Coquest

Your Daily Energy Report for April 30, 2025

Posted on 2025-04-30

Crude Oil

Crude Oil futures for June settled down -$2.21 or -3.658% at $58.21. Oil prices continued to sink on Wednesday, marking their largest monthly decline since late 2021. Concerns over excess global supply and weakening demand drove prices lower. Saudi Arabia's indication to boost production to regain market share and discussions within OPEC+ about increasing output at their May 5 meeting heightened fears of a potential price competition. Trade tensions between the US and China added to uncertainties about demand, worsened by a contraction in the US economy and a significant decline in consumer confidence during the first quarter. Despite the negative sentiment, a surprise decrease of 2.7 million barrels in US crude inventories last week helped mitigate further price declines.
 

Natural Gas

Natural Gas futures for June settled down -$.06 or -1.772% at $3.326. Natural gas prices edged lower following a three-day rally, pressured by disappointing GDP figures and expectations that the current inventory shortfall might flip to a minor surplus with the upcoming storage update. Sentiment turned more cautious after last Thursday's EIA release showed a significantly larger-than-expected storage increase of 88 billion cubic feet for the week ending April 18—surpassing both the five-year average of 58 Bcf and the forecast of 75 Bcf. Still, certain long-term demand factors remain supportive. LNG feedgas deliveries climbed 1.5% from the previous week to 15.8 Bcf/day, and electricity generation in the U.S. rose 2.1% year-over-year, hinting that utility usage could offset weaker residential demand. While dry gas output remains robust at 105.6 Bcf/day—up nearly 6% from a year ago—a relatively flat rig count may signal that supply expansion is stabilizing.
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