Coquest

Your Daily Energy Report for April 1, 2025

Posted on 2025-04-01

Crude Oil

Crude Oil futures for May settled down -$.28 or -.392% at $71.20. Oil prices slipped on Tuesday, driven by concerns that an escalating trade dispute under President Donald Trump could dampen energy demand. Trump stated that the new reciprocal tariffs he plans to unveil on Wednesday will apply broadly, rather than targeting only nations with the largest trade imbalances with the U.S.. However, potential supply disruptions may limit oil’s downturn following Trump’s latest warnings to Russia and Iran. He has threatened secondary tariffs ranging from 25% to 50% on nations purchasing Russian oil if he believes Moscow is obstructing his efforts to resolve the conflict in Ukraine, potentially impacting major buyers such as India and China. Additionally, Trump warned of further tariffs and military action against Iran unless it agrees to a nuclear deal on his terms.
 

Natural Gas

Natural Gas futures for May settled down -$.168 or -4.079% at $3.951. Natural gas prices dropped today as record-high production and forecasts for milder temperatures lowered demand expectations. Supply in the Lower 48 states reached an all-time high of 106.1 bcfd in March, exceeding the previous peak of 105.1 bcfd set in February. Additionally, above-average temperatures through mid-April are expected to curb consumption, potentially allowing for increased storage injections. At the same time, LNG exports also reached new highs, with gas deliveries to U.S. export terminals climbing to 15.8 bcfd, up from 15.6 bcfd in February. The increase was largely driven by newly operational units at Venture Global’s Plaquemines LNG facility in Louisiana.
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