What the Energy Market Looked Like on June 5, 2025

Friday, June 6, 2026. ONE YEAR AGO. June 5, 2025. WTI crude oil approximately $62.77/bbl. Brent crude oil approximately $64.88/bbl. Futures settlement data shows open $64.91, high $65.86, low $64.63, close settle $65.34/bbl. Natural gas NYMEX front-month futures approximately $3.677/MMBtu. Daily range $3.62-$3.79. Henry Hub spot pricing softer. Next-day cash around $2.76-$2.85/MMBtu. BROADER CONTEXT: Oil prices range-bound/softening amid rising inventories, OPEC+ production adjustments, subdued demand growth before geopolitical tensions pushed Brent higher later month. Monthly averages showed Brent declining toward $63-$64/bbl lows by late May/early June. Natural gas futures hovered mid-$3 range, supported by seasonal factors, physical markets discounted. THE COMPARISON: Fast forward one year. June 2026. WTI trading around $91-$92, up 45% from June 5, 2025. Natural gas at $3.10-$3.18, down 13% from June 5, 2025. Why divergence? Geopolitical risk premium in crude (Iran war, Strait closure fears, supply disruption concerns). Natural gas decoupled. Fundamentals remain soft (oversupply, storage ample, production high). THE SETUP: One year ago, market pricing oversupply. Crude $62, Gas $3.68. Today, crude $91, gas $3.10. Crude spiked on geopolitics. Gas faded on fundamentals. Decoupling thesis validated. THE LESSON: Markets reprice on new information (geopolitics, supply, demand, technicals). One year ago, bear market for crude. Today, bull market driven by war premium. But underlying thesis remains: mean reversion, oversupply, structural headwinds. Trade the data. Not the narrative.

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