Written Commentary
CRUDE OIL
July Crude Oil was slightly higher early Friday after closing lower on Thursday on a report that some progress was being made in the negotiations between the US and Iran. Nothing concrete came from the news, but a senior Iranian source did tell Reuters that gaps between two nations’ positions had been narrowed. Not surprisingly, Iran’s uranium enrichment and its control over the Strait of Hormuz remain among the sticking points. US Secretary of State Rubio reiterated that a diplomatic solution would be unfeasible if Tehran implemented a tolling system in the Strait of Hormuz but he too added that there had been some progress in talks
PRODUCTS
Product prices were higher early Friday after closing lower on Thursday, as the markets weigh guarded/optimistic statements about peace talks against belligerent talk.
NATURAL GAS
July Natural Gas was lower early Friday but inside Thursday range. The EIA gas storage report on Thursday was bearish against expectations, with a net injection of 101 billion cubic feet for the week ending May 15 versus an average trade expectation of +95 and above the upper end the range of expectations from +87 to +99 and above five-year average change for the week at +91. The market rallied to its highest level since March 31 this week on ideas the warming trend across the US will boost cooling demand and perhaps slow down the rate of injections. A warmup is headed toward the eastern half/two-thirds of the lower 48 states over the next week after a cooler trend has made its way across the northern areas this past week but with highs in the 80’s for the most part. Nothing extreme.
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