American Petroleum Institute

Crude oil remains under pressure as traders weigh Iran diplomacy against signs of a tighter US weekly inventory balance. Natural gas is drawing support from lower output, but mild weather and softer LNG flows continue to limit demand expectations.

Crude prices advanced after Yemen’s Houthis claimed a missile strike on Saudi Arabia’s Ras Tanura refinery, reviving concern over Middle East supply risk. Natural gas remained pressured by mild weather expectations, even as the December contract moved back above the $3.00 area.

Oil markets are weighing heightened Strait of Hormuz supply concerns against a surprise U.S. crude inventory build reported by API. WTI and Brent remain technically constructive, while natural gas holds above its breakout area as traders watch resistance near $2.81.