Crude climbs as ceasefire outlook remains uncertain
The WTI prompt-month contract gained $4.53 to $88.38/bbl on Monday morning (7:30 AM CT)
Market concerns intensified that the US–Iran ceasefire could break down after Washington seized an Iranian-linked tanker attempting to bypass its blockade, prompting threats of retaliation from Tehran
Iran signaled it may not participate in upcoming negotiations aimed at formally ending the seven-week conflict, though officials noted a final decision is still pending
Despite statements from President Trump about reopening the Strait of Hormuz, vessel activity remains severely limited, with reports indicating minimal tanker movement through the corridor on Monday
With the blockade still effectively restricting flows, Kuwait Petroleum Corp. declared force majeure on crude and refined product shipments
Kuwaiti officials noted that restoring production to prewar levels would likely take several months following any de-escalation
Natural gas inches up on late-season cold shot
Natural gas prompt month is up 5.4c to $2.728/MMBtu. (As of 07:30 AM CDT)
Production slipped a further 0.8 Bcf/d from Friday with Appalachia leading the losses, down nearly 1 Bcf/d (Bloomberg)
The late season cold shot peaks today, as average L48 temperatures dipped below 55°F (Criterion)
Temperatures will rebound above the 10 year average by the end of the week, with minor cooling expected heading into next week
Rescom demand rebounded sharply on the cold shot, up over 10 Bcf/d to 22.7 Bcf/d
Canadian imports rebounded to 5.2 Bcf/d today
Feedgas demand is consistently holding above 20 Bcf/d
Exxon withdrew an offer to sell two initial commissioning cargoes from Golden Pass (Reuters)
CCL Stage 3 Train 6 is expected to begin flowing gas in May
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