Coquest

Your Daily Energy Report for February 13, 2025

Posted on 2025-02-13

Crude Oil

Crude Oil futures for March settled down -$.08 or -.112% at $71.29. Oil prices declined slightly on Thursday, rebounding from earlier losses amid optimism surrounding potential US tariff delays. Earlier in the day, concerns over Russia-Ukraine peace talks had initially pressured the market, but news of possible tariff postponements bolstered sentiment, supporting price recovery. Despite this, oil prices had dropped following President Trump's comments on Russian President Vladimir Putin and Ukrainian President Volodymyr Zelenskiy expressing a desire for peace in separate phone calls with him. Analysts noted potential risks from Russian oil exports if sanctions loopholes emerge, though ongoing geopolitical tensions and US inflation data kept oil market outlook uncertain.
 

Natural Gas

Gas futures for March settled up $.063 or 1.767% at $3.628. Natural gas prices rose today, driven by increased LNG exports, reduced production, and colder weather projections. So far in February, gas deliveries to the top eight US LNG export terminals have averaged 15.3 bcfd, up from 14.6 bcfd in January, approaching record highs. On Thursday, LNG feed gas demand was set to hit 15.9 bcfd, exceeding the previous peak recorded on January 18. At the same time, extreme cold led to well freeze-offs, cutting daily gas output by 3.7 bcfd over the past week, bringing production to a two-week low of 103.0 bcfd. Forecasts suggest below-average temperatures will persist through February 22, fueling higher heating demand. Additionally, US utilities pulled 100 bcf of natural gas from storage for the week ending February 7, reducing total stockpiles to 2,297 bcf—more than the projected 92 bcf withdrawal.

Continue reading the full Coquest Daily Report.

---