Coquest

Your Daily Energy Report for September 2, 2025

Posted on 2025-09-02

Crude Oil

Crude Oil futures for October settled up $1.49 or 2.324% at $65.59. Oil prices rose on Tuesday as support came from heightened geopolitical risks and renewed supply concerns. The move followed reports that Ukrainian drone strikes had disabled facilities accounting for nearly a fifth of Russia’s refining capacity, with President Zelenskyy vowing additional attacks. At the same time, the U.S. increased pressure by introducing tariffs on Indian imports in response to New Delhi’s continued purchases of Russian oil—a move sharply criticized by India—while stopping short of penalizing China, Russia’s largest customer. The developments highlight mounting stress across global energy trade, especially as Russia, China, and India presented a coordinated stance at the Shanghai Cooperation Organization summit. Looking ahead, traders are focused on the September 7 meeting of an OPEC+ monitoring group that includes Russia and Saudi Arabia, though expectations are that current production targets will stay in place.
 

Natural Gas

Natural Gas futures for October settled up $.012 or .400% at $3.009. Natural gas prices recovered from early session losses to finish higher on the day. Forecast updates over the long weekend brought little change and remained generally bearish, according to NatGasWeather. Demand is expected to be subdued this week as cooler-than-normal temperatures cover much of the Midwest, Northeast, and Ohio Valley, though the West and South should see stronger regional consumption. On the supply side, Baker Hughes reported the gas rig count slipped by three to 122 last week, yet overall output remains near record levels, recently surpassing 107 Bcf per day. The EIA also lifted its production outlook for next year, projecting 106.44 Bcf/d for 2025, slightly above the prior 105.9 Bcf/d estimate.
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