The WTI prompt-month contract slipped $1.04 to $110.50 as of Monday morning (7:30 AM CT)
The US, Iran, and regional intermediaries are reportedly exploring terms for a potential 45-day pause that could serve as a pathway toward ending the conflict, according to Axios
Over the weekend, President Trump signaled in multiple social media posts that the US could target Iranian power plants and other infrastructure if the Strait of Hormuz is not reopened
Tehran dismissed the ultimatum, with transit through the Strait still largely restricted, aside from limited vessel activity
Iran announced Saturday that Iraq would be exempt from its restrictions, which could allow some recovery in oil shipments
President Trump said he will hold a press conference at 1pm Monday and also referenced a Tuesday 8pm deadline for Iran, though specifics were not provided
OPEC+ cautioned that any damage to Middle East energy infrastructure could have lasting supply impacts beyond the conflict, while announcing a largely symbolic quota increase for next month
The group approved a production target increase of roughly 206 MBbl/d
Natural gas inches up on some weekend cold
Natural gas is up 4.1c to $2.841/MMBtu (As of 07:30 AM CT)
Demand surged above 114 Bcf/d, led by a large gain in Rescom of 8.6 Bcf/d to 24.9 Bcf/d
Total supply stayed relatively consistent from Friday, at 115.3 Bcf/d (Criterion)
A brief cold spell could temporarily flip the injection balance for a few days
Natural gas has been attributing 72-76% of the thermal stack over the last 14 days (Criterion)
With prices hovering around $3.00/ MMbtu, its in the higher range of prices for a large thermal stack
Golden Pass could see first LNG export by April 22 (S&P)
An LNG vessel serving Sabine Pass is expected to Arrive April 20th
When full service in 2027 Golden Pass will be expected at 2.5 Bcf/d of feedgas demand
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