WTI Crude Oil futures reacted to Gulf tanker bottlenecks.

WTI Crude Oil futures experienced ongoing volatility, swinging around the $90 a barrel mark as markets monitored diplomatic developments and a potential April 21 ceasefire deadline. Hopes for reopening the Strait of Hormuz remained a primary focal point, with roughly 230 tankers currently sitting idle in the Gulf. Recent EIA data revealed a draw in crude inventories to 463 million barrels, though overall levels remain slightly elevated above the five-year average. Gasoline stocks displayed a sharp drop of 6.3 million barrels, falling below the five-year average and indicating potential demand tightening. In parallel, Natural Gas futures touched a 17-month low following consecutive weeks of declines, pressured by increased production forecasts and subdued heating demand allowing utilities to easily build storage.