The front-month WTI contract was up $0.15 at $62.99/Bbl as of 7:30 a.m. CT Friday
Market attention remains centered on US–Iran negotiations and diplomatic efforts tied to the Russia–Ukraine conflict
Several OPEC+ participants see room to restart supply increases in April, arguing that fears of a global surplus may be overstated
Major trading houses have expressed a similar view, noting that apparent excess supply is concentrated in sanctioned barrels from countries such as Russia and Iran, limiting availability to the broader market
However, the IEA lowered its demand growth outlook and now expects a surplus slightly above 3.7 MMBbl/d in 2026, a potential record annual imbalance
The alliance’s final decision could hinge on whether the Trump administration pursues military action against Iran
Natural gas heads for second weekly loss
The March Henry Hub contract is down about 27c from last Friday’s settlement, with the contract trading near $3.15/MMbtu this morning (8:15 AM)
Lower-48 population-weighted temperatures are forecast to be above the ten-year average through February 20. Before falling below average
Next week’s warmer temperatures should result in a smaller withdrawal from storage
Dry gas production recovered to 109.25 Bcf/d yesterday, but is down slightly this morning
Crossroads Pipeline plans 1.5 Bcf/d expansion
To serve growing Midwest data center demand, the Crossroads Pipeline is looking at a potential 1.5 Bcf/d expansion
The company said the project could “link multiple supply options to the growing markets in Northern Indiana, Illinois, Iowa, and South Dakota,”
The open season will run through March 20, with an in-service date of November 2030
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