The WTI prompt-month contract rose $2.13 to $90.81/Bbl on Thursday morning (7:30 AM CT)
US forces intercepted four Iranian drones aimed at a commercial vessel and struck a launch site near the Strait of Hormuz, according to US officials
Iran later responded with strikes targeting the US base linked to the operation, according to Iranian state media
The latest exchange underscores the fragile nature of the current ceasefire as key disputes remain unresolved, with President Trump reiterating that no single country will control the Strait of Hormuz while the US Treasury imposed sanctions on the Persian Gulf Authority to block Tehran from collecting transit fees on vessels moving through the strait
Despite Thursday’s rebound, crude prices remain below levels seen earlier in the week after initial optimism surrounding a potential US-Iran peace agreement pressured the market lower
Bal 26 rallied back near $84/Bbl while Cal 27 recovered modestly toward $74/Bbl
Natural gas prompt is up on contract roll, July contract inches down
Natural gas July is down -1.2c to $3.083/MMBtu (As of 07:45 AM CDT)
The June contract settled yesterday at $3.040/MMBtu
Weather forecast change was mild from yesterday, with L48 only shedding a little over a degree in forecasted temperatures
LNG feedgas continues its rebound with Cameron’s maintenance approaching its tail end (Criterion)
Golden Pass continues its volatile ramp up with flows surging to 420 MMcf/d
The EIA will release its natural gas storage report today, with the median Bloomberg expectation of 93 Bcf
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