WTI is up $0.38 to $96.27/bbl this morning (7:52 AM CDT)
Oil prices fell this morning after Pakistani officials stated talks are expected
Iranian Foreign Minister Abbas Araghchi is expected to arrive in Islamabad late Friday for talks with US officials already present
A US sanctioned Iranian supertanker, the Yuri, halted its transit through Hormuz (Bloomberg)
This comes after two Iranian tankers have been intercepted earlier this week, suggesting Iranian wariness to test the blockade
Oil output from Persian Gulf has been 14.5 MMBbl/d below prewar levels (Goldman Sachs)
The longer the strait is closed, the slower the production recovery is likely to be
Trump announced the Israel Lebanon Ceasefire has extended 3 more weeks, helping to ease tensions in the broader region
Natural gas falls further as early May temperatures look warmer
Natural gas is down -5.4c to $2.56/MMBtu (As of 07:30 AM CDT)
The L48 weather forecasts were stable in the 1-10 range, but the 11-15 day range is looking warmer, in line with the 10 year average around 62.5°F (Criterion)
There will be some mild cool weather next weekend, after which it’s expected to warm again
L48 production bounced back slightly, up 0.4 Bcf/d to 108.9 Bcf/d (Criterion)
The EIA reported an actual storage build of 103 Bcf/d yesterday for the week ending 4/17
Inventories for the US are now at a surplus of 142 Bcf to last year, and 137 Bcf to the five-year average
Weather demand has been relatively weak this year, more than offsetting improvements in structural demand like LNG, Pipe loss, and Exports
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