Coquest

Your Daily Energy Report for June 23, 2025

Posted on 2025-06-23

Crude Oil

Crude Oil futures for August settled down -$5.33 or -7.218% at $68.51. Oil prices fell sharply on Monday, marking a steep reversal after an Iranian missile assault on a U.S. military installation in Qatar caused no injuries, calming immediate concerns of a broader regional conflict. The strike was largely neutralized by Qatari defense systems, sending prices sharply down from an earlier high of $74.30—last seen in January. Despite signs of possible easing in tensions, markets remain cautious, especially with growing speculation that Iran might move to obstruct the Strait of Hormuz, a strategic route that carries nearly a fifth of the world’s seaborne oil. Though the Iranian legislature has shown support for such action, the final call lies with the country's top security body. Meanwhile, U.S. officials have warned that any attempt to block the waterway would have devastating economic consequences for Iran, and called on Beijing, Tehran’s biggest energy buyer, to apply diplomatic pressure.
 

Natural Gas

Natural Gas futures for July settled down -$.149 or -3.873% at $3.698. Natural gas prices slid today as output edged higher and forecasts suggested a break in the recent heatwave. Although scorching conditions across the eastern U.S. had lifted energy demand, meteorological models now show elevated temperatures likely tapering off after early July. According to LSEG, gas production in the Lower 48 has averaged 105.5bcfd so far this month, slightly above May’s levels but still trailing March’s all-time high. At the same time, LNG feedgas volumes have dipped to 14.1 bcfd in June, down from 15.0 bcfd in May, due to ongoing seasonal plant maintenance. Traders remain on edge amid elevated geopolitical risk in the Middle East, with attention focused on the Strait of Hormuz, a crucial artery for roughly one-fifth of global seaborne LNG traffic.
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