- Energized
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- ⚡Nat Gas Inventories Return to Average
April 18, 2025
Morning everyone,
Markets are closed today for the Easter Holiday. I think we could all use the break, but something tells me the White House won’t be taking the day off…
FYI, I’ll be using the weekend to migrate this newsletter once again. I’ll be happy to be joining the good folks, and many of the other writers I follow and admire, over on Substack. You shouldn’t really notice a difference, aside from some formatting differences.
Sometimes you just have to experiment, and this one just hasn’t worked out. If for some reason you don’t receive the newsletter, you can just hit reply to any of the old ones and send me a note.
Thanks for sticking with me!
What's in this issue:
Energy Market Recap
Nat gas inventory report
Headlines
| Crude Oil (May) | $64.68 | +2.21 | +3.54% |
| Natural Gas (May) | $3.245 | -0.002 | -0.06% |
| Copper (May) | $4.7390 | +0.0535 | +1.14% |
| S&P 500 | 5,282.70 | +7.00 | +0.13% |
| Dollar Index (DX) | 99.13 | -0.01 | -0.01% |
Energy Markets
🛢️WTI popped 3.5%, continuing the upward momentum driven by threats of supply disruptions. Ongoing sanctions targeting importers of Iranian continue to present a new front in economic warfare.
Worth noting that the recent dollar weakness is a tailwind for crude, and commodities in general, as dollar denominated good become cheaper in other currencies.
WTI Spreads
Spreads widened on the latest move higher, and Dec 5/6 flipped back to backwardation.
May/June: +0.67
Jun/Dec: +2.66
Dec5/Dec6: +0.17
🔥 Natural gas had another quiet day, closing just under unchanged.
The EIA reported a build of 16 bcf in this week’s inventory report, slightly below consensus estimates of a build of 23 bcf.
While stocks are still well below where they were last year, they have almost come back in line with the 5-year average.
Source: EIA
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Headlines
“Clean power sources generated more than half of all U.S. electricity supplies for the first time in March, accounting for 51% of all utility-scale electricity output that month, according to data from energy think tank Ember.”
+US power system primed to scale new clean milestone in April: Maguire - Reuters
“Unlike other renewable energy projects, the US offshore wind sector relies on the federal government for permitting approvals. More than 90 per cent of the country’s planned offshore wind projects, totalling more than 60 gigawatts, were at “serious risk”, said consultancy Rystad Energy.”
+Trump administration halts Equinor’s $5bn New York energy project - FT
“A quarter of BP investors have voted against the re-election of outgoing chair Helge Lund in the biggest protest against the head of a FTSE 100 board for five years.”
+BP suffers biggest AGM protest vote in five years - FT
Economic Calendar
Monday -
Tuesday - Empire State Manufacturing
Wednesday - Retail Sales, Cap U, Crude Oil Storage Report, Fed Minutes
Thursday - Initial Jobless Claims, Housing Starts, Natural Gas Storage Report
Friday -