- Energized
- Posts
- ⚡Oil Lower for Seven Straight Weeks
March 10, 2025
Morning everyone,
Daylight savings has kicked in and spring is in the air!
Economic data this week includes CPI. All eyes will be on any reading on inflation. Last week jobs and sentiment data came in weak, but stubborn inflation keeps rate cuts from being a foregone conclusion.
What's in this issue:
Energy Market Recap
CERAWeek
Headlines
| Crude Oil (Apr) | $67.04 | +0.68 | +1.02% |
| Natural Gas (Apr) | $4.399 | +0.097 | +2.25% |
| Copper (Mar) | $4.6830 | -0.0960 | -2.01% |
| S&P 500 | 5,770.20 | +31.68 | +0.55% |
| Dollar Index (DX) | 103.81 | -0.22 | -0.21% |
Energy Markets
🛢️WTI gained 1% on Friday, but still ended the week lower by 3.9%. Incredibly, this is the 7th straight down week in a row for crude as the perception of multiple wars winding down has led to a deflating risk premium.
Will attention turning to Iran turn the tide on that?
WTI Spreads
Apr/May: +0.29
Jun/Dec: +2.14
Dec5/Dec6: +1.42
🔥Natural gas gained 2.25% on Friday, capping of a week that pushed prices up by 14.75%.
Worth noting that nat gas is currently up another 5.5% at the time of this writing.
PRESENTED BY POWER 101
Gain a greater understanding of the power sector with our Power 101 course. This is the power course our oil and gas clients asked us to build for them.
No matter where you work in energy, gaining a greater understanding of the power sector is critical to unlocking future opportunities.
CERAWeek
CERAWeek is an annual energy conference hosted by S&P Global in Houston, Texas. It is one of the most influential gatherings in the energy industry, bringing together executives, policymakers, and experts from oil and gas, power, and renewable energy sectors.
It is happening this week, so there are sure to be plenty of soundbites and news driven from the event. This list of speakers gives you a picture of who the event attracts (ie, everyone).
Event livestream here: https://www.ceraweek.com/en/cw25-live
There’s a lot going on, and it’s hard to know what is going to drive prices and decisions from one day to the next. As Dan Pickering put it:
"It's not A plus B equals C anymore. There are like nine equations here. There are so many things going on at once that you pull on a string, you don't know where the other end of the string is going to be,"
Headlines
“The former central bank chief of both Canada and England is expected to quickly call a general election to take advantage of polling momentum against the Conservative Party of Canada, which just weeks ago seemed on the cusp of a landslide.”
+Mark Carney Wins Leadership of a Canadian Liberal Party Revived by Trump - WSJ
“A record wave of lease auctions is driving the resurgence, with the world’s largest offshore wind market, Mainland China, accounting for 65% of new capacity.”
+Global offshore wind poised for landmark 19GW of additions in 2025 - Rystad Energy
“After decades of cheap palm oil, thanks to booming output and a battle for market share, output is slowing and Indonesia is using more to make biodiesel”
+The end of cheap palm oil? Output stalls as biodiesel demand surges - Reuters
Economic Calendar
Monday -
Tuesday -
Wednesday - CPI, Crude Oil Storage Report
Thursday - Natural Gas Storage Report, Jobless Claims, PPI
Friday - Consumer Sentiment