Written Commentary
CRUDE OIL
July Crude Oil was slightly lower early Friday on reports that some an agreement between the US and Iran was in the works. The word was that negotiators from Iran and the US agreed a memorandum-of-understanding to extend the truce for 60 days and lift restrictions on shipping through the Strait of Hormuz, allowing them time to work on the more difficult issues such as uranium enrichment, missiles, reparations, sanction relief, to name a few.
PRODUCTS
Product prices were inside their ranges from Thursday as the market took a guarded approach to reports that a framework of an agreement to reopen the Strait of Hormuz was in the works. Thursday’s EIA stocks report was neutral against expectations for gasoline and bullish for diesel, with gasoline stocks -2.6 million barrels last week versus expectations for -2.4 million and distillate stocks -2.1 million barrels vs -1.0 million expected.
NATURAL GAS
July Natural Gas extended its rally early Friday, reaching its highest level since March 26. Prices jumped on Thursday after the weekly EIA Gas Storage report came in with a build of 92 billion cubic feet last week versus an expected +95 bcf. Storage continues to hold close to year ago levels and well above the five-year average. This’s week’s build was towards the low end of the range for this point in the season. The weather maps show a warming trend across the US, with the 8-14 day forecast indicating normal temperatures across most of the lower 48 states, except for some near normal temps in the south-southeast, and this could boost air conditioning consumption just as the summer season kicks in.
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