Coquest

Your Daily Energy Report for June 09, 2025

Posted on 2025-06-09

Crude Oil

Crude Oil futures for July settled up $.71 or 1.099% at $65.29. Oil prices climbed on Monday, marking a two-month high. The increase was fueled by positive developments in US-China trade discussions and heightened seasonal demand. Talks between US and Chinese officials in London, coupled with recent communication between Presidents Trump and Xi, raised optimism about potential reductions in tariffs, bolstering global oil demand. Additionally, anticipation of increased fuel consumption during the upcoming peak summer travel season supported prices. Geopolitical tensions also contributed to upward pressure, with Russia launching significant drone and missile strikes on Kyiv following Ukrainian attacks on Russian air bases, intensifying prospects for extended sanctions on Russian energy. Meanwhile, Saudi Arabia advocated for a substantial OPEC+ production increase of at least 411,000 barrels per day in August, with potential further hikes in September, influencing market dynamics.
 

Natural Gas

Natural Gas futures for July settled down -$.149 or- 3.938% at $3.635. Natural gas prices fell today as a result of reduced volumes sent to LNG export terminals amid ongoing seasonal maintenance. Feedgas deliveries to liquefaction plants have averaged 13.8 billion cubic feet per day in early June, down from 15.0 bcfd in May, as maintenance-related slowdowns are likely to persist through the latter part of the month. Nonetheless, above-average temperatures are forecast across most of the Lower 48 through June 24, potentially increasing electricity use for cooling. Output in the region remains consistent around 105.2 bcfd, slightly trailing the all-time high from March, with maintenance still a contributing factor. On the storage side, inventories are trending roughly 5% higher than normal, and analysts expect another large injection to be reported.
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