The WTI prompt-month contract fell $0.59 to $83.87/Bbl Thursday morning (7:45 AM CT)
US Central Command said it struck Iranian military targets in an effort to weaken Tehran’s ability to threaten US forces, regional allies and commercial shipping in the Gulf
Iran’s Islamic Revolutionary Guard Corps retaliated by targeting air bases in Jordan and Kuwait
Separately, two LNG vessels at an Egyptian port were struck in a drone attack Wednesday, though no group has claimed responsibility
Shipping activity through the Strait of Hormuz has increased in recent days, with Bloomberg reporting that 14 vessels crossed the waterway Wednesday
“We are using the United States military to escort out oil and gas out of the Strait of Hormuz,” Energy Secretary Chris Wright said
Meanwhile, tankers were observed entering the Gulf of Aden and signaling plans to call at Saudi Arabia’s Yanbu port despite the heightened threat from Yemen’s Houthis
Domestically, US commercial crude inventories fell 7.2 MMBbls last week to 404.5 MMBbls, according to the EIA, marking their lowest level since 2018
Gas prompt inches lower on contract roll
Natural gas is down -3.1c to $2.691/MMBtu (As of 07:30 AM CDT)
Weather forecasts held mostly flat, with significant cooling in the Midwest offset by small gains in other regions
Gas production has been consistently trending in the 108-110 Bcf/d range this injection season, currently sitting near the top of this range
Corpus Christi LNG receives authorization to flow feedgas to Midscale Train 7 (NGI)
The train will add roughly 186 MMcf/d of feedgas demand once fully operational
Commissioning began in late June, and nominations to Corpus Christi are up roughly 100 MMcf/d this week
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