Written Commentary
CRUDE OIL
August Crude Oil started out higher on Thursday after the US and Iran traded strikes for a second day and President as Trump vowed “very hard” attacks, but prices eased as the session progressed as the market continued to chop along on the contradictory statements coming from both sides. To add to the bullish rhetoric, Iran’s top joint military command announced the “closure” of the Strait of Hormuz, including oil tankers and commercial ships, saying any vessel that will attempt passage will be shot at.
Wednesday’s EIA report was bullish against expectations for crude oil, with stocks declining 7.2 million barrels last week and another 7.9 million being pulled from the SPR.
PRODUCTS
The EIA report showed gasoline and distillate changes were slightly bearish against expectations but not in any significant way, with gasoline stocks +200,000 barrels versus expectations of -500,000 and distillate stocks -200,000 versus -500,000 expected.
NATURAL GAS
July Natural Gas was lower early Thursday but inside Wednesday’s range. The 6-10 and 8-14-day maps were less cool this morning than they were on Wednesday, with the 6-10-day showing the below normal trend limited to the Midwest and Great Lakes and the 8-14-day having them disappear altogether and instead showing near-normal across the northern half of the nation and above normal in the southern half. This increases the potential cooling demand over the next couple of weeks a bit.
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