Crude Pushes Higher as Trump Renews Pressure on Iran Amid Uncertain Peace Talks

Crude rises as Trump renews pressure on Iran

• The WTI prompt-month contract rose $4.09 to $94.41/bbl on Thursday morning (7:30 AM CT)
• President Trump delivered a renewed warning to Iran, urging progress on peace negotiations aimed at ending the conflict that has disrupted global energy flows
• Trump called on Tehran to engage seriously in talks “before it is too late,” as the White House maintains discussions are ongoing, while Iran continues to reject US proposals and outline its own terms
• Iran’s state-run Press TV reported that Tehran is demanding specific assurances to end hostilities, including guarantees that the US and Israel will not resume military action
• • Additional conditions include compensation for war-related damages and formal recognition of Iran’s control over the Strait of Hormuz
• In March 2026, tanker rates for VLCCs traveling from the Middle East to Asia surged to their highest levels since at least November 2005, when records began following a prior Strait disruption (EIA)
• • The disruption has created a buildup of vessels in the Persian Gulf, tightening available tanker supply and driving freight rates higher

Natural gas slips as demand collapse outpaces supply pullback

• Natural gas is down -0.5c to $2.947/MMBtu (As of 07:30 AM CT)
• There was a 5.1 Bcf/d pullback in rescom demand this morning to 15.4 Bcf/d, as L48 temperatures moderate towards typical spring-like weather (Criterion)
• Production remained steady this morning, as gains in Texas and the Southeast more than offset losses in the Rockies and Midcon (S&P)
• LNG feedgas demand remain at 2-week highs, as Golden Pass’s continues to demand 200-300 MMcf/d of feedgas (Criterion)
• • Early nom feedgas demand total is at 20.56 Bcf/d, and Golden Pass accounts for 323 MMcf/d

The EIA will release its weekly natural gas storage report today, with Bloomberg survey showing a median expectation of a -48 Bcf withdrawal

• Last week the EIA reported a build of 35 Bcf, so this week could reverse that relatively small build as we head into injection season

Power innovation business for data centers are creating future pipeline expansion opportunities (S&P)

• Williams announced February 10 that they will develop 6 GW of capacity for service delivery to data centers, along with focusing on storage and modularization for efficiency
• The power innovation business could eventually lead to Transco mainline expansions, according to a Williams executive