Coquest

Your Daily Energy Report for March 17, 2025

Posted on 2025-03-17

Crude Oil

Crude Oil futures for April settled up $.40 or .595% at $67.58. Oil prices increased on Monday, continuing their upward trend from the previous session. This was driven by China's commitment to enhance consumption through new measures, including income boosts and a childcare subsidy scheme, announced on Sunday. Positive economic indicators from China on Monday further underscored the country's robust recovery. Concerns over potential disruptions in oil supply persisted after the U.S. pledged continued military action against Yemen's Houthis, following attacks on shipping in the Red Sea. U.S. President Donald Trump said on Monday he would hold Iran responsible for any attacks carried out by the Houthi group that it backs in Yemen. Investors also remained wary of prolonged tensions in Ukraine, which could delay the return of Russian energy exports to Western markets. Talks between U.S. President Trump and Russian President Putin aimed at brokering a ceasefire added to market uncertainties this week.
 

Natural Gas

Natural Gas futures for April settled down -$.086 or -2.096% at $4.018. Natural gas prices fell today, hitting their lowest level in over two weeks, as strong output and mild weather forecasts through early April dampened heating demand. Production in the Lower 48 states climbed to approximately 105.9 billion cubic feet per day (bcfd) in March, surpassing the previous record set in February. Forecasts indicate above-average temperatures through the start of April, which could lead to smaller-than-expected withdrawals from storage. Despite this, liquefied natural gas (LNG) exports from the U.S. continue to grow, with flows to export facilities averaging 15.7 bcfd in March, slightly exceeding February’s record levels, aided by new operations at Venture Global’s Louisiana-based Plaquemines LNG plant.

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