Coquest

Your Daily Energy Report for March 13, 2025

Posted on 2025-03-13

Crude Oil

Crude Oil futures for April settled down -$1.13 or -1.67% at $66.55. Oil prices slipped on Thursday, as attention returned to escalating global trade tensions. President Trump's threat of additional tariffs, coupled with retaliatory measures from the EU and Canada against US steel and aluminum tariffs, influenced market sentiment. Concerns over tariffs, subdued Chinese demand, and OPEC+'s decision to increase output, including Kazakhstan exceeding its quota, continued to weigh on the energy market. Despite these pressures, oil prices found support on Wednesday from strong US domestic demand indicated by recent data, along with signs of easing inflation, which reassured investors. Additionally, government reports showed a significant 6 million barrel decline in gasoline inventories to a January low, while crude stockpiles increased less than expected by 1.5 million barrels, with Cushing reserves showing a decrease.
 

Natural Gas

Natural Gas futures for April settled up $.026 or .637% at $4.110. Natural gas prices increased today, as traders assessed market fundamentals. Data showed US utilities pulled 62 bcf from storage for the week ending March 7, exceeding forecasts of 50-55 bcf, bringing stockpiles 27% below year-ago levels and 11.9% under the five-year norm. Meanwhile, LNG exports remained strong, with gas flows to export terminals reaching 15.6 bcfd in March, on par with February's peak. However, near-record production and forecasts for milder weather in the coming weeks limited price gains. Gas output in the Lower 48 states averaged 105.7 bcfd in March, surpassing the prior record of 105.1 bcfd set in February.

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