Commodity Evening Trading Guide

Oil prices fell on Thursday, extending a streak of multiple days of losses, on expectations talks between Iran and Qatar may open the key Strait of Hormuz and reduce supply disruptions from the Middle East war.

The strait carried oil and natural gas shipments equal to about one-fifth of global consumption of the fuels before the U.S.-Israeli war on Iran started on February 28. Since Iran worked to shut the waterway in response, oil flows have dropped to about one-quarter of their pre-war level, according to ship-tracking data.

The U.S. has halted its attacks on Iran for about a month and is seeking to impose greater economic pressure on Iran, which has raised investors’ expectations for an easing of the Gulf supply disruptions.

Still, the countries are far apart on their demands to end the fighting and Iran has struck shipping in the Gulf and strait to impose its control on the waterway. Iranian officials have also said the strait would not open unless the U.S. met Tehran’s conditions under an interim ceasefire agreement that was struck in June and later unraveled.

TIME			DATA		ACTUAL		FORECAST	PREVIOUS
6.00pm	US		Unemployment Claims				208K	206K
6.00pm	US		Goods Trade Balance				-100.8B	-101.4B
6.00pm	US		Prelim Wholesale Inventories m/m				0.2%	0.2%
8:00pm	US		Natural Gas Storage				19B	16B

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