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First Look - Oil looks to snap three-week losing streak on Iran sanctions talk

Oil prices rise after US Treasury Secretary Scott Bessent stated Washington’s commitment to reducing Iran’s oil exports
- The Trump administration’s goal is to cut Iranian crude exports to 100 MBbl/d
  - The IEA estimates that Iran pumped about 3.3 MMBbl/d of crude last month, or roughly 3% of global oil supply
- Bessent also expressed a willingness to add more sanctions on Russian energy if President Trump asks
Oil steadies on reciprocal tariffs (Energy Connects)
- WTI crude hovers above $71 a barrel after President Trump’s reciprocal tariffs announcement on Thursday afternoon
- The new measure signed proposes new levies on a country-by-country basis, raising the prospect of more trade tensions

Natural gas heads for weekly gain ahead of cold front
- March Henry Hub prices have advanced more than 28c this week, as weather forecasts for February turned colder
- Lower 48 forecasts shifted slightly colder again today, although the Northeast and Midwest regional forecasts warmed slightly
- Gas production is lower today, around 103 Bcf/d
- LNG feedgas demand hit a new record high of 15.99 Bcf/d
Spot prices rise over 50% (BBG)
- Intraday cash prices at Henry Hub jumped as high as $4.75/MMbtu, with prices up 50% from a week ago
- There is the potential for freeze-offs next week in the Bakken, Appalachia, and Permian areas, possibly reducing gas supply