WTI Crude Oil futures declined amid U.S. and Iran talks.
WTI Crude Oil futures retreated as indirect talks between the U.S. and Iran in Doha indicated positive diplomatic progress. Meanwhile, tanker traffic through the Strait of Hormuz is recovering following last week's strikes, though volumes remain below pre-war levels as the market awaits a more durable resolution. The latest EIA report showed a crude draw of 3.8 million barrels, putting total stocks at 408 million barrels—remaining well below the 5-year average—while gasoline demand surged to 9.1 million barrels per day ahead of the July 4 holiday. Additionally, Natural Gas futures slipped 1.9%, giving back recent gains despite strong LNG export flows and a forecasted triple-digit heat wave on the East Coast driving up expected cooling demand.
WTI Crude Oil futures retreated as indirect talks between the U.S. and Iran in Doha indicated positive diplomatic progress.
Meanwhile, tanker traffic through the Strait of Hormuz is recovering following last week's strikes, though volumes remain below pre-war levels as the market awaits a more durable resolution.
The latest EIA report showed a crude draw of 3.8 million barrels, putting total stocks at 408 million barrels—remaining well below the 5-year average—while gasoline demand surged to 9.1 million barrels per day ahead of the July 4 holiday.
Additionally, Natural Gas futures slipped 1.9%, giving back recent gains despite strong LNG export flows and a forecasted triple-digit heat wave on the East Coast driving up expected cooling demand.