Prices as of 8:34 AM CST

 

 

 

 

 

 

 

Current Price

Previous Settle

% Change

Change

Volume

 

 

Natural Gas

$3.176

$2.835

12.03%

$0.341

36,390

 

 

WTI

$64.37

$65.72

-2.05%

-$1.35

73,288

 

 

Brent

$68.87

$70.13

-1.80%

-$1.26

3,569

 

 

ULSD

$2.376

$2.429

-2.20%

-$0.053

2,366

 

 

RBOB

$2.018

$2.038

-0.96%

-$0.020

1,521

 

 

 

 

Spreads

 

 

 

 

 

 

 

Current

Previous

% Change

Change

Contract

 

 

WTI-Brent

$4.61

$4.41

4.54%

$0.20

Nov-25

 

 

3:2:1 Crack

$23.97

$23.80

0.71%

$0.17

Nov-25

 

 

PJM West Spark

NA

NA

NA

NA

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 9/23/2025

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

 

 

 

 

09/25/20

 

 

 

9/19/25

9/12/25

Net Change

% Change

9/27/24

% Change

5 Year Avg.

% Change

 

 

East

807

781

26

3.33%

846

-4.61%

808

-0.10%

 

 

Midwest

945

920

25

2.72%

1,013

-6.71%

964

-1.99%

 

 

Mountain

266

261

5

1.92%

283

-6.01%

225

18.22%

 

 

Pacific

300

297

3

1.01%

293

2.39%

273

9.81%

 

 

South

1,190

1,174

16

1.36%

1,113

6.92%

1,092

8.99%

 

 

    Salt

299

294

5

1.70%

261

14.56%

262

13.95%

 

 

    Non_Salt

890

879

11

1.25%

852

4.46%

829

7.33%

 

 

Total

3,508

3,433

75

2.18%

3,547

-1.10%

3,362

4.35%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Power Generation Additions/Retirements

 

 

  

 

Front Month Prices

 

 

 

 

 

 

 

 

 

 

 

 

 

Electricity

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

9/26/25

9/25/25

% Change

Change

8/28/25

% Change

9/26/24

% Change

 

 

PJM West On Peak

Oct-25

$52.27

$54.15

-3.47%

-$1.88

$48.01

8.88%

$48.93

6.83%

 

 

ERCOT North On Peak

Oct-25

$36.18

$36.76

-1.58%

-$0.58

$38.45

-5.88%

$41.59

-12.99%

 

 

CAISO SP 15 On Peak

Oct-25

$33.25

$35.25

-5.67%

-$2.00

$33.50

-0.75%

$34.93

-4.82%

 

 

MISO Indiana On Peak

Oct-25

$46.31

$48.39

-4.29%

-$2.07

$44.74

3.52%

$46.65

-0.73%

 

 

NEISO Mass On Peak

Oct-25

$39.56

$44.20

-10.50%

-$4.64

$40.15

-1.48%

$43.67

-9.42%

 

 

WECC Mid C On Peak

Oct-25

$51.00

$52.25

-2.39%

-$1.25

$54.12

-5.77%

$61.16

-16.62%

 

 

NYISO Zone G On Peak

Oct-25

$43.74

$43.66

0.19%

$0.08

$41.73

4.83%

$42.20

3.66%

 

 

 

 

 

Natural Gas & Basis

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

9/26/25

9/25/25

% Change

Change

8/28/25

% Change

9/26/24

% Change

 

 

NYMEX Henry Hub

Nov-25

$3.206

$3.195

0.34%

$0.01

$3.26

-1.69%

$3.59

-10.65%

 

 

Houston Ship Channel

Nov-25

-$0.408

-$0.418

-2.37%

$0.01

-$0.48

-14.94%

-$0.62

-34.59%

 

 

Chicago

Nov-25

-$0.205

-$0.199

-2.83%

-$0.01

-$0.25

-16.64%

-$0.25

-16.54%

 

 

Waha

Nov-25

-$3.101

-$3.081

-0.64%

-$0.02

-$2.53

22.45%

-$1.56

98.31%

 

 

Algonquin

Nov-25

$0.760

$0.875

-13.24%

-$0.12

$0.71

7.29%

$0.98

-22.21%

 

 

Aeco

Nov-25

-$1.386

-$1.510

-8.23%

$0.12

-$1.28

8.46%

-$1.24

12.20%

 

 

Socal

Nov-25

-$0.083

-$0.045

84.63%

-$0.04

-$0.06

46.73%

$0.48

-117.15%

 

 

 

 

 

Natural Gas Liquids

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

9/26/25

9/25/25

% Change

Change

8/28/25

% Change

9/26/24

% Change

 

 

Mt. Belvieu Propane LST

Oct-25

$0.728

$0.716

1.57%

$0.01

$0.70

3.56%

$0.69

4.84%

 

 

Mt. Belvieu Propane non LST

Oct-25

$0.720

$0.711

1.22%

$0.01

$0.69

4.15%

$0.69

4.76%

 

 

Mt. Belview Ethane

Oct-25

$0.259

$0.260

-0.48%

$0.00

$0.22

17.61%

$0.24

6.12%

 

 

Mt. Belview Nat. Gasoline

Oct-25

$1.362

$1.340

1.68%

$0.02

$1.32

3.02%

$1.36

0.00%

 

 

Mt. Belvieu Butane LST

Oct-25

$0.887

$0.874

1.40%

$0.01

$0.81

10.12%

$0.83

7.08%

 

 

Far East Propane

Oct-25

$5.435

$5.451

-0.30%

-$0.02

$5.45

-0.32%

$5.50

-1.22%

 

 

Saudi Propane

Oct-25

$5.400

$5.420

-0.37%

-$0.02

$5.30

1.97%

$5.13

5.28%

 

 

 

 

Crude Oil

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

9/26/25

9/25/25

% Change

Change

8/28/25

% Change

9/26/24

% Change

 

 

WTI

Nov-25

$65.72

$64.98

1.13%

$0.74

$64.07

2.58%

$66.03

-0.47%

 

 

Brent

Nov-25

$70.13

$69.42

1.01%

$0.71

$67.98

3.16%

$70.31

-0.26%

 

 

WCS

Nov-25

-$11.44

-$11.65

-1.92%

$0.22

-$12.69

-9.88%

-$15.15

-24.51%

 

 

LLS

Nov-25

$67.13

$66.90

0.34%

$0.23

$64.99

3.29%

$67.48

-0.52%

 

 

Mars

Nov-25

$64.57

$63.39

1.83%

$1.18

$62.67

3.03%

$65.39

-1.26%

 

 

Sour

Nov-25

$65.63

$64.41

1.86%

$1.22

$63.38

3.56%

$66.06

-0.65%

 

 

ESPO

Nov-25

$68.13

$67.42

1.04%

$0.71

$65.98

3.26%

$68.31

-0.26%

 

 

 

 

Refined Products

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

9/26/25

9/25/25

% Change

Change

8/28/25

% Change

9/26/24

% Change

 

 

NY Heating Oil

Oct-25

$2.43

$2.43

-0.29%

-$0.01

$2.30

5.52%

$2.23

8.84%

 

 

NY Gasoline

Oct-25

$2.05

$2.01

2.09%

$0.04

$1.96

4.54%

$1.91

7.50%

 

 

GC Gasoline

Oct-25

$1.91

$1.87

2.25%

$0.04

$1.82

4.89%

$1.81

5.70%

 

 

GC Jet

Oct-25

$2.22

$2.36

-6.06%

-$0.14

$2.05

8.14%

$2.06

7.67%

 

 

Chicago Ethanol

Oct-25

$1.97

$1.97

-0.20%

$0.00

$1.87

5.19%

$1.56

25.80%

 

 

Rotterdam Gasoil

Oct-25

$668.53

$651.39

2.63%

$17.14

$607.52

10.04%

$612.61

9.13%

 

 

Singapore Jet Kero

Oct-25

$90.32

$89.00

1.49%

$1.32

$83.27

8.47%

$84.27

7.18%

 

 

 

 

Implied Volatilities

 

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

9/26/25

9/25/25

% Change

Change

8/28/25

% Change

9/26/24

% Change

 

 

Henry Hub Straddle

Nov-25

55.11%

58.14%

-5.21%

-3.03%

53.67%

2.68%

40.69%

35.44%

 

 

Algonquin Straddle

Nov-25

61.98%

72.07%

-14.00%

-10.09%

66.20%

-6.37%

57.46%

7.87%

 

 

Waha Straddle

Nov-25

1168.48%

1204.92%

-3.02%

-36.44%

203.81%

473.32%

56.74%

1959.36%

 

 

Chicago Straddle

Nov-25

56.16%

60.06%

-6.49%

-3.90%

56.59%

-0.76%

42.81%

31.18%

 

 

PJM West Straddle

Nov-25

34.55%

34.09%

1.35%

0.46%

34.09%

1.35%

39.54%

-12.62%

 

 

SP – 15 Straddle

Nov-25

223.11%

219.59%

1.60%

3.52%

302.14%

-26.16%

49.48%

350.91%

 

 

Mid. C Straddle

Nov-25

40.61%

50.23%

-19.15%

-9.62%

43.57%

-6.79%

56.07%

-27.57%

 

 

 

 

Euro Gas and Power/LNG

 

 

OTCGH/EOXLive Market Data

 

 

 

Contract

9/26/25

9/25/25

% Change

Change

8/28/25

% Change

9/26/24

% Change

 

 

Dutch TTF

Nov-25

EUR 33.06

EUR 32.84

0.69%

EUR 0.22

EUR 32.62

1.37%

EUR 37.05

-10.76%

 

 

NBP

Nov-25

GBP 85.30

GBP 84.86

0.51%

GBP 0.43

GBP 83.34

2.35%

GBP 96.55

-11.65%

 

 

German Base

Nov-25

EUR 98.61

EUR 97.86

0.76%

EUR 0.75

EUR 92.38

6.74%

EUR 95.02

3.78%

 

 

UK Base

Nov-25

GBP 84.15

GBP 83.72

0.51%

GBP 0.43

GBP 83.32

1.00%

GBP 82.47

2.04%

 

 

French Base

Nov-25

EUR 73.71

EUR 71.14

3.61%

EUR 2.57

EUR 72.62

1.50%

EUR 84.60

-12.87%

 

 

Italian Base

Nov-25

EUR 111.21

EUR 112.36

-1.02%

-EUR 1.15

EUR 109.48

1.58%

EUR 113.38

-1.91%

 

 

JKM LNG

Nov-25

$11.26

$11.12

1.30%

$0.14

$11.07

1.77%

$12.79

-11.95%

 

 

 

 

Freight Forwards (WET & DRY)

 

OTCGH/EOXLive Market Data

 

 

 

Contract

9/26/25

9/25/25

% Change

Change

8/28/25

% Change

9/26/24

% Change

 

 

TD3C FFA Middle East to China (WET)

Nov-25

$33.06

$32.84

0.69%

$0.22

$32.62

1.37%

$37.05

-10.76%

 

 

USGC-UK Continent Dirty (WET)

Nov-25

$85.30

$84.86

0.51%

$0.43

$83.34

2.35%

$96.55

-11.65%

 

 

TD20 West Africa to UK Continent (WET)

Nov-25

$98.61

$97.86

0.76%

$0.75

$92.38

6.74%

$95.02

3.78%

 

 

LPG FFA Middle East Gulf to East (WET)

Nov-25

$84.15

$83.72

0.51%

$0.43

$83.32

1.00%

$82.47

2.04%

 

 

TC5 FFA Arabian Gulf to Japan (WET)

Nov-25

$73.71

$71.14

3.61%

$2.57

$72.62

1.50%

$84.60

-12.87%

 

 

Supramax Timecharter (DRY)

Nov-25

$111.21

$112.36

-1.02%

-$1.15

$109.48

1.58%

$113.38

-1.91%

 

 

Capesize Timecharter (DRY)

Nov-25

$11.26

$11.12

1.30%

$0.14

$11.07

1.77%

$12.79

-11.95%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

 

 

 

 

 

 

 

 

 

 

 

 

Cooling Degree Days

 

 

 

 

 

 

09/27/2025

Week Tot

Dev Norm

Dev L YR

Cum Tot

CumD Norm

CumD L YR

CumD Norm

CumD L YR

 

 

New England

7

6

6

542

126

-46

30.00%

-8.00%

 

 

Middle Atlantic

22

16

11

786

137

-72

21.00%

-8.00%

 

 

E N Central

24

17

1

829

130

29

19.00%

4.00%

 

 

W N Central

29

18

5

994

83

27

9.00%

3.00%

 

 

South Atlantic

73

23

3

1,923

186

-43

11.00%

-2.00%

 

 

E S Central

63

27

-9

1,692

219

-20

15.00%

-1.00%

 

 

W S Central

92

27

-5

2,483

233

-69

10.00%

-3.00%

 

 

Mountain

33

3

-1

1,268

95

-44

8.00%

-3.00%

 

 

Pacific

30

7

7

720

65

-99

10.00%

-12.00%

 

 

United States

44

17

3

1,273

141

-41

12.00%

-3.00%

 

 

 

 

Heating Degree Days

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

09/27/2025

Week Tot

Dev Norm

Dev L YR

Cum Tot

CumD Norm

CumD L YR

CumD Norm

CumD L YR

 

 

New England

28

-25

-13

139

-23

23

-14.00%

20.00%

 

 

Middle Atlantic

8

-31

-4

56

-49

2

-47.00%

2.00%

 

 

E N Central

8

-34

-5

116

-17

22

-13.00%

23.00%

 

 

W N Central

10

-34

-13

97

-63

10

-39.00%

11.00%

 

 

South Atlantic

0

-11

0

11

-7

0

NA

NA

 

 

E S Central

0

-14

-1

12

-12

1

NA

NA

 

 

W S Central

0

-3

-1

3

-4

0

NA

NA

 

 

Mountain

24

-17

2

61

-101

-1

-62.00%

-2.00%

 

 

Pacific

8

-11

-1

23

-75

-33

NA

NA

 

 

United States

7

-19

-3

51

-36

1

NA

NA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

Weather Forecast & Seasonal Outlook

 

Tropical Outlook

 

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