On Today’s Daily Market Update:
Oil markets experienced a rebound on Wednesday, driven by rising Middle East tensions and mixed signals from domestic demand and DOE statistics. This resurgence, however, might be short-lived profit-taking rather than a fundamental shift. North American supply basins are showing changing dynamics with decreasing premiums, particularly in the Permian region. DOE data revealed only a minor crude complex draw, indicating unpredictable inventory trends. Natural gas prices, conversely, continued their gradual climb amidst volatile trading sessions and shifting weather forecasts. The market now anticipates the upcoming EIA inventory report, which could provide critical insights into recent production changes and future price trajectories.
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