Coquest

Your Daily Energy Report for April 10, 2025

Posted on 2025-04-10

Crude Oil

Crude Oil futures for May settled down -$2.28 or -3.657% at $60.07. Oil prices fell on Thursday, erasing some of the previous day's gains. The decline followed heightened trade friction between the U.S. and China, which reignited fears about weakening global demand. The U.S. administration raised tariffs on Chinese imports to 125%, just a day after a previous hike of 104% was implemented. Although new levies on other countries were postponed for three months, the aggressive stance toward China—one of the world’s largest oil consumers—amplified demand concerns. In response, China elevated duties on American goods to 84% and is reportedly preparing economic support aimed at sectors like real estate and domestic spending. At the same time, OPEC and its allies agreed to accelerate production increases, stoking worries about a potential oversupply. Market sentiment was further dampened by the continued shutdown of the Keystone pipeline following a spill in North Dakota, with no date set for resumption.
 

Natural Gas

Natural Gas futures for May settled down -$.259 or -6.787% at $3.557. Natural gas prices fell today, hit by a larger-than-expected storage build and forecasts for mild weather and weaker demand. The EIA reported a 57 bcf storage injection last week, well above the five-year average of 17 bcf. Mild temperatures kept demand low, helping utilities stockpile gas unusually early for this time of year. Storage additions may have even occurred in March —something that’s only happened once before. Looking ahead, forecasts show near-normal temperatures through April 25. Meanwhile, LNG exports remain strong, with flows hitting 16.1 bcfd so far in April. On the other hand, gas output is slightly down from record levels. Broader energy markets are also under pressure from ongoing uncertainty around Trump’s shifting tariff policy, which is raising concerns about global growth.
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