Coquest

Your Daily Energy Report for July 8, 2025

Posted on 2025-07-08

Crude Oil

Crude Oil futures for August settled up $.40 or .589% at $68.33. Oil prices edged up on Tuesday, approaching their highest levels in two weeks, as traders weighed the implications of new U.S. trade measures and a larger-than-forecast production boost from OPEC+. President Trump’s move to impose tariffs on 14 nations stirred fears about a slowdown in global growth and energy consumption. Still, supply concerns helped keep prices supported, with tight inventories of refined fuels and continued maritime disruptions from Houthi attacks playing a role. Over the weekend, the OPEC+ alliance announced plans to raise output by 548,000 bpd in August, exceeding expectations and marking the fourth monthly increase in a row. This adjustment aims to restore the bulk of the 2.2 million bpd in earlier voluntary cuts by eight member nations. On the inventory front, preliminary data from industry sources suggests U.S. crude stocks fell by 2.6 million barrels last week, which would be the sixth drop in the past seven weeks.
 

Natural Gas

Natural Gas futures for August settled down -$.072 or -2.11% at $3.340. Natural gas prices moved lower early Tuesday as traders reevaluated the strength of Monday’s attempted rebound, with attention turning to weather patterns and storage levels as key drivers in the short term. Ample underground storage continues to weigh on sentiment, with last week’s 55 Bcf addition bringing total reserves to 2,953 Bcf, according to federal data. Forecasts from NatGasWeather indicate elevated demand through July 13, with most regions seeing daytime highs ranging from the 80s to 90s, and even hotter conditions—reaching triple digits—across parts of the Southwest, Northern Plains, and Mountain West. The coming week is expected to feature strong gas consumption, particularly as lighter wind output increases reliance on gas-powered electricity.
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