Coquest

Your Daily Energy Report for April 15, 2025

Posted on 2025-04-15

Crude Oil

Crude Oil futures for May settled down -$.20 or -.325% at $61.33. Oil prices slipped on Tuesday as demand showed signs of softening and concerns over potential oversupply mounted. The International Energy Agency significantly reduced its 2025 demand projection, cautioning about a prolonged global surplus possibly extending into 2026. Both OPEC and the EIA also revised their forecasts downwards, citing sluggish economic growth, trade tensions, and reduced fuel consumption. The impact of Trump's trade tariffs has heightened fears of a global economic slowdown, particularly affecting major oil consumers like the US and China. Although some tariffs on electronics were temporarily lifted, overall market sentiment remains delicate. Meanwhile, OPEC+ has accelerated plans to ramp up production, and ongoing US-Iran nuclear negotiations could eventually lead to increased Iranian crude oil entering the market.
 

Natural Gas

Natural Gas futures for May settled up $.004 or .12% at $3.329. Natural gas prices posted a slight gain today, ending a three-day losing streak. With mild spring temperatures keeping demand subdued, heating needs are fading just ahead of the summer cooling season. Forecasts from Commodity Weather Group indicate warmer-than-usual conditions across the eastern U.S. and Texas from April 19 to 23, further easing late-season heating requirements. The upcoming EIA storage data is expected to reveal a growing gap compared to the five-year average —the first such shift in over a month. Meanwhile, dry gas output in the Lower 48 remains robust, reaching 106.7 billion cubic feet per day on Monday, marking a 5.7 Bcf increase from the same time last year, per BloombergNEF.
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