Coquest

Your Daily Energy Report for March 14, 2025

Posted on 2025-03-14

Crude Oil

Crude Oil futures for April settled up $.63 or .947% at $67.18. Oil prices rose on Friday, rebounding from a previous day's decline of over 1%. Investors remained cautious amidst ongoing geopolitical tensions related to the Ukraine conflict. Despite Russian President Putin suggesting a potential ceasefire, hopes for a quick resolution waned. Geopolitical complexities, such as China and Russia's backing of Iran and the expiration of a US energy sanctions license, added to market uncertainty. Macroeconomic concerns also persisted, with the IEA warning of a supply surplus due to a trade war impact on demand, coupled with increased production from OPEC+. The IEA's latest forecast indicated global supply could surpass demand by 600K barrels per day this year, projecting a modest demand increase of 1.03 million barrels per day, slightly lower than previous estimates. Overall, the benchmark closed the week largely unchanged compared to the previous Friday
 

Natural Gas

Natural Gas futures for April settled down -$.006 or -.146% at $4.104. Natural gas prices dropped slightly today, pressured by near-record output and forecasts for milder weather over the next two weeks. Production in the Lower 48 states rose to 105.7 billion cubic feet per day (bcfd) in March, surpassing February's record of 105.1 bcfd. However, gas flows to U.S. LNG export plants also reached 15.6 bcfd, matching last month's record. The latest EIA report showed US utilities withdrew 62 billion cubic feet (bcf) of gas for the week ending March 7, exceeding forecasts of 50-55 bcf. As a result, storage levels remain 27% lower than the same period last year and 11.9% below the five-year average. Looking abroad, Qatar is set to supply Syria with natural gas via Jordan with Washington's approval, Reuters has reported.

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