Coquest

Your Daily Energy Report for April 17, 2025

Posted on 2025-04-17

Crude Oil

Crude Oil futures for May settled up $2.21 or 3.538% at $64.68. Oil prices increased on Thursday, marking the second consecutive session of increases. The rise came amidst new US sanctions targeting Iran's oil exports, heightening concerns over global supply constraints. These sanctions specifically targeted Iran’s oil sector and a refinery in China, intensifying pressure on Tehran amid nuclear tensions. Additionally, worries about supply were amplified after OPEC+ received updated plans from Iraq, Kazakhstan, and other nations to enforce additional production cuts. However, forecasts for oil prices and demand growth were revised downward earlier in the week by OPEC, the IEA, Goldman Sachs, and JP Morgan, citing escalating trade disputes. Weaker economic expansion in the US and China could potentially diminish demand, despite an increase in US crude inventories, offset by declines in gasoline and distillate stocks.
 

Natural Gas

Natural Gas futures for May settled down -$.002 or -.062% at $3.245. Natural gas prices erased earlier gains following the latest storage report and ended the session nearly unchanged ahead of the Easter break, as short-term weather projections suggest limited demand. The U.S. Energy Information Administration reported a storage increase of 16 billion cubic feet for the previous week —below both the 23 Bcf expected by analysts surveyed by the Wall Street Journal and the five-year seasonal average of 50 Bcf. Much of the country is experiencing mild to warm conditions, with temperatures ranging from the 60s to 80s in regions including the West, South, and East. While a temporary cool spell is forecast to pass through the Midwest and East early in the week, overall consumption is expected to remain subdued.
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