Morning Report: Gas * Power * NGL * Crude * Products * Vols — Sep-24-2025

Sep 24, 2025

  

 

 

 

 

 

 

 

 

 

Prices as of 7:53 AM CST

 

 

 

 

 

 

 

Current Price

Previous Settle

% Change

Change

Volume

 

 

Natural Gas

$2.833

$2.853

-0.70%

-$0.020

7,104

 

 

WTI

$64.31

$63.41

1.42%

$0.90

71,158

 

 

Brent

$68.57

$67.63

1.39%

$0.94

7,819

 

 

ULSD

$2.356

$2.328

1.19%

$0.028

1,854

 

 

RBOB

$2.017

$1.999

0.90%

$0.018

1,439

 

 

 

 

Spreads

 

 

 

 

 

 

 

Current

Previous

% Change

Change

Contract

 

 

WTI-Brent

$4.25

$4.22

0.71%

$0.03

Nov-25

 

 

3:2:1 Crack

$23.45

$23.41

0.16%

$0.04

Nov-25

 

 

PJM West Spark

$44.92

$45.24

-0.72%

-$0.32

Oct-25

 

 

 

 

Baker Hughes Rig Count

 

 

 

 

 

 

 

Date

Count

Change

1 Year Chg.

1 Year Date

 

 

U.S.

09/19/25

542

3

-46

09/20/24

 

 

Canada

09/19/25

189

3

-22

09/20/24

 

 

International

August-2025

1076

-3

-66

August-2024

 

 

 

 

CFTC Net Positions

 

 

 

 

 

 

As of 9/16/2025

Open Interest

Total Net Long

Total Net Short

Diff

 

 

PJM West On Peak

97,205

96,742

96,643

99

 

 

PJM West Off Peak

91,847

91,654

91,308

346

 

 

Natural Gas Henry Hub

339,865

325,514

328,969

-3,455

 

 

WTI – Light Sweet Crude Futures

163,603

137,722

130,457

7,265

 

 

Brent Crude Last Day

228,778

220,092

221,915

-1,823

 

 

NYM Ethanol

50,524

49,799

49,892

-93

 

 

Mt Belvieu LDH Propane Swap

151,574

150,525

151,134

-609

 

 

RBOB

374,688

347,538

358,828

-11,290

 

 

HSC Basis

745,687

736,497

739,007

-2,510

 

 

 

 

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

 

 

 

 

09/18/20

 

 

 

9/12/25

9/5/25

Net Change

% Change

9/13/24

% Change

5 Year Avg.

% Change

 

 

East

781

757

24

3.17%

802

-2.62%

777

0.46%

 

 

Midwest

920

890

30

3.37%

973

-5.45%

932

-1.31%

 

 

Mountain

261

257

4

1.56%

275

-5.09%

218

19.51%

 

 

Pacific

297

293

4

1.37%

283

4.95%

267

11.24%

 

 

South

1,174

1,145

29

2.53%

1,111

5.67%

1,074

9.27%

 

 

    Salt

294

282

12

4.26%

271

8.49%

258

14.04%

 

 

    Non_Salt

879

863

16

1.85%

840

4.64%

817

7.64%

 

 

Total

3,433

3,343

90

2.69%

3,445

-0.35%

3,270

4.98%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Power Generation Additions/Retirements

 

 

  

 

Front Month Prices

 

 

 

 

 

 

 

 

 

 

 

 

 

Electricity

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

9/23/25

9/22/25

% Change

Change

8/25/25

% Change

9/23/24

% Change

 

 

PJM West On Peak

Oct-25

$51.02

$51.35

-0.64%

-$0.33

$46.77

9.09%

$49.25

3.59%

 

 

ERCOT North On Peak

Oct-25

$36.68

$35.35

3.78%

$1.34

$36.67

0.05%

$39.19

-6.40%

 

 

CAISO SP 15 On Peak

Oct-25

$35.12

$34.75

1.07%

$0.37

$33.30

5.48%

$34.58

1.55%

 

 

MISO Indiana On Peak

Oct-25

$46.37

$49.62

-6.54%

-$3.25

$44.77

3.56%

$46.99

-1.33%

 

 

NEISO Mass On Peak

Oct-25

$39.49

$39.49

0.01%

$0.00

$38.78

1.83%

$44.95

-12.15%

 

 

WECC Mid C On Peak

Oct-25

$51.47

$52.00

-1.01%

-$0.53

$49.00

5.05%

$56.16

-8.34%

 

 

NYISO Zone G On Peak

Oct-25

$44.15

$44.10

0.12%

$0.05

$41.62

6.09%

$43.50

1.50%

 

 

 

 

 

Natural Gas & Basis

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

9/23/25

9/22/25

% Change

Change

8/25/25

% Change

9/23/24

% Change

 

 

NYMEX Henry Hub

Oct-25

$2.853

$2.808

1.60%

$0.04

$2.81

1.64%

$3.34

-14.48%

 

 

Houston Ship Channel

Oct-25

-$0.340

-$0.328

3.72%

-$0.01

-$0.42

-19.51%

-$0.61

-44.51%

 

 

Chicago

Oct-25

-$0.264

-$0.262

-0.64%

$0.00

-$0.38

-29.64%

-$0.53

-50.54%

 

 

Waha

Oct-25

-$4.443

-$3.853

-15.31%

-$0.59

-$2.38

86.71%

-$1.72

158.16%

 

 

Algonquin

Oct-25

-$0.846

-$0.829

-2.04%

-$0.02

-$0.69

22.01%

-$0.77

9.45%

 

 

Aeco

Oct-25

-$1.943

-$1.894

2.61%

-$0.05

-$1.60

21.27%

-$1.58

22.92%

 

 

Socal

Oct-25

-$0.120

-$0.151

-20.37%

$0.03

-$0.43

-71.78%

-$0.17

-31.43%

 

 

 

 

 

Natural Gas Liquids

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

9/23/25

9/22/25

% Change

Change

8/25/25

% Change

9/23/24

% Change

 

 

Mt. Belvieu Propane LST

Oct-25

$0.720

$0.712

1.06%

$0.01

$0.71

2.13%

$0.71

0.94%

 

 

Mt. Belvieu Propane non LST

Oct-25

$0.715

$0.711

0.53%

$0.00

$0.70

2.14%

$0.71

0.03%

 

 

Mt. Belview Ethane

Oct-25

$0.260

$0.255

1.96%

$0.01

$0.22

18.86%

$0.24

6.63%

 

 

Mt. Belview Nat. Gasoline

Oct-25

$1.322

$1.299

1.83%

$0.02

$1.33

-0.37%

$1.37

-3.50%

 

 

Mt. Belvieu Butane LST

Oct-25

$0.856

$0.850

0.70%

$0.01

$0.81

5.37%

$0.84

1.66%

 

 

Far East Propane

Oct-25

$5.506

$5.490

0.29%

$0.02

$5.46

0.90%

$5.55

-0.72%

 

 

Saudi Propane

Oct-25

$5.455

$5.430

0.46%

$0.03

$5.37

1.58%

$5.10

7.02%

 

 

 

 

Crude Oil

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

9/23/25

9/22/25

% Change

Change

8/25/25

% Change

9/23/24

% Change

 

 

WTI

Nov-25

$63.41

$62.28

1.78%

$1.13

$64.31

-1.40%

$67.27

-5.74%

 

 

Brent

Nov-25

$67.63

$66.57

1.57%

$1.06

$68.22

-0.86%

$71.55

-5.48%

 

 

WCS

Nov-25

-$10.79

-$12.10

-12.15%

$1.31

-$12.99

-16.92%

-$16.57

-34.84%

 

 

LLS

Nov-25

$65.60

$63.81

2.72%

$1.78

$66.03

-0.66%

$68.74

-4.57%

 

 

Mars

Nov-25

$63.11

$61.78

2.11%

$1.33

$62.59

0.83%

$66.30

-4.82%

 

 

Sour

Nov-25

$63.71

$62.41

2.04%

$1.30

$63.46

0.39%

$67.01

-4.93%

 

 

ESPO

Nov-25

$65.63

$64.57

1.62%

$1.06

$66.22

-0.89%

$69.55

-5.64%

 

 

 

 

Refined Products

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

9/23/25

9/22/25

% Change

Change

8/25/25

% Change

9/23/24

% Change

 

 

NY Heating Oil

Oct-25

$2.34

$2.29

2.23%

$0.05

$2.34

-0.09%

$2.21

5.93%

 

 

NY Gasoline

Oct-25

$2.01

$1.97

1.88%

$0.04

$1.99

0.85%

$1.91

5.30%

 

 

GC Gasoline

Oct-25

$1.87

$1.83

2.02%

$0.04

$1.85

0.92%

$1.81

3.38%

 

 

GC Jet

Oct-25

$2.14

$2.09

2.34%

$0.05

$2.09

2.54%

$2.07

3.33%

 

 

Chicago Ethanol

Oct-25

$1.88

$1.89

-0.11%

$0.00

$1.82

3.57%

$1.52

24.01%

 

 

Rotterdam Gasoil

Oct-25

$639.35

$630.81

1.35%

$8.53

$628.99

1.65%

$626.54

2.04%

 

 

Singapore Jet Kero

Oct-25

$87.48

$86.15

1.55%

$1.33

$86.38

1.28%

$86.71

0.90%

 

 

 

 

Implied Volatilities

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

9/23/25

9/22/25

% Change

Change

8/25/25

% Change

9/23/24

% Change

 

 

Henry Hub Straddle

Nov-25

65.31%

63.54%

2.79%

1.77%

57.68%

13.23%

42.59%

53.35%

 

 

Algonquin Straddle

Nov-25

70.38%

70.07%

0.44%

0.31%

71.45%

-1.50%

54.92%

28.15%

 

 

Waha Straddle

Nov-25

723.42%

731.48%

-1.10%

-8.06%

211.35%

242.29%

55.43%

1205.11%

 

 

Chicago Straddle

Nov-25

67.08%

64.93%

3.31%

2.15%

61.18%

9.64%

44.47%

50.84%

 

 

PJM West Straddle

Nov-25

33.56%

33.33%

0.69%

0.23%

33.41%

0.45%

41.52%

-19.17%

 

 

SP – 15 Straddle

Nov-25

216.13%

214.80%

0.62%

1.33%

295.79%

-26.93%

49.54%

336.27%

 

 

Mid. C Straddle

Nov-25

44.29%

61.33%

-27.78%

-17.04%

34.71%

27.60%

54.25%

-18.36%

 

 

 

 

Euro Gas and Power/LNG

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

9/23/25

9/22/25

% Change

Change

8/25/25

% Change

9/23/24

% Change

 

 

Dutch TTF

Nov-25

EUR 32.80

EUR 32.47

1.01%

EUR 0.33

EUR 34.54

-5.05%

EUR 37.10

-11.59%

 

 

NBP

Nov-25

GBP 84.63

GBP 83.40

1.48%

GBP 1.24

GBP 88.37

-4.22%

GBP 93.84

-9.81%

 

 

German Base

Nov-25

EUR 98.18

EUR 98.59

-0.42%

-EUR 0.41

EUR 94.92

3.43%

EUR 93.64

4.85%

 

 

UK Base

Nov-25

GBP 84.05

GBP 84.11

-0.07%

-GBP 0.06

GBP 84.31

-0.30%

GBP 79.59

5.61%

 

 

French Base

Nov-25

EUR 70.92

EUR 72.54

-2.24%

-EUR 1.63

EUR 76.15

-6.87%

EUR 80.95

-12.39%

 

 

Italian Base

Nov-25

EUR 112.44

EUR 111.30

1.03%

EUR 1.15

EUR 114.73

-1.99%

EUR 111.20

1.12%

 

 

JKM LNG

Nov-25

$11.28

$11.16

1.12%

$0.13

$11.63

-3.01%

$12.71

-11.23%

 

 

 

 

Freight Forwards (WET & DRY)

 

OTCGH/EOXLive Market Data

 

 

 

Contract

9/23/25

9/22/25

% Change

Change

8/25/25

% Change

9/23/24

% Change

 

 

TD3C FFA Middle East to China (WET)

Nov-25

$32.80

$32.47

1.01%

$0.33

$34.54

-5.05%

$37.10

-11.59%

 

 

USGC-UK Continent Dirty (WET)

Nov-25

$84.63

$83.40

1.48%

$1.24

$88.37

-4.22%

$93.84

-9.81%

 

 

TD20 West Africa to UK Continent (WET)

Nov-25

$98.18

$98.59

-0.42%

-$0.41

$94.92

3.43%

$93.64

4.85%

 

 

LPG FFA Middle East Gulf to East (WET)

Nov-25

$84.05

$84.11

-0.07%

-$0.06

$84.31

-0.30%

$79.59

5.61%

 

 

TC5 FFA Arabian Gulf to Japan (WET)

Nov-25

$70.92

$72.54

-2.24%

-$1.63

$76.15

-6.87%

$80.95

-12.39%

 

 

Supramax Timecharter (DRY)

Nov-25

$112.44

$111.30

1.03%

$1.15

$114.73

-1.99%

$111.20

1.12%

 

 

Capesize Timecharter (DRY)

Nov-25

$11.28

$11.16

1.12%

$0.13

$11.63

-3.01%

$12.71

-11.23%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

 

 

 

 

 

 

 

 

 

 

 

 

Cooling Degree Days

 

 

 

 

 

 

09/20/2025

Week Tot

Dev Norm

Dev L YR

Cum Tot

CumD Norm

CumD L YR

CumD Norm

CumD L YR

 

 

New England

4

2

-6

535

119

-52

29.00%

-9.00%

 

 

Middle Atlantic

17

6

-7

764

121

-83

19.00%

-10.00%

 

 

E N Central

38

26

-4

805

113

28

16.00%

4.00%

 

 

W N Central

55

38

-3

965

64

23

7.00%

2.00%

 

 

South Atlantic

61

2

-4

1,850

163

-46

10.00%

-2.00%

 

 

E S Central

72

26

11

1,629

191

-11

13.00%

-1.00%

 

 

W S Central

102

24

-3

2,391

205

-64

9.00%

-3.00%

 

 

Mountain

35

-2

3

1,235

92

-43

8.00%

-3.00%

 

 

Pacific

38

8

33

690

58

-106

9.00%

-13.00%

 

 

United States

48

14

3

1,229

124

-44

11.00%

-3.00%

 

 

 

 

Heating Degree Days

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

09/20/2025

Week Tot

Dev Norm

Dev L YR

Cum Tot

CumD Norm

CumD L YR

CumD Norm

CumD L YR

 

 

New England

19

-18

12

111

2

35

2.00%

46.00%

 

 

Middle Atlantic

6

-19

2

48

-19

6

NA

NA

 

 

E N Central

3

-25

0

108

17

30

NA

NA

 

 

W N Central

4

-30

3

87

-29

25

-25.00%

40.00%

 

 

South Atlantic

1

-4

0

11

3

1

NA

NA

 

 

E S Central

0

-7

-1

12

2

3

NA

NA

 

 

W S Central

0

-2

0

3

-1

1

NA

NA

 

 

Mountain

19

-13

0

37

-84

-5

-69.00%

-14.00%

 

 

Pacific

4

-11

-19

15

-65

-32

NA

NA

 

 

United States

5

-13

-2

43

-18

4

NA

NA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

Weather Forecast & Seasonal Outlook

 

Tropical Outlook

 

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