Coquest

Your Daily Energy Report for June 10, 2025

Posted on 2025-06-10

Crude Oil

Crude Oil futures for July settled up $.71 or 1.099% at $65.29. Oil prices slipped on Tuesday, as market participants monitored the ongoing second day of trade negotiations between the U.S. and China in London. While prices edged lower, overall sentiment held steady with a sense of cautious optimism—U.S. Commerce Secretary Howard Lutnick remarked that the discussions were progressing very positively. On the supply side, reports indicated Saudi Aramco trimmed its crude exports to China by 1 million barrels for July compared to the prior month, suggesting that the anticipated OPEC+ output hike might not translate to a notable increase in global supply. Additionally, Iran stated it would soon deliver a revised nuclear agreement proposal, with potential easing of U.S. restrictions possibly opening the door for more Iranian oil to enter the market. Meanwhile, the EU introduced new measures aimed at curbing Russia’s energy exports, a move that could place pressure on global oil availability.
 

Natural Gas

Natural Gas futures for July settled down -$.149 or -3.938% at $3.635. Natural gas prices extended their decline for a second straight session, pressured by cooler-than-usual short-term weather patterns that are likely to support continued strong inventory increases. According to the EIA's latest monthly update, gas use for electricity generation is projected to average 38.4 billion cubic feet per day in June—a 26% rise from May—though total summer consumption from the power sector is expected to be 3% lower than last year, as elevated prices and increased renewable generation reduce demand. Forecasts indicate mild temperatures across regions like the Midwest, Plains, and Ohio Valley through mid-June, with highs ranging from the 60s to low 80s. In contrast, a heatwave is developing out West and in the Pacific Northwest, bringing temperatures into the mid-80s and 90s.
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