Coquest

Your Daily Energy Report for June 24, 2025

Posted on 2025-06-24

Crude Oil

Crude Oil futures for August settled down -$4.14 or -6.043% at $64.37. Oil prices continued to fall on Tuesday, deepening the previous session’s sharp decline and slipping below levels seen prior to the June 12 military strikes by Israel on Iran. The downturn followed news that both nations appeared to be observing a truce announced overnight by President Trump, who intervened after accusing each side of breaching the initial terms of de-escalation. The apparent pause in hostilities helped ease fears of major supply interruptions or a potential blockade of the Strait of Hormuz, a key transit point for more than 20% of global oil flows. Adding to the market’s sense of stability, the International Energy Agency reminded participants of its 1.2 billion-barrel emergency reserves available for release if necessary. Additionally, several OPEC+ members have already ramped up production and have spare capacity that could be activated to offset any unexpected disruptions.
 

Natural Gas

Natural Gas futures for July settled down -$.161 or -4.354% at $3.537. Natural gas prices declined for a third consecutive session today as traders shifted focus beyond the current heatwave impacting the East Coast. Analysts expect continued volatility in prices throughout the summer, with weather patterns becoming a key driver. While production and export volumes have dipped slightly this week, overall supply conditions remain loose, and the upcoming EIA report is expected to show a further build in inventories. Cooler forecasts moving forward have weighed on demand expectations, while strong output from wind and solar sources, along with broader selling pressure in commodities amid a reduction in geopolitical risk, have likely contributed to the downward move.
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