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February 24, 2025
PRESENTED BY: POWERING THE FUTURE
Morning everyone,
Equities took a dive on Friday, but what can you say. Trend is up and to the right. Has the global turmoil changed that? Who knows.
Nvidia reports earnings on Wednesday.
Instead of doomscrolling this Monday Morning, why not just read the latest Berkshire Hathaway letter to shareholders.
Maybe I’ll read it again…
What's in this issue:
Energy Market Recap
Germany Resets
Headlines
| Crude Oil (Apr) | $70.40 | -2.08 | -2.87% |
| Natural Gas (Mar) | $4.234 | +0.082 | +1.97% |
| Copper (Mar) | $4.5600 | -0.0520 | -1.13% |
| S&P 500 | 6,113.13 | -104.39 | -1.71% |
| Dollar Index (DX) | 106.52 | +0.25 | +0.24% |
Energy Markets
🛢️WTI gave up all its gains on the week by dropping 2.9% on Friday. This meant prices were lower by .44% on the week.
We continue to be in a narrowing $70-73 range and are awaiting a peace deal in Ukraine, OPEC announcements or other fundamental news to drive the next move.
As market analyst Ritterbusch & Assoc. was quoted in the WSJ:
“An array of geopolitical, military and macroeconomic crosscurrents continues to limit upside follow-through in WTI to above the $73.50 level while restricting downside to the $70 area,”
WTI Spreads
Apr/May: +0.18
Jun/Dec: +2.29
Dec5/Dec6: +2.31
🔥Natural gas prices recovered from their pullback on Thursday to close higher by 2% on Friday. Prices were up 13.7% on the week and are higher by 39% on the month.
Cold weather looks to ease this week. Although there is a chance for more cold at the end of the week, it looks contained to the northeast and won’t blanket the whole country.
PRESENTED BY POWERING THE FUTURE
A curated course featuring today’s most relevant topics
Powering the Future pulls together content from across our Oil 101, Power 101, and Renewables courses. These lessons dive into the topics that are driving headlines and capital flows today.
Modules include introductions to natural gas, LNG, nuclear power, hydrogen, energy storage management, renewable power generation, and the grid.
Germany Reset
Olaf Scholtz was Chancellor of Germany for just three years. His predecessor, Angela Merkel, lasted 16.
But change needed to happen.
Germany’s industrial decline has been well documented, and energy policy has been a key part of the equation. The untimely dismantling of its nuclear energy and over-reliance on natural gas from Russia have burdened both consumers and industry with high energy costs.
Source: FT
Freidrich Merz of the Chrisitan Democratic Union will step into a tough situation, but has declined the advice of Trump and Vance to form a coalition with the far-right AfD party, stating:
“I’m not letting an American vice president tell me with whom I should be talking to in Germany,”
The chart below tells the tale of what lies ahead for Europe in an era where the US is backing away from its traditional allies overseas.
Expect this sleeping industrial giant to get a wake up call.
Source: Noahpinion
Headlines
“Everybody is feeling very uneasy and uneasiness means heightened risk, and heightened risk means ‘where can I find safety,”
+Tariffs Set to Benefit Gold Price and Could Push Canada and Mexico Closer, Alamos Gold CEO Says - WSJ
“We’ve got to have a business case without the incentives. And so those are just taken out from the beginning,”
+GM battery guru says carmaker can cut Tesla’s market share without government aid - FT
“First LNG production from the first train of the CCL Stage 3 Project was achieved in December 2024, and the first cargo of LNG was produced in February 2025”
+Expansion of Corpus Christi LNG in Texas Starts Delivery - Rigzone
Economic Calendar
Monday -
Tuesday - Case-Schiller, Consumer Confidence
Wednesday - New Home Sales, Crude Oil Storage Report
Thursday - Natural Gas Storage Report, Jobless Claims, GDP
Friday -