Lower 48 Production

WTI and Brent crude remain supported as uncertainty over Strait of Hormuz traffic keeps supply risk elevated after the end of the temporary ceasefire. Natural gas is rebounding into a critical resistance zone, but strong Lower 48 output and healthy inventories continue to cap broader supply concerns.

September natural gas futures weakened Monday after a downside gap cut through near-term support and shifted that area into resistance. Cooler late-August forecasts, record Lower-48 output and reduced LNG export demand are leaving buyers with little immediate support.