WTI Crude Oil futures slip on Hormuz interim deal progress.
WTI Crude Oil futures traded slightly lower, pressured by progress on a potential 60-day interim agreement to reopen the Strait of Hormuz involving the U.S., Iran, and Oman. Downside momentum was partially offset by escalating rhetoric in the Red Sea regarding Saudi vessels. Meanwhile, the latest EIA report revealed a crude build of 2.5 million barrels, though total inventories remain significantly below the five-year average. Natural Gas futures also faced downward pressure as Energy Transfer's Hugh Brinson pipeline entered commercial service, unlocking Permian Basin supply amid cooler mid-August weather forecasts.
WTI Crude Oil futures traded slightly lower, pressured by progress on a potential 60-day interim agreement to reopen the Strait of Hormuz involving the U.S., Iran, and Oman.
Downside momentum was partially offset by escalating rhetoric in the Red Sea regarding Saudi vessels.
Meanwhile, the latest EIA report revealed a crude build of 2.5 million barrels, though total inventories remain significantly below the five-year average.
Natural Gas futures also faced downward pressure as Energy Transfer's Hugh Brinson pipeline entered commercial service, unlocking Permian Basin supply amid cooler mid-August weather forecasts.