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“Natural gas appears to have found some footing as the market awaits a full return to service of the Freeport LNG terminal as well as more heat for the south and west next week,”

Oil prices surged on Monday, with the global benchmark topping $83 a barrel and booking its largest daily jump since 2020 after President Donald Trump reimposed the naval blockade on Iranian ports around the Strait of Hormuz.

“The recent flare-up in attacks on shipping by Iran has interrupted and postponed the potential ‘return to normal’ on shipments out of the Persian Gulf,”

“We are searching for a new area of support. At some point soon we should see some recovery as short sellers take some profit and give us a small bounce and prices firm.”

Commercial crude stocks are seen falling by 1.4 million barrels to 407 million barrels in the week ended July 3, according to the average estimate of nine analysts and traders.

Commercial crude stocks are seen falling by 3.1 million barrels, to 409 million barrels, in the week ended June 26, according to the average estimate of nine analysts and traders.

Commercial crude oil stocks are expected to have fallen by 4.1 million barrels to 414.1 million barrels in the week ended June 19, according to the average estimate of nine analysts and traders.

U.S. natural gas futures settle higher as a weekly inventory report lands at the low end of market expectations, leaving the storage surplus unchanged form the previous week.