Natural gas futures (NG1:COM) climbed to $3.40/MMBtu on Wednesday, the highest in a week, driven by declining production, heightened short-term demand, and forecasts of a hotter-than-average summer. These factors are expected to boost gas consumption by power generators as they work to meet increased air conditioning demand.

At the time of writing, WTI Crude oil is trading above $62, gaining more than 1.50% on the day as markets respond to the group’s cautious stance.

High inventories, OPEC output hikes and an uncertain global macroeconomic climate all seem to point to likely lower crude oil prices over the near-term.

Oil prices were under pressure on Tuesday morning amid OPEC+ production hike rumors, Iran nuclear deal speculation, and geopolitical tensions involving Russia and the U.S.

The NYMEX June RBOB contract, which is set to expire on Friday, was off by 3.73cts to $2.0719/gal, up from a recent low of $2.0705/gal, the weakest price since May 8. More trading in the July RBOB contract has tightened backwardation in the gasoline market.

While no one is accusing egg producers of colluding or price-fixing, from an economic standpoint, it certainly could be happening either by design or

OPEC+ output hikes, however, also come as the best quality shale areas in the biggest U.S. oilfield, the Permian, have been depleted. As producers move toward secondary areas, production costs are rising. Inflation has added to those costs.

OPEC+ has agreed to establish new baselines for its 2027 oil production, with discussions underway for a potential output hike in July. The group's decision comes amidst varying production capacities of member countries,