Written Commentary
Cattle Weights Down From Last Week
April 23, 2026
CRUDE OIL
June Crude Oil was higher early Thursday as there seemed to be no progress towards reopening the Strait of Hormuz. President Trump extended the cease fire indefinity this week but kept the blockade intact. Iran seized two ships and attacked a third on Wednesday, and it appears to be controlling the strait at this point. They said they would not consider opening it until the US lifts the blockade. There seems to have been little progress this week to restarting the peace talks. The Israel ceasefire in Lebanon also looks tenuous after reports of additional strikes overnight. Yesterday’s EIA report should in increase in US crude oil stocks last week instead of the expected decrease. Gasoline and distillate stocks both fell more than expected, especially gasoline.
PRODUCTS
The EIA report on Wednesday showed US gasoline stocks were -4.6 million barrels for the week ending April 17 versus expectations for -1.5 million and distillate stocks -3.4 million barrels vs -2.5 million expected. Supplies for both products are following their seasonal trends lower, but distillate stocks are near six-year lows. June RBOB reached a new contract high on Wednesday and extended those gains a bit early Thursday.
NATURAL GAS
June Natural Gas was lower early Thursday after a rally on Wednesday to its highest level since April 8. The 6-10 and 8-14 day forecasts show below normal temps across most of the lower 48, which opens up the possibility of some late season heating demand that may slow the steady increase in US storage levels. For the EIA gas storage report today, the Reuters poll has an average trade expectation calling for a net injection of 94 billion cubic feet for the week ending April 20 (range +89 to +103).
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