WTI Crude Oil futures paused as U.S.-Iran tension escalated.
Phillip Streible discusses WTI Crude Oil futures taking a breather around $80 a barrel after an 11% rally sparked by the collapse of the U.S.-Iran ceasefire. Tensions remain high as the U.S. resumed its blockade on Iranian shipping through the Strait of Hormuz. The weekly EIA report supported the market, showing a crude draw of 1.7 million barrels and gasoline inventories falling by 1.5 million barrels during peak summer driving season. Additionally, Natural Gas futures snapped a four-day losing streak due to declining production, though gains remain capped by forecasts of cooler weather in the Southwest and low LNG export flows.
Phillip Streible discusses WTI Crude Oil futures taking a breather around $80 a barrel after an 11% rally sparked by the collapse of the U.S.-Iran ceasefire.
Tensions remain high as the U.S. resumed its blockade on Iranian shipping through the Strait of Hormuz.
The weekly EIA report supported the market, showing a crude draw of 1.7 million barrels and gasoline inventories falling by 1.5 million barrels during peak summer driving season.
Additionally, Natural Gas futures snapped a four-day losing streak due to declining production, though gains remain capped by forecasts of cooler weather in the Southwest and low LNG export flows.