Written Commentary
ADM Appoints Jeff Rowe as EVP and COO
July 20, 2026
CRUDE OIL
September Crude Oil was sharply lower early Monday after the US paused its bombing campaign against Iran over the weekend. On Sunday, Iran said it will halt its own attacks as long as the US does the same. Apparently President Trump’s advisers told him they were running out of targets and they expressed worries about depleting the US arsenal. The US ambassador to the United Nations told national media that Trump had decided to pause to allow more time for diplomacy. The market is lower today despite reports that ship traffic through Bab el-Mandeb fell on Sunday after Yemeni Houthis attacked Saudi oil installations along the Red Sea coast.
PRODUCTS
Like crude oil, product prices are lower this morning in reaction to the pause on US attacks on Iran as well as suggestions that both sides seem welcome to diplomacy (again). September RBOB and September ULSD are both off their lows from earlier, and September ULSD is closing in on unchanged on the day.
NATURAL GAS
September Natural Gas was lower overnight and fell below last week’s low to a new low for the move. The pause in the US attacks on Iran and perhaps a new chance for diplomacy appears to be easing concerns about global supply. Demand for US LNG remains firm, and US exports are near a physical limit, but the chance of Qatari LNG being available to Europe once again pulls some support from US gas prices. US gas supply is adequate despite the chance of a boost in cooling demand over the next few weeks. The latest 6-10 and 8-14 day forecasts show above normal temps across most of the lower 48, expect for some pockets of near normal.
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