Executive Summary
WTI crude prices began and ended the second quarter around $60 per barrel, while natural gas prices continued to slide as the calendar turns to summer. The supply of crude oil will be impacted by OPEC+’s upcoming decision to extend or discontinue its production cuts that are set to expire June 30. At quarter end, the expectation was for these cuts to continue as Saudi Arabia and Russia had productive talks. Concerns about economic slowdowns have resurfaced as uncertainty remains in U.S.-China trade relations and interest rate cuts are being contemplated.
