What the Energy Market Looked Like in June 2006

Wednesday, June 4, 2026. TWENTY YEARS AGO. June 2006. WTI crude oil monthly average: $73.94/bbl. Specific WTI closing prices: June 2 $72.75, June 9 $71.64, June 16 $69.97, June 23 $70.78, June 29 $73.52. WTI stayed above $70/bbl for much of May-July 2006. Demand growth outpacing non-OPEC supply. OPEC Reference Basket May 2006 averaged $65.11/bbl, peaked $68.37 early month, volatile trading continued into June. NATURAL GAS: Henry Hub natural gas monthly average end June 2006 approximately $5.84/MMBtu, down slightly from $5.97 end May. Natural gas prices 2006 overall moderated from 2005 hurricane-driven highs. Summer levels supported by high storage but pressured by warm weather and power generation demand. CONTEXT: High oil prices driven by rapid demand growth (China booming), limited non-OPEC supply growth, earlier disruptions from Hurricane Katrina/Rita still echoing. Natural gas benefited from ample storage inventories. Retail gasoline averaged $2.70-$3.00/gallon during summer 2006, influenced by crude levels and refinery margins. THE COMPARISON: Fast forward twenty years. June 2026. WTI trading around $91-$92, up 23% from June 2006. Natural gas at $3.10-$3.18, down 46% from June 2006. Crude doubled in two decades. Gas collapsed. Why? Supply dynamics. Shale revolution. LNG exports. Oversupply in gas. Geopolitical risk premium in crude. THE LESSON: Markets evolve. Thesis changes. But fundamentals remain: supply, demand, geopolitics. Trade the data. Not the narrative.

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Episoder(217)

Geographic Spotlight: Ecuador

Friday, July 3, 2026. GEOGRAPHIC SPOTLIGHT: ECUADOR. CURRENT PRODUCTION LEVELS: Ecuador's crude oil production averaged ~461,000-466,000 bbl/d Jan-Feb 2026. Daily lifts reported ~452,817-458,207 bbl/d...

3 Jul 2min

Geographic Spotlight: Belarus

Thursday, July 2, 2026. GEOGRAPHIC SPOTLIGHT: BELARUS. PRODUCTION OVERVIEW: Belarus produced ~25,000 bbl/d early 2026 (well below historical avg 33,650 bbl/d since 1993). Production reached 30-year hi...

2 Jul 2min

Strategic Positioning: Week 27 Midweek Update

Wednesday, July 1, 2026. WEEK 27 MIDWEEK UPDATE. WTI crude oil trading ~$69.98-$70.42. EIA Weekly Petroleum Status Report released today (covering week ending Jun 26, 2026). CRUDE OIL INVENTORY UPDATE...

1 Jul 3min

Technicals: Week 27

Tuesday, June 30, 2026. CRUDE OIL TECHNICALS: WTI trading near $70. Recent closes ~$70.04-$70.42. Intraday range $69-$71 area. KEY LEVELS: Psychological support zone $70 (key round-number level). Imme...

30 Jun 2min

Doha Talks Resume

Monday, June 29, 2026. WEEK 27 OPENS. WTI crude oil opened at $70.50. Recent session range high $70.97, low $69.32. Prior close Jun 26 $69.23. Latest quotes ~$69.95-$70.21 (up slightly from Friday clo...

29 Jun 2min

Weekly Recap: Week 26 Complete

Friday, June 26, 2026. WEEK 26 COMPLETE. Twenty-six weeks running. The thesis delivers again. CRUDE OIL RECAP: Monday opened $74.82 (deal live, Hormuz open, geopolitical premium intact). Tuesday techn...

26 Jun 2min

Crude Breaks $70

Thursday, June 25, 2026. CRUDE OIL UPDATE: WTI trading $69.20-$69.36 (down 1.4-1.7% from prior close ~$70.34). Daily range ~$69.01-$70.23. August 2026 contract ~$69.66. Recent performance down ~26% pa...

25 Jun 2min

EIA Inventory Report: Draws Continue

Wednesday, June 24, 2026. EIA CRUDE OIL INVENTORY REPORT RELEASED TODAY. Week ending June 19. Released June 24 at 10:30 AM ET. MOST RECENT DATA: EIA report released Jun 17 for week ending Jun 12: Comm...

24 Jun 2min