Prompt crude prices have trended lower over the past several days, trading around the $70/Bbl level, while the 2027 calendar strip has been around $66.50/Bbl
Steve Witkoff and Jared Kushner held positive discussions in Qatar, as the US and Iran continue to work toward a lasting resolution to the conflict
Iran continues to insist on having some degree of control over the Strait of Hormuz
Goldman Sachs warns of oversupply despite stock rebuilds (Bloomberg)
According to Goldman Sachs, the oil market is still set to swing towards oversupply as traffic through the Strait of Hormuz recovers
While the rebuild of global inventories should partially offset the glut, the surplus is expected to average over 3 MMBbl/d next year
Goldman assumes exports through the strait will return to normal levels by the end of July
Natural gas falls as weather forecast cools
Natural gas is down -6.8c to $3.207/MMBtu (As of 07:30 AM CDT)
There was mild cooling in the forecast from yesterday, lead by most of yesterday’s gains in the Midwest erasing (Criterion)
CDDs continued their climb higher to a seasonal high of around 15 CDDs this morning
Production slipped again today by nearly 0.9 Bcf/d to 108.4 Bcf/d
