Coquest

Your Daily Energy Report for April 24, 2025

Posted on 2025-04-24

Crude Oil

Crude Oil futures for June settled up $.52 or .835% at $62.79. Oil prices increased on Thursday, following a decline of over 2% the day before, as market participants evaluated possible increases in production from the OPEC+ alliance alongside updates on international trade. Some members of the oil-producing coalition are reportedly preparing to advocate for another round of accelerated output increases in June. Kazakhstan, a significant player within the group, announced it would not limit production at key oil sites, choosing instead to prioritize domestic objectives. At the same time, developments in trade discussions between the U.S. and China offered some price support. Reports indicate that the U.S. may consider halving current tariffs on Chinese goods to help move negotiations forward. Treasury Secretary Bessent remarked that the existing tariffs are not sustainable long-term, though the White House clarified there would be no reductions without reciprocal action.
 

Natural Gas

Natural Gas futures for May settled down -$.092 or-3.044% at $2.930. Natural gas prices edged lower today, the lowest in five months, and tracking the decline gas prices in major hubs across Europe and Asia amid ample supply and uncertain demand due to macroeconomic headwinds. New data showed that domestic gas production in the Lower 48 states rose to 106.6 billion cubic feet per day so far in April, a record high. This coincided with warmer-than-usual temperatures in the period that are expected to remain until early May, reducing demand for gas-intensive heating as northern states transition away from the winter season. Consequently, the latest data from the EIA showed that gas storages rose by 88bcf last week, above expectations of 65bcf, to mark the sharpest increase in the building season so far.
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