The WTI prompt-month contract fell $2.66 to $77.68/Bbl Tuesday morning (7:45 AM CT)
Qatar said draft terms for a potential short-term agreement between the US and Iran are being exchanged between the two sides
US Treasury Secretary Scott Bessent added to the optimism, telling CNBC that “there is a chance we may have a deal, today or tomorrow”
However, a deal remains far from certain as Iran’s foreign minister said no direct talks with the US are currently planned, leaving questions about when shipping routes could reopen
Traders are weighing the lower risk of further fighting against continued supply tightness, as traffic through Hormuz remains well below normal levels
Bloomberg reported limited activity on Monday, with only six smaller vessels crossing the strait in either direction
Gas falls as forecasted Midwest cooling demand weakens
Natural gas is down -7.0c to $2.711/MMBtu (As of 07:30 AM CDT)
L48 forecast changes were split, with the Rockies and South Central regions gaining a combined 20°F over the forecast period and the Midwest losing an offsetting 23°F (Criterion)
Chicago, for example, now doesn’t have a high above 85°F in the forecast range
Blackcomb gas pipeline starts flowing (Enbridge)
Permian egress is getting another boost, as Blackcomb pipeline has started commissioning gas on July 31
CEO of Enbridge said in the earnings call that they are on track to bring the 2.5 Bcf/d pipeline online by year-end
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