WTI Crude Oil futures plunged 15% on proposed ceasefire news.

Phillip Streible breaks down the massive 15% plunge in WTI Crude Oil futures, which dropped into the mid-90s following the announcement of a proposed two-week ceasefire. The plan includes halting strikes against Iranian infrastructure and temporarily reopening the Strait of Hormuz. Streible also reviews domestic inventory data, noting that crude oil stocks rose for the fifth consecutive week to 464.7 million barrels, sitting well above the five-year average. Gasoline stocks continued their seasonal decline, though demand remains flat compared to last year. Additionally, Cushing, Oklahoma inventories edged up to 31.5 million barrels. The analysis concludes with a look at Natural Gas futures, which dropped over 4% to trade near $2.75, holding at a 7.5-month low despite recent cooling weather shifts.