Natural Gas and Oil Forecast: WTI Reclaims $100, Brent at $108 — More Upside Coming?

Oil and Natural Gas Markets Start to Feel Good About the Middle East Ceasefire

Crude oil benchmarks sort of settled into a rhythm on Wednesday now that the U.S.-Iran ceasefire has reached its 4th week & it’s really cut into the anxiety about Middle East conflict that had been building in energy markets since March. The deal has even let some tanker traffic trickle through the Strait of Hormuz which had all the world worried they’d be stuck with supply disruptions for months.

Some analysts say its not all roses yet, that it’s going to take a while for things to get all the way back to normal, but with no major incidents happening they can finally start thinking about the basic numbers in their calculations rather than just a bunch of worst-case scenarios. That’s a big part of why OPEC did make some production adjustments & US crude production has also been steady & helped stabilize the market – though its worth noting the world’s still got a ways to go to get back to normal before inventories are out of the danger zone.