Morning Report: Gas * Power * NGL * Crude * Products * Vols — Mar-08-2023



Prices as of 9:30 AM CST
Prices as of 9:30 AM CST

	Current Price	Previous Settle	% Change	Change	Volume
Natural Gas	$2.542	$2.687	-5.40%	-$0.145	47,014
WTI	$76.80	$77.58	-1.01%	-$0.78	151,021
Brent	$82.74	$83.29	-0.66%	-$0.55	11,073
ULSD	$2.756	$2.798	-1.47%	-$0.041	8,964
RBOB	$2.676	$2.701	-0.91%	-$0.024	9,575

Spreads
Spreads

	Current	Previous	% Change	Change	Contract
WTI-Brent	$5.78	$5.57	3.77%	$0.21	May-23
3:2:1 Crack	$35.61	$36.12	-1.42%	-$0.51	Apr-23
PJM West Spark	$34.06	$33.51	1.62%	$0.54	Apr-23

Baker Hughes Rig Count
Baker Hughes Rig Count

	Date	Count	Change	1 Year Chg.	1 Year Date
U.S.	03/03/23	749	-4	99	03/04/22
Canada	03/03/23	246	2	29	03/04/22
International	Feb	915	14	102	Feb

CFTC Net Positions
CFTC Net Positions

As of 1/31/2023		Open Interest	Total Net Long	Total Net Short	Diff
PJM West On Peak		96,478	95,976	96,327	-351
PJM West Off Peak		87,750	87,297	87,608	-311
Natural Gas Henry Hub		436,516	415,851	425,855	-10,004
WTI – Light Sweet Crude Futures		154,980	120,158	125,414	-5,256
Brent Crude Last Day		163,764	155,271	159,264	-3,993
NYM Ethanol		28,226	27,403	27,641	-238
Mt Belvieu LDH Propane Swap		148,068	146,228	147,180	-952
RBOB		314,963	293,477	303,106	-9,629
HSC Basis		558,418	552,342	549,508	2,834


EIA Lower 48 Natural Gas Storage
EIA Lower 48 Natural Gas Storage
							03/02/18
	2/24/23	2/17/23	Net Change	% Change	2/25/22	% Change	5 Year Avg.	% Change
East	451	479	-28	-5.85%	358	25.98%	372	21.11%
Midwest	544	575	-31	-5.39%	404	34.65%	429	26.81%
Mountain	99	106	-7	-6.60%	96	3.13%	97	2.27%
Pacific	99	108	-9	-8.33%	164	-39.63%	172	-42.44%
South	922	926	-4	-0.43%	620	48.71%	649	42.15%
Salt	261	262	-1	-0.38%	163	60.12%	184	41.85%
Non_Salt	661	664	-3	-0.45%	457	44.64%	465	42.27%
Total	2,114	2,195	-81	-3.69%	1,643	28.67%	1,719	22.99%

Power Generation Additions/Retirements


Front Month Prices
Front Month Prices

Electricity				EOXLive Market Data
	Contract	3/7/23	3/6/23	% Change	Change	2/6/23	% Change	3/7/22	% Change
PJM West On Peak	Apr-23	$39.48	$39.26	0.54%	$0.21	$38.81	1.72%	$48.73	-18.98%
ERCOT North On Peak	Apr-23	$35.71	$35.63	0.21%	$0.08	$33.93	5.24%	$44.24	-19.29%
CAISO SP 15 On Peak	Apr-23	$37.51	$38.96	-3.73%	-$1.45	$34.68	8.16%	$27.52	36.30%
MISO Indiana On Peak	Apr-23	$42.24	$41.73	1.21%	$0.51	$41.93	0.74%	$49.54	-14.75%
NEISO Mass On Peak	Apr-23	$45.78	$40.39	13.37%	$5.40	$43.94	4.20%	$51.47	-11.05%
WECC Mid C On Peak	Apr-23	$76.39	$68.19	12.03%	$8.21	$60.40	26.48%	$30.17	153.21%
NYISO Zone G On Peak	Apr-23	$40.65	$36.60	11.09%	$4.06	$38.84	4.66%	$45.68	-11.01%

Natural Gas & Basis				EOXLive Market Data
	Contract	3/7/23	3/6/23	% Change	Change	2/6/23	% Change	3/7/22	% Change
NYMEX Henry Hub	Apr-23	$2.687	$2.572	4.47%	$0.12	$2.54	6.00%	$3.61	-25.59%
Houston Ship Channel	Apr-23	-$0.247	-$0.282	-12.34%	$0.03	-$0.35	-29.72%	-$0.18	38.82%
Chicago	Apr-23	$0.024	$0.018	-27.05%	$0.01	$0.03	-28.02%	-$0.19	-112.90%
Waha	Apr-23	-$1.471	-$1.287	-14.26%	-$0.18	-$1.61	-8.43%	-$2.11	-30.43%
Algonquin	Apr-23	$0.566	$0.615	-8.01%	-$0.05	$0.55	2.06%	$0.54	4.47%
Aeco	Apr-23	-$0.471	-$0.583	-19.14%	$0.11	-$0.47	-0.25%	-$0.85	-44.66%
Socal	Apr-23	$0.532	$0.617	-13.72%	-$0.08	$0.37	45.05%	-$0.45	-217.77%

Natural Gas Liquids				EOXLive Market Data
	Contract	3/7/23	3/6/23	% Change	Change	2/6/23	% Change	3/7/22	% Change
Mt. Belvieu Propane LST	Apr-23	$0.855	$0.905	-5.50%	-$0.05	$0.80	6.90%	$1.12	-23.65%
Mt. Belvieu Propane non LST	Apr-23	$0.886	$0.900	-1.52%	-$0.01	$0.80	11.14%	$1.12	-20.94%
Mt. Belview Ethane	Apr-23	$0.237	$0.256	-7.55%	-$0.02	$0.23	2.57%	$0.33	-29.10%
Mt. Belview Nat. Gasoline	Apr-23	$1.692	$1.682	0.55%	$0.01	$1.55	8.84%	$2.03	-16.56%
Mt. Belvieu Butane LST	Apr-23	$1.048	$1.049	-0.08%	$0.00	$0.98	6.68%	$1.35	-22.18%
Conway Propane	Apr-23	$0.840	$0.865	-2.89%	-$0.03	$0.76	10.90%	$1.12	-24.88%
Conway Nat. Gasoline	Apr-23	$1.691	$1.694	-0.15%	$0.00	$1.57	7.70%	$2.02	-16.14%

Crude Oil				EOXLive Market Data
	Contract	3/7/23	3/6/23	% Change	Change	2/6/23	% Change	3/7/22	% Change
WTI	Apr-23	$77.58	$80.46	-3.71%	-$2.88	$74.47	4.18%	$91.57	-15.28%
Brent	Apr-23	$83.53	$86.45	-3.51%	-$2.93	$80.99	3.13%	$98.14	-14.89%
WCS	Apr-23	-$15.35	-$15.10	1.60%	-$0.24	-$22.13	-30.66%	-$13.28	15.53%
LLS	Apr-23	$80.59	$81.93	-1.66%	-$1.34	$77.84	3.53%	$92.81	-13.17%
Mars	Apr-23	$76.23	$76.89	-0.87%	-$0.66	$72.89	4.58%	$90.74	-15.99%
Sour	Apr-23	$77.42	$78.23	-1.05%	-$0.81	$72.27	7.12%	$92.15	-15.99%
ESPO	Apr-23	$82.20	$83.41	-1.47%	-$1.21	$78.28	5.01%	$97.04	-15.29%

Refined Products				EOXLive Market Data
	Contract	3/7/23	3/6/23	% Change	Change	2/6/23	% Change	3/7/22	% Change
NY Heating Oil	Apr-23	$2.80	$2.89	-3.12%	-$0.09	$2.72	2.79%	$2.94	-4.73%
NY Gasoline	Apr-23	$2.78	$2.80	-0.43%	-$0.01	$2.56	8.71%	$2.80	-0.64%
GC Gasoline	Apr-23	$2.68	$2.70	-0.45%	-$0.01	$2.46	9.06%	$2.70	-0.67%
GC Jet	Apr-23	$2.64	$2.62	0.76%	$0.02	$2.47	7.13%	$2.67	-1.09%
Chicago Ethanol	Apr-23	$2.19	$2.20	-0.59%	-$0.01	$2.22	-1.35%	$2.24	-2.36%
Rotterdam Gasoil	Apr-23	$766.22	$790.37	-3.05%	-$24.14	$742.09	3.25%	$815.78	-6.07%
Singapore Jet Kero	Apr-23	$106.08	$106.89	-0.76%	-$0.81	$101.64	4.36%	$118.79	-10.70%

Implied Volatilities				EOXLive Market Data
	Contract	3/7/23	3/6/23	% Change	Change	2/6/23	% Change	3/7/22	% Change
Henry Hub Straddle	Apr-23	76.42%	91.25%	-16.25%	-14.83%	87.50%	-12.66%	45.24%	68.92%
Algonquin Straddle	Apr-23	57.80%	73.52%	-21.38%	-15.72%	94.24%	-38.67%	52.98%	9.10%
Waha Straddle	Apr-23	135.40%	156.98%	-13.75%	-21.58%	370.12%	-63.42%	94.09%	43.90%
Chicago Straddle	Apr-23	76.22%	95.24%	-19.97%	-19.02%	91.09%	-16.32%	47.79%	59.49%
PJM West Straddle	Apr-23	70.90%	76.57%	-7.40%	-5.67%	64.15%	10.52%	43.81%	61.84%
SP – 15 Straddle	Apr-23	180.07%	131.10%	37.35%	48.97%	66.50%	170.78%	21.62%	732.89%
Mid. C Straddle	Apr-23	179.50%	183.79%	-2.33%	-4.29%	130.92%	37.11%	34.16%	425.47%

Euro Gas and Power/LNG				EOXLive Market Data
	Contract	3/7/23	3/6/23	% Change	Change	2/6/23	% Change	3/7/22	% Change
Dutch TTF	Apr-23	EUR 43.65	EUR 43.20	1.04%	EUR 0.45	EUR 58.45	-25.32%	EUR 91.84	-52.47%
NBP	Apr-23	GBP 110.25	GBP 107.75	2.32%	GBP 2.50	GBP 147.00	-25.00%	GBP 224.12	-50.81%
German Base	Apr-23	EUR 103.80	EUR 105.50	-1.61%	-EUR 1.70	EUR 135.70	-23.51%	EUR 158.80	-34.64%
UK Base	Apr-23	GBP 120.35	GBP 115.42	4.27%	GBP 4.93	GBP 153.70	-21.70%	GBP 150.89	-20.24%
French Base	Apr-23	EUR 117.31	EUR 108.20	8.41%	EUR 9.10	EUR 153.02	-23.34%	EUR 137.86	-14.91%
Italian Base	Apr-23	EUR 127.53	EUR 129.41	-1.45%	-EUR 1.88	EUR 166.14	-23.24%	EUR 160.16	-20.37%
JKM LNG	Apr-23	$13.90	$13.34	4.17%	$0.56	$16.57	-16.16%	$25.90	-46.36%



Cooling Degree Days
Cooling Degree Days

03/04/2023	Week Tot	Dev Norm	Dev L YR	Cum Tot	CumD Norm	CumD L YR	CumD Norm	CumD L YR
New England	0	0	0	0	0	0	NA	NA
Middle Atlantic	0	0	0	0	0	0	NA	NA
E N Central	0	0	0	0	0	0	NA	NA
W N Central	0	0	0	0	0	0	NA	NA
South Atlantic	18	9	7	91	22	27	NA	NA
E S Central	6	3	6	17	4	13	NA	NA
W S Central	21	13	18	57	22	36	NA	NA
Mountain	0	-1	-1	0	-5	-1	NA	NA
Pacific	0	-1	0	0	-3	0	NA	NA
United States	6	3	4	24	5	10	NA	NA

Heating Degree Days
Heating Degree Days

03/04/2023	Week Tot	Dev Norm	Dev L YR	Cum Tot	CumD Norm	CumD L YR	CumD Norm	CumD L YR
New England	245	6	-35	4,180	-723	-296	-15.00%	-7.00%
Middle Atlantic	198	-22	-33	3,783	-673	-175	-15.00%	-4.00%
E N Central	179	-54	-43	4,373	-593	-118	-12.00%	-3.00%
W N Central	212	-21	5	5,033	-261	230	-5.00%	5.00%
South Atlantic	53	-54	-33	1,907	-386	-34	-17.00%	-2.00%
E S Central	45	-85	-66	2,437	-489	-96	-17.00%	-4.00%
W S Central	31	-49	-64	1,758	-199	144	-10.00%	9.00%
Mountain	214	51	65	4,132	205	616	5.00%	18.00%
Pacific	170	68	81	2,539	225	381	10.00%	18.00%
United States	140	-20	-14	3,158	-320	60	-9.00%	2.00%

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Morning Report: Gas * Power * NGL * Crude * Products * Vols — Mar-08-2023

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