LST

Oct-25

$0.711

$0.715

-0.54%

$0.00

$0.71

0.87%

$0.70

2.00%

 

 

Mt. Belview Ethane

Oct-25

$0.240

$0.229

4.93%

$0.01

$0.22

7.30%

$0.23

2.68%

 

 

Mt. Belview Nat. Gasoline

Oct-25

$1.316

$1.330

-1.03%

-$0.01

$1.30

1.54%

$1.35

-2.47%

 

 

Mt. Belvieu Butane LST

Oct-25

$0.834

$0.824

1.24%

$0.01

$0.82

1.99%

$0.83

0.96%

 

 

Far East Propane

Oct-25

$5.471

$5.521

-0.91%

-$0.05

$5.38

1.61%

$5.50

-0.56%

 

 

Saudi Propane

Oct-25

$5.410

$5.406

0.06%

$0.00

$5.37

0.65%

$5.17

4.71%

 

 

 

 

Crude Oil

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

9/3/25

9/2/25

% Change

Change

8/5/25

% Change

9/3/24

% Change

 

 

WTI

Oct-25

$63.97

$65.59

-2.53%

-$1.62

$64.20

-0.36%

$66.71

-4.11%

 

 

Brent

Oct-25

$67.81

$69.40

-2.35%

-$1.59

$67.64

0.25%

$71.26

-4.85%

 

 

WCS

Oct-25

-$12.02

-$12.31

-2.43%

$0.29

-$12.38

-2.90%

-$15.54

-22.68%

 

 

LLS

Oct-25

$65.57

$66.46

-1.35%

-$0.89

$65.31

0.41%

$68.38

-4.11%

 

 

Mars

Oct-25

$63.21

$63.41

-0.31%

-$0.20

$63.19

0.02%

$65.89

-4.07%

 

 

Sour

Oct-25

$63.05

$65.75

-4.27%

-$2.69

$65.11

-3.16%

$67.17

-6.13%

 

 

ESPO

Oct-25

$65.81

$67.40

-2.42%

-$1.59

$65.64

0.25%

$69.26

-4.99%

 

 

 

 

Refined Products

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

9/3/25

9/2/25

% Change

Change

8/5/25

% Change

9/3/24

% Change

 

 

NY Heating Oil

Oct-25

$2.36

$2.37

-0.72%

-$0.02

$2.25

4.90%

$2.27

3.65%

 

 

NY Gasoline

Oct-25

$2.01

$2.04

-1.32%

-$0.03

$1.94

3.66%

$1.89

6.18%

 

 

GC Gasoline

Oct-25

$1.87

$1.90

-1.42%

-$0.03

$1.80

3.94%

$1.79

4.29%

 

 

GC Jet

Oct-25

$2.12

$2.10

0.71%

$0.02

$2.01

5.16%

$2.08

1.73%

 

 

Chicago Ethanol

Oct-25

$2.00

$2.03

-1.52%

-$0.03

$1.71

17.48%

$1.65

21.25%

 

 

Rotterdam Gasoil

Oct-25

$634.80

$641.38

-1.02%

-$6.57

$624.23

1.69%

$631.95

0.45%

 

 

Singapore Jet Kero

Oct-25

$86.15

$85.32

0.98%

$0.83

$83.86

2.73%

$87.96

-2.06%

 

 

 

 

Implied Volatilities

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

9/3/25

9/2/25

% Change

Change

8/5/25

% Change

9/3/24

% Change

 

 

Henry Hub Straddle

Oct-25

52.90%

53.86%

-1.78%

-0.96%

59.54%

-11.15%

39.13%

35.19%

 

 

Algonquin Straddle

Oct-25

65.31%

61.66%

5.92%

3.65%

75.66%

-13.68%

45.38%

43.92%

 

 

Waha Straddle

Oct-25

225.23%

223.40%

0.82%

1.83%

157.60%

42.91%

97.88%

130.11%

 

 

Chicago Straddle

Oct-25

55.19%

56.40%

-2.15%

-1.21%

66.28%

-16.73%

42.96%

28.47%

 

 

PJM West Straddle

Oct-25

43.82%

37.12%

18.05%

6.70%

38.62%

13.46%

38.20%

14.71%

 

 

SP – 15 Straddle

Oct-25

228.65%

222.71%

2.67%

5.94%

161.06%

41.97%

48.18%

374.57%

 

 

Mid. C Straddle

Oct-25

84.39%

104.12%

-18.95%

-19.73%

56.69%

48.86%

71.62%

17.83%

 

 

 

 

Euro Gas and Power/LNG

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

9/3/25

9/2/25

% Change

Change

8/5/25

% Change

9/3/24

% Change

 

 

Dutch TTF

Oct-25

EUR 32.42

EUR 31.88

1.69%

EUR 0.54

EUR 34.92

-7.17%

EUR 39.00

-16.88%

 

 

NBP

Oct-25

GBP 79.19

GBP 78.38

1.03%

GBP 0.81

GBP 86.21

-8.15%

GBP 97.93

-19.14%

 

 

German Base

Oct-25

EUR 86.58

EUR 84.71

2.21%

EUR 1.87

EUR 87.24

-0.76%

EUR 92.50

-6.40%

 

 

UK Base

Oct-25

GBP 73.38

GBP 73.84

-0.63%

-GBP 0.46

GBP 77.27

-5.04%

GBP 82.13

-10.66%

 

 

French Base

Oct-25

EUR 54.08

EUR 55.64

-2.79%

-EUR 1.55

EUR 62.11

-12.92%

EUR 81.21

-33.40%

 

 

Italian Base

Oct-25

EUR 106.40

EUR 106.42

-0.03%

-EUR 0.03

EUR 113.58

-6.32%

EUR 107.60

-1.12%

 

 

JKM LNG

Oct-25

$11.39

$11.31

0.72%

$0.08

$11.90

-4.25%

$13.54

-15.90%

 

 

 

 

Freight Forwards (WET & DRY)

 

OTCGH/EOXLive Market Data

 

 

 

Contract

9/3/25

9/2/25

% Change

Change

8/5/25

% Change

9/3/24

% Change

 

 

TD3C FFA Middle East to China (WET)

Oct-25

$32.42

$31.88

1.69%

$0.54

$34.92

-7.17%

$39.00

-16.88%

 

 

USGC-UK Continent Dirty (WET)

Oct-25

$79.19

$78.38

1.03%

$0.81

$86.21

-8.15%

$97.93

-19.14%

 

 

TD20 West Africa to UK Continent (WET)

Oct-25

$86.58

$84.71

2.21%

$1.87

$87.24

-0.76%

$92.50

-6.40%

 

 

LPG FFA Middle East Gulf to East (WET)

Oct-25

$73.38

$73.84

-0.63%

-$0.46

$77.27

-5.04%

$82.13

-10.66%

 

 

TC5 FFA Arabian Gulf to Japan (WET)

Oct-25

$54.08

$55.64

-2.79%

-$1.55

$62.11

-12.92%

$81.21

-33.40%

 

 

Supramax Timecharter (DRY)

Oct-25

$106.40

$106.42

-0.03%

-$0.03

$113.58

-6.32%

$107.60

-1.12%

 

 

Capesize Timecharter (DRY)

Oct-25

$11.39

$11.31

0.72%

$0.08

$11.90

-4.25%

$13.54

-15.90%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

 

 

 

 

 

 

 

 

 

 

 

 

Cooling Degree Days

 

 

 

 

 

 

08/30/2025

Week Tot

Dev Norm

Dev L YR

Cum Tot

CumD Norm

CumD L YR

CumD Norm

CumD L YR

 

 

New England

10

-12

-18

522

130

-45

33.00%

-8.00%

 

 

Middle Atlantic

14

-20

-36

731

143

-66

24.00%

-8.00%

 

 

E N Central

3

-31

-67

756

119

62

19.00%

9.00%

 

 

W N Central

18

-28

-64

860

37

33

4.00%

4.00%

 

 

South Atlantic

65

-16

-23

1,672

186

-22

13.00%

-1.00%

 

 

E S Central

47

-28

-47

1,454

188

3

15.00%

0.00%

 

 

W S Central

104

-7

-25

2,108

194

-77

10.00%

-4.00%

 

 

Mountain

60

-1

1

1,091

83

-26

8.00%

-2.00%

 

 

Pacific

65

24

38

566

34

-92

6.00%

-14.00%

 

 

United States

45

-11

-25

1,105

126

-28

13.00%

-2.00%

 

 

 

 

Heating Degree Days

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

08/30/2025

Week Tot

Dev Norm

Dev L YR

Cum Tot

CumD Norm

CumD L YR

CumD Norm

CumD L YR

 

 

New England

17

8

13

43

8

16

NA

NA

 

 

Middle Atlantic

11

6

9

18

-3

4

NA

NA

 

 

E N Central

32

24

29

41

7

3

NA

NA

 

 

W N Central

18

6

17

30

-12

0

NA

NA

 

 

South Atlantic

2

1

1

2

1

0

NA

NA

 

 

E S Central

5

4

5

5

4

3

NA

NA

 

 

W S Central

1

1

1

1

1

1

NA

NA

 

 

Mountain

2

-11

-3

6

-41

-9

NA

NA

 

 

Pacific

0

-7

-9

8

-37

-9

NA

NA

 

 

United States

10

5

7

16

-7

0

NA

NA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

Weather Forecast & Seasonal Outlook

 

Tropical Outlook

 

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