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

Sep 10, 2025

  

 

 

 

 

 

 

 

 

 

Prices as of 7:53 AM CST

 

 

 

 

 

 

 

Current Price

Previous Settle

% Change

Change

Volume

 

 

Natural Gas

$3.030

$3.117

-2.79%

-$0.087

40,974

 

 

WTI

$63.38

$62.63

1.20%

$0.75

45,380

 

 

Brent

$67.09

$66.39

1.05%

$0.70

9,444

 

 

ULSD

$2.326

$2.320

0.28%

$0.006

3,740

 

 

RBOB

$1.998

$1.992

0.28%

$0.006

6,525

 

 

 

 

Spreads

 

 

 

 

 

 

 

Current

Previous

% Change

Change

Contract

 

 

WTI-Brent

$4.11

$4.10

0.24%

$0.01

Nov-25

 

 

3:2:1 Crack

$23.78

$24.14

-1.48%

-$0.36

Oct-25

 

 

PJM West Spark

$42.77

$42.78

-0.02%

-$0.01

Oct-25

 

 

 

 

Baker Hughes Rig Count

 

 

 

 

 

 

 

Date

Count

Change

1 Year Chg.

1 Year Date

 

 

U.S.

09/05/25

537

1

-45

09/06/24

 

 

Canada

09/05/25

181

6

-39

09/06/24

 

 

International

August-2025

1076

-3

-66

August-2024

 

 

 

 

CFTC Net Positions

 

 

 

 

 

 

As of 9/2/2025

Open Interest

Total Net Long

Total Net Short

Diff

 

 

PJM West On Peak

100,093

99,824

99,558

266

 

 

PJM West Off Peak

91,957

91,720

91,344

376

 

 

Natural Gas Henry Hub

335,018

320,751

323,536

-2,785

 

 

WTI – Light Sweet Crude Futures

155,964

133,410

126,604

6,806

 

 

Brent Crude Last Day

219,828

212,463

213,153

-690

 

 

NYM Ethanol

44,979

44,346

44,536

-190

 

 

Mt Belvieu LDH Propane Swap

160,683

159,642

160,356

-714

 

 

RBOB

323,889

299,590

307,354

-7,764

 

 

HSC Basis

787,309

776,777

780,319

-3,542

 

 

 

 

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

 

 

 

 

09/04/20

 

 

 

8/29/25

8/22/25

Net Change

% Change

8/30/24

% Change

5 Year Avg.

% Change

 

 

East

735

707

28

3.96%

761

-3.42%

734

0.14%

 

 

Midwest

860

832

28

3.37%

922

-6.72%

874

-1.60%

 

 

Mountain

254

254

0

0.00%

270

-5.93%

211

20.49%

 

 

Pacific

294

298

-4

-1.34%

289

1.73%

266

10.53%

 

 

South

1,129

1,125

4

0.36%

1,105

2.17%

1,043

8.29%

 

 

    Salt

273

272

1

0.37%

267

2.25%

247

10.71%

 

 

    Non_Salt

856

853

3

0.35%

838

2.15%

796

7.51%

 

 

Total

3,272

3,217

55

1.71%

3,347

-2.24%

3,127

4.62%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Power Generation Additions/Retirements

 

 

  

 

Front Month Prices

 

 

 

 

 

 

 

 

 

 

 

 

 

Electricity

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

9/9/25

9/8/25

% Change

Change

8/11/25

% Change

9/9/24

% Change

 

 

PJM West On Peak

Oct-25

$49.25

$49.45

-0.40%

-$0.20

$47.78

3.08%

$48.95

0.61%

 

 

ERCOT North On Peak

Oct-25

$36.50

$36.87

-1.00%

-$0.37

$38.01

-3.99%

$36.73

-0.63%

 

 

CAISO SP 15 On Peak

Oct-25

$34.50

$34.11

1.14%

$0.39

$31.71

8.81%

$32.75

5.35%

 

 

MISO Indiana On Peak

Oct-25

$46.28

$46.38

-0.20%

-$0.09

$44.33

4.41%

$46.80

-1.11%

 

 

NEISO Mass On Peak

Oct-25

$40.53

$41.30

-1.87%

-$0.77

$44.14

-8.18%

$43.31

-6.41%

 

 

WECC Mid C On Peak

Oct-25

$57.52

$56.00

2.72%

$1.52

$48.68

18.16%

$56.08

2.56%

 

 

NYISO Zone G On Peak

Oct-25

$42.26

$43.05

-1.83%

-$0.79

$45.79

-7.70%

$41.89

0.88%

 

 

 

 

 

Natural Gas & Basis

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

9/9/25

9/8/25

% Change

Change

8/11/25

% Change

9/9/24

% Change

 

 

NYMEX Henry Hub

Oct-25

$3.117

$3.090

0.87%

$0.03

$3.05

2.10%

$3.23

-3.59%

 

 

Houston Ship Channel

Oct-25

-$0.429

-$0.416

3.15%

-$0.01

-$0.48

-10.98%

-$0.62

-31.39%

 

 

Chicago

Oct-25

-$0.386

-$0.385

-0.16%

$0.00

-$0.35

10.45%

-$0.54

-27.98%

 

 

Waha

Oct-25

-$2.507

-$2.423

-3.46%

-$0.08

-$2.48

1.24%

-$1.92

30.59%

 

 

Algonquin

Oct-25

-$0.893

-$0.849

-5.15%

-$0.04

-$0.59

50.34%

-$0.81

10.41%

 

 

Aeco

Oct-25

-$1.901

-$1.969

-3.44%

$0.07

-$2.20

-13.53%

-$1.28

48.88%

 

 

Socal

Oct-25

-$0.393

-$0.411

-4.19%

$0.02

-$0.68

-42.03%

-$0.37

7.22%

 

 

 

 

 

Natural Gas Liquids

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

9/9/25

9/8/25

% Change

Change

8/11/25

% Change

9/9/24

% Change

 

 

Mt. Belvieu Propane LST

Oct-25

$0.713

$0.713

0.00%

$0.00

$0.69

2.70%

$0.67

6.71%

 

 

Mt. Belvieu Propane non LST

Oct-25

$0.710

$0.703

1.06%

$0.01

$0.69

2.90%

$0.67

6.34%

 

 

Mt. Belview Ethane

Oct-25

$0.249

$0.246

1.01%

$0.00

$0.22

13.07%

$0.23

8.35%

 

 

Mt. Belview Nat. Gasoline

Oct-25

$1.315

$1.295

1.51%

$0.02

$1.28

2.93%

$1.31

0.06%

 

 

Mt. Belvieu Butane LST

Oct-25

$0.840

$0.832

0.86%

$0.01

$0.81

4.09%

$0.77

8.35%

 

 

Far East Propane

Oct-25

$5.506

$5.490

0.29%

$0.02

$5.37

2.54%

$5.50

0.12%

 

 

Saudi Propane

Oct-25

$5.450

$5.430

0.37%

$0.02

$5.37

1.48%

$5.08

7.27%

 

 

 

 

Crude Oil

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

9/9/25

9/8/25

% Change

Change

8/11/25

% Change

9/9/24

% Change

 

 

WTI

Oct-25

$62.63

$62.26

0.59%

$0.37

$63.09

-0.73%

$65.70

-4.67%

 

 

Brent

Oct-25

$66.53

$66.19

0.51%

$0.34

$66.63

-0.15%

$70.16

-5.17%

 

 

WCS

Oct-25

-$11.38

-$11.88

-4.38%

$0.50

-$12.92

-11.91%

-$15.97

-28.73%

 

 

LLS

Oct-25

$64.44

$64.06

0.58%

$0.38

$64.42

0.03%

$68.35

-5.72%

 

 

Mars

Oct-25

$61.74

$61.74

0.00%

$0.00

$62.66

-1.46%

$65.28

-5.42%

 

 

Sour

Oct-25

$63.38

$63.16

0.35%

$0.22

$63.29

0.15%

$65.95

-3.89%

 

 

ESPO

Oct-25

$64.53

$64.19

0.53%

$0.34

$64.63

-0.15%

$68.16

-5.33%

 

 

 

 

Refined Products

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

9/9/25

9/8/25

% Change

Change

8/11/25

% Change

9/9/24

% Change

 

 

NY Heating Oil

Oct-25

$2.32

$2.32

0.17%

$0.00

$2.28

1.62%

$2.20

5.69%

 

 

NY Gasoline

Oct-25

$2.00

$1.99

0.50%

$0.01

$1.93

3.58%

$1.88

6.16%

 

 

GC Gasoline

Oct-25

$1.86

$1.85

0.54%

$0.01

$1.79

3.85%

$1.78

4.26%

 

 

GC Jet

Oct-25

$2.09

$2.08

0.14%

$0.00

$2.07

0.87%

$2.07

0.68%

 

 

Chicago Ethanol

Oct-25

$1.93

$1.96

-1.28%

-$0.03

$1.74

11.21%

$1.65

17.42%

 

 

Rotterdam Gasoil

Oct-25

$636.92

$621.55

2.47%

$15.37

$595.39

6.98%

$611.00

4.24%

 

 

Singapore Jet Kero

Oct-25

$86.04

$84.79

1.47%

$1.25

$83.12

3.51%

$85.47

0.67%

 

 

 

 

Implied Volatilities

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

9/9/25

9/8/25

% Change

Change

8/11/25

% Change

9/9/24

% Change

 

 

Henry Hub Straddle

Oct-25

48.86%

51.92%

-5.89%

-3.06%

60.54%

-19.29%

43.24%

13.00%

 

 

Algonquin Straddle

Oct-25

56.47%

62.80%

-10.08%

-6.33%

83.01%

-31.97%

48.96%

15.34%

 

 

Waha Straddle

Oct-25

210.10%

210.47%

-0.18%

-0.37%

157.54%

33.36%

96.96%

116.69%

 

 

Chicago Straddle

Oct-25

53.19%

52.57%

1.18%

0.62%

63.75%

-16.56%

45.75%

16.26%

 

 

PJM West Straddle

Oct-25

39.50%

41.21%

-4.15%

-1.71%

36.19%

9.15%

37.55%

5.19%

 

 

SP – 15 Straddle

Oct-25

240.49%

240.24%

0.10%

0.25%

171.83%

39.96%

51.25%

369.25%

 

 

Mid. C Straddle

Oct-25

93.64%

84.56%

10.74%

9.08%

53.24%

75.88%

73.01%

28.26%

 

 

 

 

Euro Gas and Power/LNG

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

9/9/25

9/8/25

% Change

Change

8/11/25

% Change

9/9/24

% Change

 

 

Dutch TTF

Oct-25

EUR 32.67

EUR 33.13

-1.41%

-EUR 0.47

EUR 33.55

-2.63%

EUR 38.27

-14.64%

 

 

NBP

Oct-25

GBP 79.93

GBP 81.53

-1.96%

-GBP 1.60

GBP 81.95

-2.46%

GBP 95.39

-16.21%

 

 

German Base

Oct-25

EUR 87.54

EUR 89.08

-1.73%

-EUR 1.54

EUR 85.04

2.94%

EUR 91.86

-4.70%

 

 

UK Base

Oct-25

GBP 74.24

GBP 74.50

-0.34%

-GBP 0.26

GBP 72.93

1.79%

GBP 84.41

-12.05%

 

 

French Base

Oct-25

EUR 57.12

EUR 57.32

-0.34%

-EUR 0.19

EUR 61.26

-6.75%

EUR 79.29

-27.95%

 

 

Italian Base

Oct-25

EUR 108.00

EUR 108.88

-0.81%

-EUR 0.88

EUR 111.75

-3.36%

EUR 107.54

0.43%

 

 

JKM LNG

Oct-25

$11.44

$11.66

-1.91%

-$0.22

$11.68

-2.07%

$13.05

-12.40%

 

 

 

 

Freight Forwards (WET & DRY)

 

OTCGH/EOXLive Market Data

 

 

 

Contract

9/9/25

9/8/25

% Change

Change

8/11/25

% Change

9/9/24

% Change

 

 

TD3C FFA Middle East to China (WET)

Oct-25

$32.67

$33.13

-1.41%

-$0.47

$33.55

-2.63%

$38.27

-14.64%

 

 

USGC-UK Continent Dirty (WET)

Oct-25

$79.93

$81.53

-1.96%

-$1.60

$81.95

-2.46%

$95.39

-16.21%

 

 

TD20 West Africa to UK Continent (WET)

Oct-25

$87.54

$89.08

-1.73%

-$1.54

$85.04

2.94%

$91.86

-4.70%

 

 

LPG FFA Middle East Gulf to East (WET)

Oct-25

$74.24

$74.50

-0.34%

-$0.26

$72.93

1.79%

$84.41

-12.05%

 

 

TC5 FFA Arabian Gulf to Japan (WET)

Oct-25

$57.12

$57.32

-0.34%

-$0.19

$61.26

-6.75%

$79.29

-27.95%

 

 

Supramax Timecharter (DRY)

Oct-25

$108.00

$108.88

-0.81%

-$0.88

$111.75

-3.36%

$107.54

0.43%

 

 

Capesize Timecharter (DRY)

Oct-25

$11.44

$11.66

-1.91%

-$0.22

$11.68

-2.07%

$13.05

-12.40%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

 

 

 

 

 

 

 

 

 

 

 

 

Cooling Degree Days

 

 

 

 

 

 

09/06/2025

Week Tot

Dev Norm

Dev L YR

Cum Tot

CumD Norm

CumD L YR

CumD Norm

CumD L YR

 

 

New England

9

-5

-1

531

125

-46

31.00%

-8.00%

 

 

Middle Atlantic

13

-13

-9

744

130

-75

21.00%

-9.00%

 

 

E N Central

3

-23

-28

759

97

35

15.00%

5.00%

 

 

W N Central

16

-19

-19

877

19

13

2.00%

2.00%

 

 

South Atlantic

64

-11

-17

1,736

175

-38

11.00%

-2.00%

 

 

E S Central

57

-11

-30

1,511

177

-27

13.00%

-2.00%

 

 

W S Central

99

-3

0

2,207

191

-77

9.00%

-3.00%

 

 

Mountain

58

5

-6

1,149

88

-32

8.00%

-3.00%

 

 

Pacific

65

28

-2

631

62

-94

11.00%

-13.00%

 

 

United States

44

-6

-13

1,149

121

-40

12.00%

-3.00%

 

 

 

 

Heating Degree Days

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

09/06/2025

Week Tot

Dev Norm

Dev L YR

Cum Tot

CumD Norm

CumD L YR

CumD Norm

CumD L YR

 

 

New England

12

-2

-4

55

6

13

NA

NA

 

 

Middle Atlantic

7

0

-1

25

-3

2

NA

NA

 

 

E N Central

33

22

22

75

30

23

NA

NA

 

 

W N Central

34

17

24

64

5

19

NA

NA

 

 

South Atlantic

2

1

0

4

2

0

NA

NA

 

 

E S Central

2

1

2

6

4

4

NA

NA

 

 

W S Central

1

0

1

2

1

2

NA

NA

 

 

Mountain

6

-12

4

13

-52

-5

NA

NA

 

 

Pacific

0

-9

-1

8

-46

-10

NA

NA

 

 

United States

10

2

5

26

-5

5

NA

NA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

Weather Forecast & Seasonal Outlook

 

Tropical Outlook

 

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