Crude advances with deferred curves breaking above $70
The WTI prompt-month contract climbed $2.12 to $95.62/bbl on Tuesday morning (7:30 AM CT)
Cal 2027 WTI has broken above $70/bbl, opening a window for producers to secure attractive forward pricing as deferred curves continue to reprice on tightening supply expectations
An Iraqi oil field came under drone and missile attack while loadings from the UAE’s Fujairah port were halted again, according to Inchcape Shipping Services
The escalation continues to tighten the global supply outlook as the conflict enters its third week, with flows through the Strait of Hormuz largely disrupted
The EIA lowered its 2026 global inventory build estimate to 1.9 MMbbl/d from 3.1 MMbbl/d, pointing to a more constrained balance
Passage through the strait may become selective, with Iran allowing certain vessels to transit based on affiliation, according to JP Morgan analysts
Some tankers have exited Hormuz by routing unusually close to Iran’s coastline, based on ship tracking data compiled by Bloomberg
Data also indicates Iranian vessel traffic through the strait surged to wartime highs on Monday
Natural gas prompt month is up 6.0c to $3.083/MMBtu. (As of 07:30 AM CT)
Forecasted temperatures gained 7.6 °F this morning, with late march now in line with the 10 year average
Temperatures are expected to rebound higher tomorrow across the L48, and are forecasted to return above the 10-year average by the end of the week
L48 Supply Is net flat from the prior day at 114.7 Bcf/d, as Canadian imports rose to offset production drops in the Northeast due to wellhead freeze-offs
Canadian imports rose 1.2 Bcf/d this morning from multi-year lows
Northeast production fell sharply by 723 MMcf/d to 35.4 Bcf/d
Southbound flows on Transco Compressor Station 165 in Virginia dropped to their operational cap as a planned 3-day outage at Station 160 goes into effect today (Criterion)
TETCO has issued OFOs for several zones due to the cold front
LNG feedgas demand eases ahead of scheduled maintenance
Corpus Christi’s feedgas demand slipped -219 MMcf/d this morning, likely just due to commissioning volatility, as the Stage Three expansion starts up
Sabine Pass fell -61 MMcf/d this morning ahead of its scheduled maintenance
Creole Trail, which feeds Sabine Pass and connects to Transco, TETCO, and Trunkline, is undergoing pigging runs this week (Cheniere)
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