Coquest

Your Daily Energy Report for April 29, 2025

Posted on 2025-04-29

Crude Oil

Crude Oil futures for June settled down -$1.63 or -2.627% at $60.42. Oil prices fell on Tuesday, influenced by global trade tensions and soft US economic data, which weighed on demand prospects. April saw crude oil heading towards its largest monthly decline since 2021, down 15%, as concerns grew over potential economic impacts from escalating tariffs under President Trump. US consumer confidence also dipped, reflecting broader economic challenges. Looking ahead, OPEC+ might increase planned output hikes at its May 5 meeting, particularly with Saudi Arabia and others expected to ramp up production. Kazakhstan, buoyed by increased flows through the Caspian pipeline, boosted its Q1 oil exports by 7% year-on-year to 1.63 million barrels per day. Furthermore, prospects for a resurgence in Iranian oil exports have revived amidst progress in nuclear negotiations, and a temporary ceasefire in Russia's conflict with Ukraine is scheduled to commence on May 8.
 

Natural Gas

Natural Gas futures for June settled up $.043 or 1.286% at $3.386. Natural gas prices continued their gains today, driven by technical momentum rather than changes in market fundamentals, as supply remains strong and demand subdued. Gas production in the Lower 48 states averaged 106.5 billion cubic feet per day in April, slightly up from March’s high of 106.2 bcfd. Forecasts suggest above-average temperatures will persist into mid-May, reducing the need for both heating and air conditioning, which in turn allows more gas to be stored. Despite this, a smaller-than-anticipated increase in storage levels last week helped ease concerns about an oversupplied market. Demand for LNG exports are showing improvement, with average daily volumes sent to U.S. export terminals hitting a new record of 16.0 bcfd this month.
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