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Daily First Look
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Oil trades higher on mixed headlines

Oil trades slightly higher on mixed headlines

  • The August WTI contract is trading around $70/Bbl this morning after new US strikes on Iran over the weekend, but the market may be more focused on new peace talks
  • President Trump said talks are set to resume in Doha on Tuesday after Iran requested a meeting
  • Following this weekend’s strikes, both sides have agreed to stand down for now, while negotiations continue

Hormuz transits continue (Bloomberg)

  • Ships continue to pass through the Strait of Hormuz, although attacks on vessels late last week have made some shippers less confident
  • A US official said that despite the attacks, there has been no interruption to US-assisted navigation
  • Visible tanker traffic reached the highest level since the war began on June 24; traffic has turned lower since then as attacks resumed

Natural gas trades lower following July expiry

  • The August contract is now the prompt month, and is trading lower this morning
  • The Winter ‘26/’27 strip is down about 6c to $3.76/MMbtu, while Summer ’27 is down 2c to $3.17/MMBtu
  • Lower-48 population-weighted temperatures continue to look hotter than the ten-year average for the first week of July, which should support gas demand

FERC approves startup of NGPL expansion (NGI)

  • NGPL has received approval to begin service on its Texas-Louisiana expansion project, which will allow more gas to move from East Texas to the Henry Hub area
  • The compression upgrade at Station 302 alleviates a constraint at a point which often runs near capacity
  • Capacity will increase by about 300 MMcf/d

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