Written Commentary
CRUDE OIL
Crude Oil prices were higher overnight after the Trump/Xi meeting ending without any announced agreement of cooperation between the US and China to pressure Iran into reopening the Strait of Hormuz. Trump said his patience with Iran is running out, which may traders anticipating an escalatory move that would send prices to new highs.
PRODUCTS
Product prices are higher this morning along with crude oil. EIA data indicate that US gasoline stocks are the lowest for this point in the season in six years. Distillate stocks are near six-year lows overall, not just for this time of year.
NATURAL GAS
July Natural Gas was higher early Friday and was back in the vicinity of the May 9 high at 3.176. US supply is looking less burdensome this month, with a slowdown in US production and a more normal, seasonal buildup in US supply.
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