EIA Inventory Report

Crude oil futures dropped nearly 8% as traders priced in hopes of progress around the Strait of Hormuz, even as tanker movement has yet to confirm a reliable recovery. Tight U.S. crude inventories, weak demand signals, OPEC+ quota increases and shipping risks through Hormuz and Bab el-Mandeb now shape the next move for WTI and Brent.

Natural gas futures are holding near key technical support as traders await the latest EIA inventory reading. Strong production, soft consumption and elevated inventories continue to favor sellers, though European LNG demand remains a potential bullish wildcard.