Coquest

Your Daily Energy Report for May 9, 2025

Posted on 2025-05-09

Crude Oil

Crude Oil futures for June settled up $1.11 or 1.853% at $61.02. Oil prices increased on Friday, showing gains for the week, bolstered by improving trade relations between major economies. Investors are optimistic about upcoming US-China discussions in Switzerland potentially easing the trade conflict, which has impacted global oil demand. President Trump's recent remarks hinted at potential tariff reductions on China, despite earlier suggesting an 80% tariff rate was appropriate, revealing ongoing discussions within his administration. Additionally, the announcement of a US-UK trade agreement described as a significant development has positively influenced overall market sentiment. Chinese trade figures have also contributed optimism, with April exports surpassing expectations and oil imports rising 7.5% from the previous year, reflecting increased refinery activity amid favorable pricing during maintenance periods.
 

Natural Gas

Natural Gas futures for June settled up $.203 or 5.651% at $3.795. Natural gas prices jumped today, as tightening supply and unprecedented LNG shipments supported prices. Market data from LSEG indicates that production is expected to fall by roughly 5.5 bcfd, bringing total output down to 102.6 bcfd. Meanwhile, operations at the Freeport LNG facility in Texas are rebounding quickly following a recent disruption. In April, the U.S. maintained its position as the leading global LNG exporter, with average daily shipments reaching a new high of 16.0 bcfd. Additionally, U.S. regulators have issued a favorable final environmental review for Venture Global’s proposed CP2 LNG terminal in Louisiana, which would become the nation’s largest LNG export facility once completed.
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