Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Rebounds From Multi-Month Lows

WTI oil rebounds from multi-month lows as traders take some profits off the table after the strong pullback.

According to recent reports, Saudi exports have already reached 90% of pre-war levels. Earlier, UAE raised its oil exports to pre-war levels. From a big picture point of view, the market prepares for a flood of oil going through the Strait of Hormuz.

The market is also focused on the future regime in the Strait of Hormuz. Interestingly, recent reports suggest that European countries believe that ships will have to pay fees to Iran and Oman for the passage through the world’s key oil route. U.S. has firmly opposed any potential fees in the Strait of Hormuz.

The disappointing Non Farm Payrolls report provided some support to oil markets in today’s trading session. U.S. dollar pulled back after the release of NFP report as forex traders reduced bets on hawkish Fed. Weaker dollar is bullish for oil and other dollar-denominated commodities as it makes them less expensive for buyers who have other currencies.