Quarterly MLP Commentary: Q2 2025

The Global X Research Team is pleased to announce the release of its MLP Quarterly Report, featuring key insights and opportunities in the midstream sector. The key takeaways below, as well as the charts included within this report, recap some of the key developments that impacted the midstream oil & gas sector over the past quarter. Click here to view or download the MLP report.

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• Despite a spike in early June following an uptick in geopolitical risk premiums, crude oil prices fell back to the mid-$60's by late June, as crude market fundamentals and expectations for a late-2025 OPEC inspired production ramp reasserted themselves as the dominant themes. U.S. crude oil production hit all-time highs of just over 13.4 million barrels per day (bpd) in Q2 despite the moderating outlook and is expected to average 13.4 million bpd in both 2025 and 2026. The U.S. EIA raised its end of year price forecast to $69, up $3 from its June prediction, given elevated geopolitical risks.¹

• Tariff uncertainties drove crude markets in early Q2, with a 90-day reprieve on reciprocal tariffs allowing prices to recover throughout May and June. Further tariff alleviations across various nations and materials further boosted sentiment for global demand, the most notable of which was a mutual easing of tariffs between the U.S. and China and a rescission of ethane export requirements from the U.S. Commerce Department.²

• Cheniere Energy, Inc. announced its positive final investment decision on its Corpus Christi LNG (CCL) Midscale Trains 8 & 9, which is expected to add approximately 5 million tonnes per annum (mtpa) of capacity when complete, and adds 10% of capacity to the existing brownfield liquefied natural gas (LNG) platform. In tandem with continued debottlenecking efforts and the completion of CCL Stage 3, the Corpus Christi LNG terminal is expected to achieve 30 mtpa in total liquefaction capacity by the end of the decade.³

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1. U.S. EIA (2025, July 8). Short-Term Energy Outlook.

2. Reuters (2025, July 3). US paves way to resume ethane exports to China amid trade truce.

3. Cheniere (2025, June 24). Cheniere Announces Positive Final Investment Decision on the Corpus Christi Midscale Trains 8 & 9 Project and Updated Company Outlook through 2030.

Our monthly commodities tracker looks at recent events in several commodity subsectors, including uranium, copper, gold, silver, oil, gas, and lithium.

Our monthly commodities tracker looks at recent events in several commodity subsectors, including uranium, copper, gold, silver, oil, gas, and lithium.

Our MLP Quarterly Report covers recent developments driving the midstream oil & gas market and key metrics related to Master Limited Partnerships.

Our MLP Quarterly Report covers recent developments driving the midstream oil & gas market and key metrics related to Master Limited Partnerships.