The August WTI contract is trading around $70/Bbl this morning after new US strikes on Iran over the weekend, but the market may be more focused on new peace talks
President Trump said talks are set to resume in Doha on Tuesday after Iran requested a meeting
Following this weekend’s strikes, both sides have agreed to stand down for now, while negotiations continue
Hormuz transits continue (Bloomberg)
Ships continue to pass through the Strait of Hormuz, although attacks on vessels late last week have made some shippers less confident
A US official said that despite the attacks, there has been no interruption to US-assisted navigation
Visible tanker traffic reached the highest level since the war began on June 24; traffic has turned lower since then as attacks resumed
Natural gas trades lower following July expiry
The August contract is now the prompt month, and is trading lower this morning
The Winter ‘26/’27 strip is down about 6c to $3.76/MMbtu, while Summer ’27 is down 2c to $3.17/MMBtu
Lower-48 population-weighted temperatures continue to look hotter than the ten-year average for the first week of July, which should support gas demand
FERC approves startup of NGPL expansion (NGI)
NGPL has received approval to begin service on its Texas-Louisiana expansion project, which will allow more gas to move from East Texas to the Henry Hub area
The compression upgrade at Station 302 alleviates a constraint at a point which often runs near capacity
Capacity will increase by about 300 MMcf/d
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