Commodities
Hormuz Diplomacy Boosts Crude Prices, Natural Gas Inventory Levels Rise
The recent diplomatic efforts in the Strait of Hormuz have eased immediate crude supply fears, leading to a rebound in prices. According to FXEmpire, limited Gulf production and exports continue to restrict OPEC+'s ability to restore global supply. U.S. crude inventories remain relatively stable, while low distillate inventories signal tight diesel and jet-fuel availability.
Natural gas inventory levels are more comfortable domestically, with an increase of 15 Bcf in working gas storage to 3,184 Bcf. However, vulnerabilities in global LNG supply persist due to weak Qatari exports despite improved Hormuz diplomacy.