Crude edges higher on potential ceasefire extension
The WTI prompt-month contract rose $0.43 to $91.72/bbl on Thursday morning (7:30 AM CT)
Futures moved modestly higher as markets assess indications that Washington and Tehran may be exploring a two-week extension to the current ceasefire, per Bloomberg
Iran’s joint military command signaled that continued US blockade measures could trigger a halt to all energy shipments across the Persian Gulf, Sea of Oman, and Red Sea
Supply risks continue to build under the US blockade, with analysts flagging potential for further disruption to seaborne flows
Approximately 3.8 MMbbl/d of crude and refined products transited the affected waterways last month, leaving a meaningful volume exposed to escalation risk
The IMF lowered its global growth outlook in its April 2026 World Economic Outlook, citing conflict-related uncertainty
Global GDP is now expected to expand 3.1% this year under a short-lived disruption scenario, down from a prior 3.4% estimate
Growth could slow to 2.5% if tensions persist, and fall toward 2.0% in a more severe escalation case involving infrastructure damage
The EIA reported a 0.9 MMbbl draw in total US inventories for the week ending April 10
Natural gas is steady going into weekly storage report
Natural gas is up 1.7c to $2.616/MMBtu (As of 07:37 AM CDT)
Production eased across much of the L48, offset by gains in Texas production, to stay around 103.5 Bcf/d of dry gas production (S&P)
While production may have been low these last two weeks, total consumption has been even lower
Total consumption (power, rescom, and Industrial demand) has been below 70 Bcf/d for about a week now (S&P)
The EIA will release its weekly natural gas storage report today, with Bloomberg survey showing a median expectation of 59 Bcf injection
Corpus Christi LNG Stage 3 Train 6 could begin flowing gas by May
Golden Pass LNG’s outlook for next week is at 450 MMcf/d, which signals that throughput is gaining consistency (Criterion)
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