Coquest

Your Daily Energy Report for April 2, 2025

Posted on 2025-04-02

Crude Oil

Crude Oil futures for May settled up $.51 or .716% at $71.71. Oil prices rose on Wednesday amid anticipation of an upcoming U.S. tariff announcement, which could heighten market unpredictability and potentially reduce crude demand. Despite a bearish U.S. crude inventory report showing a 6.2 million-barrel increase, attributed largely to heightened Canadian imports ahead of potential tariffs, investors remained focused on President Trump's tariff proposals. These include possible tariffs on crude imports, which might elevate prices for refined products and disrupt global trade patterns. Furthermore, Russia's tightening of export restrictions by suspending loadings from key ports has added complexity to the global supply outlook. Against a backdrop of geopolitical tensions and uncertain trade policies, the oil market retains its volatility, with risks weighted towards downturns.
 

Natural Gas

Natural Gas futures for May settled up $.104 or 2.632% at $4.055. Natural gas prices regained some ground after losses in the previous session, as the spring shoulder season begins. A slight drop in overnight temperatures and signs of lower daily production likely provided support for prices. Market participants are also adjusting their positions ahead of Thursday’s weekly storage report. Analysts surveyed by The Wall Street Journal anticipate the EIA will report a 25 Bcf injection into storage, marking the third consecutive weekly increase. The former Homer City Generating Station, Pennsylvania's biggest coal-fired power plant, said that they will turn it into a $10 billion natural gas-powered data center campus designed to capitalize on the fast-growing energy demands.
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