Coquest

Your Daily Energy Report for April 28, 2025

Posted on 2025-04-28

Crude Oil

Crude Oil futures for June settled down -$.97 or -1.539% at $62.05. Oil prices dropped on Monday, due to concerns about economic growth impacted by tariffs weighed on fuel consumption, while supply surged. OPEC+ unexpectedly agreed to increase production by approximately 411,000 barrels per day in May, reversing last year's cuts. U.S. shale output remained high at around 13.5 million barrels per day, bolstered by increasing rig counts. Additional discounted oil from Iran and Russia contributed to swelling inventories in Asia, exacerbating the oversupply. Despite recent tariff concessions by President Trump and selective exemptions by Beijing, along with ongoing U.S.–Iran nuclear talks, the market remained oversupplied. Senior Trump administration officials also urged progress in peace talks between Russia and Ukraine following a meeting between Trump and Ukrainian President Volodymyr Zelensky.
 

Natural Gas

Natural Gas futures for May settled up $.233 or 7.933% at $3.17. Natural gas prices surged today, driven by forecasts pointing to stronger demand just before the front-month contract was set to expire. Earlier in the session, prices had fallen to their lowest level in five months due to rising production and predictions of mild weather lasting through mid-May, which could curb both heating and cooling needs. Natural gas output in the Lower 48 states hit a new high of 106.5 billion cubic feet per day in April, although demand is expected to dip slightly next week. Increased shipments to LNG facilities, notably Venture Global’s Plaquemines site, have lifted export volumes, keeping the U.S. in the lead as the top global LNG exporter. However, natural gas prices in Europe and Asia stayed near multi-month lows amid softening international demand.
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