Oil Falls Ahead of Trump Address; Golden Pass Requests FERC Approval for First Tanker Load

Crude swings ahead of Trump’s speech

• The WTI prompt-month contract fell $1.99 to $99.39/bbl on Wednesday morning (7:30 AM CT)
• President Trump said on social media, ahead of a scheduled address later today, that Tehran had requested a ceasefire
• He added the US would only consider it if the Strait of Hormuz is reopened
• The Wall Street Journal reported the UAE is pushing for a US-led coalition to forcibly reopen the waterway, while Pakistan and China jointly called for an immediate ceasefire and protection of shipping lanes
• Despite the selloff on signs of potential de-escalation, underlying fundamentals remain unchanged with the Strait of Hormuz still shut
• • Even in a near-term reopening scenario, balances have already tightened and any recovery in exports and production would likely be gradual

Gas market loosens as we head further into shoulder season

• Natural gas is down -2.3c to $2.861/MMBtu (As of 07:30 AM CT)
• We’re firmly in injection season, as today’s balance is a roughly 5.0 Bcf/d injection, and an almost 10 Bcf/d injection is expected in two weeks (Criterion)
• L48 temperature forecasts were mostly flat today
• Yesterday was the first cooling degree day of the season in the L48, but there are none left in the forecast period

Golden Pass requests FERC approval for an initial tanker loading (Criterion)

• Golden Pass has produced its first LNG, making completion of commissioning at the facility’s first liquefaction train (Newsbase)
• Commissioning began in October 2025, and First LNG was expected late 2025 (Bloomberg)
• Work on Trains 2 and 3 is still ongoing