Crude selloff deepens as US-Iran negotiations continue
The WTI prompt-month contract fell $5.42 to $88.47/Bbl on Wednesday morning (7:30 AM CT)
WTI futures dropped below $90/Bbl after Ali Bagheri Kani, deputy secretary of Iran’s Supreme National Security Council, said Iran’s stockpile of highly enriched uranium is “not on the agenda” in talks with the US
According to Bloomberg, at least two non-Iranian supertankers successfully transited the Strait of Hormuz on Tuesday
Despite the limited progress, the strait remains effectively restricted, with both US and Iranian forces continuing blockade activity in the region
President Trump is set to convene his cabinet at the White House on Wednesday as key sticking points remain in negotiations with Iran, including Tehran’s $24 billion in frozen assets and disputes over free passage through the Strait of Hormuz
Natural gas is up as L48 mid-June temperatures continue to tick higher
Natural gas is up 5.1c to $2.945/MMBtu (As of 07:30 AM CDT)
Warming was lead by the south central, which gained 21.6°F over the forecast period (Criterion)
CDDs are expected to dip into the weekend before climbing close to 10 CDDs by the end of the forecast period
Storage week temperatures are expected to climb above 73°F by the week ending June 12
Overall PWCDDs are expected to fall below the 10-year normal this summer according to Platts
As of May 21, Platts assessed June calling for PWCDDs to be 4% below the 10-year average
Above normal temperatures are expected in the Rockies and South-Central regions
July was assessed as also falling slightly below the 10-year normal by 2%, with above normal temperatures primarily expected in the North Rockies region in Alberta
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