Morning Report: Gas * Power * NGL * Crude * Products * Vols — Sep-16-2025

Sep 16, 2025

  

 

 

 

 

 

 

 

 

 

Prices as of 9:44 AM CST

 

 

 

 

 

 

 

Current Price

Previous Settle

% Change

Change

Volume

 

 

Natural Gas

$3.089

$3.043

1.51%

$0.046

70,221

 

 

WTI

$63.90

$63.30

0.95%

$0.60

99,631

 

 

Brent

$67.85

$67.44

0.61%

$0.41

18,315

 

 

ULSD

$2.366

$2.331

1.51%

$0.035

14,762

 

 

RBOB

$2.020

$2.013

0.32%

$0.006

16,927

 

 

 

 

Spreads

 

 

 

 

 

 

 

Current

Previous

% Change

Change

Contract

 

 

WTI-Brent

$4.24

$4.42

-4.07%

-$0.18

Nov-25

 

 

3:2:1 Crack

$24.42

$24.17

1.04%

$0.25

Oct-25

 

 

PJM West Spark

$43.05

$41.75

3.12%

$1.30

Oct-25

 

 

 

 

Baker Hughes Rig Count

 

 

 

 

 

 

 

Date

Count

Change

1 Year Chg.

1 Year Date

 

 

U.S.

09/12/25

539

2

-51

09/13/24

 

 

Canada

09/12/25

186

5

-32

09/13/24

 

 

International

August-2025

1076

-3

-66

August-2024

 

 

 

 

CFTC Net Positions

 

 

 

 

 

 

As of 9/9/2025

Open Interest

Total Net Long

Total Net Short

Diff

 

 

PJM West On Peak

93,917

93,462

93,355

107

 

 

PJM West Off Peak

89,665

89,474

89,126

348

 

 

Natural Gas Henry Hub

339,065

325,542

328,349

-2,807

 

 

WTI – Light Sweet Crude Futures

322,005

270,062

251,878

18,184

 

 

Brent Crude Last Day

227,060

219,527

220,553

-1,026

 

 

NYM Ethanol

47,146

46,182

46,551

-369

 

 

Mt Belvieu LDH Propane Swap

149,627

148,649

149,171

-522

 

 

RBOB

342,418

315,573

326,928

-11,355

 

 

HSC Basis

736,111

727,640

728,777

-1,137

 

 

 

 

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

 

 

 

 

09/11/20

 

 

 

9/5/25

8/29/25

Net Change

% Change

9/6/24

% Change

5 Year Avg.

% Change

 

 

East

757

735

22

2.99%

780

-2.95%

755

0.32%

 

 

Midwest

890

860

30

3.49%

950

-6.32%

904

-1.59%

 

 

Mountain

257

254

3

1.18%

273

-5.86%

215

19.53%

 

 

Pacific

293

294

-1

-0.34%

285

2.81%

266

10.15%

 

 

South

1,145

1,129

16

1.42%

1,098

4.28%

1,057

8.35%

 

 

    Salt

282

273

9

3.30%

266

6.02%

252

11.90%

 

 

    Non_Salt

863

856

7

0.82%

832

3.73%

805

7.20%

 

 

Total

3,343

3,272

71

2.17%

3,387

-1.30%

3,197

4.58%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Power Generation Additions/Retirements

 

 

  

 

Front Month Prices

 

 

 

 

 

 

 

 

 

 

 

 

 

Electricity

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

9/15/25

9/12/25

% Change

Change

8/15/25

% Change

9/13/24

% Change

 

 

PJM West On Peak

Oct-25

$49.65

$48.26

2.89%

$1.40

$50.84

-2.34%

$47.22

5.14%

 

 

ERCOT North On Peak

Oct-25

$35.92

$35.46

1.28%

$0.46

$38.28

-6.18%

$37.68

-4.67%

 

 

CAISO SP 15 On Peak

Oct-25

$34.48

$34.44

0.13%

$0.05

$33.03

4.40%

$32.62

5.70%

 

 

MISO Indiana On Peak

Oct-25

$45.00

$44.72

0.63%

$0.28

$48.45

-7.13%

$45.12

-0.26%

 

 

NEISO Mass On Peak

Oct-25

$39.50

$39.60

-0.27%

-$0.11

$42.17

-6.34%

$42.39

-6.83%

 

 

WECC Mid C On Peak

Oct-25

$55.40

$52.90

4.73%

$2.50

$47.04

17.77%

$54.71

1.27%

 

 

NYISO Zone G On Peak

Oct-25

$41.05

$41.11

-0.14%

-$0.06

$44.35

-7.46%

$40.17

2.19%

 

 

 

 

 

Natural Gas & Basis

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

9/15/25

9/12/25

% Change

Change

8/15/25

% Change

9/13/24

% Change

 

 

NYMEX Henry Hub

Oct-25

$3.043

$2.941

3.47%

$0.10

$3.02

0.79%

$3.22

-5.38%

 

 

Houston Ship Channel

Oct-25

-$0.375

-$0.388

-3.42%

$0.01

-$0.46

-18.49%

-$0.61

-38.67%

 

 

Chicago

Oct-25

-$0.321

-$0.298

-7.04%

-$0.02

-$0.34

-4.98%

-$0.54

-40.98%

 

 

Waha

Oct-25

-$3.575

-$2.762

-29.45%

-$0.81

-$2.52

41.76%

-$1.62

121.16%

 

 

Algonquin

Oct-25

-$0.825

-$0.742

-11.24%

-$0.08

-$0.63

31.78%

-$0.82

0.70%

 

 

Aeco

Oct-25

-$1.816

-$1.754

3.52%

-$0.06

-$2.06

-12.00%

-$1.40

30.07%

 

 

Socal

Oct-25

-$0.339

-$0.286

18.62%

-$0.05

-$0.59

-42.71%

-$0.42

-19.90%

 

 

 

 

 

Natural Gas Liquids

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

9/15/25

9/12/25

% Change

Change

8/15/25

% Change

9/13/24

% Change

 

 

Mt. Belvieu Propane LST

Oct-25

$0.721

$0.711

1.41%

$0.01

$0.68

5.99%

$0.69

5.29%

 

 

Mt. Belvieu Propane non LST

Oct-25

$0.715

$0.700

2.14%

$0.01

$0.69

4.18%

$0.67

7.36%

 

 

Mt. Belview Ethane

Oct-25

$0.249

$0.246

1.02%

$0.00

$0.22

14.24%

$0.24

4.82%

 

 

Mt. Belview Nat. Gasoline

Oct-25

$1.330

$1.317

0.95%

$0.01

$1.27

4.84%

$1.37

-2.79%

 

 

Mt. Belvieu Butane LST

Oct-25

$0.851

$0.844

0.87%

$0.01

$0.80

6.33%

$0.81

5.10%

 

 

Far East Propane

Oct-25

$5.570

$5.562

0.14%

$0.01

$5.37

3.72%

$5.42

2.83%

 

 

Saudi Propane

Oct-25

$5.500

$5.500

-0.01%

$0.00

$5.29

3.95%

$5.03

9.26%

 

 

 

 

Crude Oil

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

9/15/25

9/12/25

% Change

Change

8/15/25

% Change

9/13/24

% Change

 

 

WTI

Nov-25

$63.02

$62.42

0.95%

$0.60

$61.47

2.52%

$65.79

-4.21%

 

 

Brent

Nov-25

$67.44

$66.99

0.67%

$0.45

$65.30

3.28%

$69.79

-3.37%

 

 

WCS

Nov-25

-$11.30

-$12.01

-6.27%

$0.71

-$12.67

-10.80%

-$15.38

-26.53%

 

 

LLS

Nov-25

$64.32

$64.61

-0.45%

-$0.29

$63.13

1.89%

$69.51

-7.47%

 

 

Mars

Nov-25

$62.12

$61.79

0.53%

$0.33

$61.00

1.82%

$64.87

-4.24%

 

 

Sour

Nov-25

$62.70

$63.07

-0.59%

-$0.37

$61.52

1.91%

$65.67

-4.52%

 

 

ESPO

Nov-25

$65.44

$64.99

0.69%

$0.45

$63.30

3.38%

$67.79

-3.47%

 

 

 

 

Refined Products

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

9/15/25

9/12/25

% Change

Change

8/15/25

% Change

9/13/24

% Change

 

 

NY Heating Oil

Oct-25

$2.33

$2.29

1.88%

$0.04

$2.23

4.67%

$2.19

6.48%

 

 

NY Gasoline

Oct-25

$2.01

$1.99

1.21%

$0.02

$1.93

4.09%

$1.88

7.09%

 

 

GC Gasoline

Oct-25

$1.87

$1.85

1.30%

$0.02

$1.79

4.41%

$1.78

5.24%

 

 

GC Jet

Oct-25

$2.10

$2.07

1.50%

$0.03

$2.00

5.15%

$2.03

3.85%

 

 

Chicago Ethanol

Oct-25

$2.00

$1.98

0.86%

$0.02

$1.72

16.29%

$1.56

27.90%

 

 

Rotterdam Gasoil

Oct-25

$649.96

$640.72

1.44%

$9.24

$598.18

8.66%

$613.18

6.00%

 

 

Singapore Jet Kero

Oct-25

$86.26

$85.10

1.37%

$1.17

$81.01

6.48%

$85.21

1.23%

 

 

 

 

Implied Volatilities

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

9/15/25

9/12/25

% Change

Change

8/15/25

% Change

9/13/24

% Change

 

 

Henry Hub Straddle

Oct-25

50.02%

53.34%

-6.22%

-3.32%

60.61%

-17.47%

42.09%

18.84%

 

 

Algonquin Straddle

Oct-25

60.85%

58.95%

3.22%

1.90%

70.75%

-13.99%

47.31%

28.62%

 

 

Waha Straddle

Oct-25

551.52%

366.53%

50.47%

184.99%

147.90%

272.90%

104.33%

428.63%

 

 

Chicago Straddle

Oct-25

49.05%

53.47%

-8.27%

-4.42%

62.78%

-21.87%

44.65%

9.85%

 

 

PJM West Straddle

Oct-25

42.17%

41.06%

2.70%

1.11%

36.84%

14.47%

36.69%

14.94%

 

 

SP – 15 Straddle

Oct-25

263.61%

248.62%

6.03%

14.99%

176.30%

49.52%

50.55%

421.48%

 

 

Mid. C Straddle

Oct-25

137.04%

161.80%

-15.30%

-24.76%

51.59%

165.63%

118.12%

16.02%

 

 

 

 

Euro Gas and Power/LNG

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

9/15/25

9/12/25

% Change

Change

8/15/25

% Change

9/13/24

% Change

 

 

Dutch TTF

Oct-25

EUR 32.06

EUR 32.65

-1.81%

-EUR 0.59

EUR 31.29

2.47%

EUR 36.70

-12.65%

 

 

NBP

Oct-25

GBP 78.25

GBP 80.14

-2.35%

-GBP 1.88

GBP 76.14

2.78%

GBP 91.01

-14.02%

 

 

German Base

Oct-25

EUR 88.99

EUR 87.77

1.39%

EUR 1.22

EUR 79.68

11.68%

EUR 87.23

2.02%

 

 

UK Base

Oct-25

GBP 74.44

GBP 74.05

0.53%

GBP 0.39

GBP 72.52

2.65%

GBP 81.08

-8.19%

 

 

French Base

Oct-25

EUR 54.57

EUR 54.28

0.54%

EUR 0.29

EUR 57.42

-4.95%

EUR 73.83

-26.09%

 

 

Italian Base

Oct-25

EUR 107.61

EUR 108.34

-0.67%

-EUR 0.72

EUR 103.00

4.48%

EUR 104.46

3.02%

 

 

JKM LNG

Oct-25

$11.15

$11.44

-2.57%

-$0.29

$10.99

1.45%

$13.29

-16.07%

 

 

 

 

Freight Forwards (WET & DRY)

 

OTCGH/EOXLive Market Data

 

 

 

Contract

9/15/25

9/12/25

% Change

Change

8/15/25

% Change

9/13/24

% Change

 

 

TD3C FFA Middle East to China (WET)

Oct-25

$32.06

$32.65

-1.81%

-$0.59

$31.29

2.47%

$36.70

-12.65%

 

 

USGC-UK Continent Dirty (WET)

Oct-25

$78.25

$80.14

-2.35%

-$1.88

$76.14

2.78%

$91.01

-14.02%

 

 

TD20 West Africa to UK Continent (WET)

Oct-25

$88.99

$87.77

1.39%

$1.22

$79.68

11.68%

$87.23

2.02%

 

 

LPG FFA Middle East Gulf to East (WET)

Oct-25

$74.44

$74.05

0.53%

$0.39

$72.52

2.65%

$81.08

-8.19%

 

 

TC5 FFA Arabian Gulf to Japan (WET)

Oct-25

$54.57

$54.28

0.54%

$0.29

$57.42

-4.95%

$73.83

-26.09%

 

 

Supramax Timecharter (DRY)

Oct-25

$107.61

$108.34

-0.67%

-$0.72

$103.00

4.48%

$104.46

3.02%

 

 

Capesize Timecharter (DRY)

Oct-25

$11.15

$11.44

-2.57%

-$0.29

$10.99

1.45%

$13.29

-16.07%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

 

 

 

 

 

 

 

 

 

 

 

 

Cooling Degree Days

 

 

 

 

 

 

09/13/2025

Week Tot

Dev Norm

Dev L YR

Cum Tot

CumD Norm

CumD L YR

CumD Norm

CumD L YR

 

 

New England

0

-7

-1

531

118

-46

29.00%

-8.00%

 

 

Middle Atlantic

3

-15

-1

747

115

-76

18.00%

-9.00%

 

 

E N Central

8

-10

-3

767

87

32

13.00%

4.00%

 

 

W N Central

34

8

13

910

26

26

3.00%

3.00%

 

 

South Atlantic

53

-15

-4

1,789

160

-42

10.00%

-2.00%

 

 

E S Central

46

-12

5

1,557

166

-22

12.00%

-1.00%

 

 

W S Central

83

-8

16

2,290

183

-61

9.00%

-3.00%

 

 

Mountain

50

5

-14

1,199

93

-46

8.00%

-4.00%

 

 

Pacific

20

-14

-45

652

50

-139

8.00%

-18.00%

 

 

United States

32

-10

-6

1,181

111

-47

10.00%

-4.00%

 

 

 

 

Heating Degree Days

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

09/13/2025

Week Tot

Dev Norm

Dev L YR

Cum Tot

CumD Norm

CumD L YR

CumD Norm

CumD L YR

 

 

New England

37

14

10

92

19

24

NA

NA

 

 

Middle Atlantic

17

3

2

42

0

4

NA

NA

 

 

E N Central

30

12

4

105

42

28

NA

NA

 

 

W N Central

18

-6

-1

82

0

21

NA

NA

 

 

South Atlantic

5

4

0

9

6

0

NA

NA

 

 

E S Central

6

4

-1

12

8

3

NA

NA

 

 

W S Central

1

0

-1

3

1

1

NA

NA

 

 

Mountain

6

-18

2

18

-71

-6

NA

NA

 

 

Pacific

2

-9

-1

11

-54

-12

NA

NA

 

 

United States

13

1

1

39

-4

6

NA

NA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

Weather Forecast & Seasonal Outlook

 

Tropical Outlook

 

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