Written Commentary
CRUDE OIL
July Crude Oil was higher early Wednesday after the US and Iran traded strikes overnight and on the lack of progress on a proposed agreement between the two nations to reopen the Strait of Hormuz. Iran sent ballistic missiles towards Kuwait and Bahrain, including Kuwait International Airport, and it said it attacked the headquarters of the US Fifth Fleet in Bahrain. The US military said it had downed drones targeting civilian ships in regional waters and US forces in Kuwait and that had carried out strikes on Qeshm Island near the Strait of Hormuz. There have been no updates on the tentative agreement to extend the cease fire and reopen the strait. Earlier this week, the head of the IEA said global oil inventories could hit critical levels ahead of the peak summer demand period if stock draws continue at their current pace.
PRODUCTS
Product prices were higher early Wednesday on the renewed hostilities between the US and Iran that appears to make a reopening of the Strait of Hormuz even less likely. API gasoline stocks were +3.5 million barrels versus expectation for -500,000, and distillate stocks were -214,000 versus -300,000 expected, but traders discounted this information in the face of the renewed hostilities.
NATURAL GAS
July Natural Gas was near unchanged early Wednesday after trying to recover some of Monday’s losses. The 6-10 and 8-14 day maps show mostly above normal temperatures across the lower 48 states, with near normal temps over much of the southeast. This should eventually help boost air conditioning demand. LSEG projected average gas demand in the Lower 48 states, including exports, would rise from 98.2 bcfd this week to 101.0 bcfd next week.
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