Coquest

Your Daily Energy Report for June 30, 2025

Posted on 2025-06-30

Crude Oil

Crude Oil futures for August settled down -$.41 or -.626% at $65.11. Oil prices declined on Monday, following a significant weekly drop, amid easing tensions in the Middle East and potential increases in OPEC+ oil production. Crude prices fell more than 11% last week, marking their steepest decline since March 2023, as the ceasefire between Israel and Iran held, reducing concerns about disruptions in oil supply from the region. However, Iran expressed skepticism about the durability of the US-brokered ceasefire with Israel and warned of potential retaliation if hostilities resume. President Trump hinted at possible future sanctions relief for Iran "if they demonstrate peaceful intentions." Additionally, reports indicated that OPEC+ was preparing to raise output by 411,000 barrels per day in August, following a similar increase scheduled for July. Investors are also monitoring trade developments closely ahead of the July 9 deadline set by the Trump administration for finalizing trade agreements.
 

Natural Gas

Natural Gas futures for August settled down -$.283 or -7.569% at $3.456. Natural gas prices slid today, dipping below $3.50 per MMBtu and reaching their lowest level in about a month, pressured by growing supply and lackluster consumption. Unseasonably mild temperatures kept both heating and cooling needs low, leading to larger-than-typical additions to storage. On the production front, gas output across the Lower 48 states averaged 105.9 billion cubic feet per day in June, slightly above May's 105.2 bcfd. Meanwhile, demand for liquefied natural gas exports softened, with shipments from the country’s eight main terminals averaging 14.3 bcfd in June, down from 15.0 bcfd the month prior. In a related development, Canada is set to ship its first load of LNG this week from the newly operational LNG facility.
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