The WTI prompt-month contract fell $0.48 to $108.18/Bbl on Tuesday morning (7:30 AM CT)
Crude futures moved lower after President Trump said he had called off planned strikes on Iran following requests from Gulf partners
Qatar Foreign Ministry spokesperson Majed Al-Ansari said the decision was intended to give diplomacy a chance to move forward
The US also extended sanctions waivers for Russian oil-on-water shipments by another month through June 17
The waiver allows transactions involving Russian crude and petroleum products loaded before April 17, while cargoes loaded after that date remain ineligible
Analysts said the temporary waivers may provide limited relief for countries reliant on Gulf crude supplies, but are unlikely to materially lower US gasoline prices
“It is not yet clear whether these short-term authorizations have had any meaningful impact on US gasoline prices,” said Stephanie Connor, former policy director at the Treasury Department’s Office of Foreign Assets Control
Natural Gas rally continues into summer months as prompt inches up
Natural gas is up 3.4c to $3.058/MMBtu (As of 07:30 AM CDT)
L48 production eased almost 2 Bcf this morning as temperatures slightly cooled
Power burn pulled back over 1 Bcf/d to 38.9 Bcf (Criterion)
Despite weather driven demand coming in weak since Winter Storm Fern, 2026 shoulder season has had record production numbers
LNG feedgas demand plunges to lowest level since January on ESD test (Criterion)
Sabine Pass LNG fell over 1 Bcf/d this morning due to a Major ESD test on Creole Trail
Despite maintenance season lowering current feedgas levels, feedgas demand has accounted for much of the structural demand growth this year, up 4-5 Bcf/d from last shoulder season
LNG feedgas growth will continue to add structural demand growth through the end of the decade
Caturus said May 15 it reached FID on its commonwealth LNG export terminal in Louisiana, which once online is expected to add 1.25 Bcf/d of feedgas demand
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