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White House Calls on OPEC+

CRUDE OIL

Crude oil prices continue show steep losses for the month, but they have stayed well clear of Monday’s low, even after this morning’s pullback. With modest improvement in global risk sentiment going into the weekly EIA reports, the markets may be able to regain upside momentum today. There are reports that the White House will call on the OPEC Plus nations to increase their crude oil production due to the rise in gasoline prices.

RBOB and ULAD were able to extend their recovery moves on Tuesday, but they have fallen back on the defensive this morning..

NATURAL GAS

Natural gas prices held within a tight trading range overnight, remaining close to their recent highs as they benefit from bullish supply-side developments. The September contract rebounded from early pressure yesterday and went on to post a moderate gain.

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