Coquest

News

News

Your Daily Energy Report for May 30, 2025

Posted on 2025-05-30

Crude Oil

Crude Oil futures for July settled down -$.15 or -.246% at $60.79. Oil prices continued to slip on Friday, poised to log a second consecutive weekly decline amid escalating trade tensions and anticipation surrounding the upcoming OPEC+ gathering. President Trump stoked uncertainty by accusing China of backtracking on a recent agreement intended to ease tariffs, though he offered no specifics. The remarks reignited concerns over a possible flare-up in trade disputes between the world's two largest economies. Attention is also turning to the OPEC+ meeting scheduled for Saturday, where the group is expected to finalize production levels for July. Insiders suggest a larger-than-planned increase could be on the table—exceeding the earlier target of 411,000 barrels per day—as top producers like Saudi Arabia and Russia push to reclaim market share and hold non-compliant members accountable. Kazakhstan’s resistance to lowering output has further strained group dynamics and could contribute to a larger supply hike.
 

Natural Gas

Natural Gas futures for July settled down -$.075 or -2.129% at $3.447. Natural gas prices finished lower today, as stockpiles continued to grow in the absence of strong seasonal demand driven by weather. National consumption is expected to remain subdued in the near term, with some regional demand strength in the West and parts of Texas. Longer-term forecasts indicate rising temperatures across the U.S. in late June, which are expected to boost overall demand. The EIA's report for the week ending May 23 showed an injection of +101 Bcf, aligning with expectations and surpassing the five-year average of +98 Bcf. Current storage levels stand at 2,476 Bcf—93 Bcf above the five-year norm but 316 Bcf lower than last year’s figures. LNG flows to U.S. export terminals reached 14.4 Bcf/day, up 2.4% week-over-week, providing modest support.
​​​​
Continue reading the full Coquest Daily Report.