Crude/Nat Gas Morning Outlook 1/9/25

Good Morning …Early Nymex crude is trading steady/higher ...The US Dollar Index is steady (109.33 still near a multi-year high) and the Dow Jones Futures are steady/lower. Crude futures continue in a slow grind higher reversing from lows last night. Storage declines (especially in Cushing OK, lowest levels since late 2014)?is a major driver. While the total draw on crude supplies was less than the API reported, it still was a decline. Chinese demand also looks to be re-surfacing as Brent and African cash crude markets tightened. Front month WTI spreads (Feb/Mar) have?moved out to a 75 cent premium (Feb over) which is also a bullish catalyst near term. The negatives that remain are?builds in storage for gasoline and diesel inventories along with a very strong US Dollar Index. Still,?refinery run rates are over 93%, the highest since July. Add in incoming President Trump's?possible tariffs to Canadian imported crude and futures seem to remain in a “buy the weakness” type trade. Technically Feb WTI crude remains in a bullish structure north of both the 100- & 200-day moving averages. Resistance bands set at the 75.29-76.41 area. Support will be the 72.63 area.

?Early Nat Gas is trading 1-6?cents higher…Weather remains a positive factor with most of the US at below normal temps. While yesterday’s EIA storage report showed a small 40 BCF draw (expectations were for a 53 draw) we should see heavier draws the next two weeks. Nat Gas storage sets at 6.5% above the five year average. Most “quant” funds have moved away from the short side of Nattie. The question remains is that do the near term fundamentals justify higher prices in the near term? Only weather will tell, but I am noting some long interest in 2026 prices as LNG should be a major force if colder than normal temps remain in Europe reminding them that Nat Gas may be the best fuel for the future. Technically Feb NG remains in a bullish structure with support at the 3.479-3.402 area. Resistance sets at the 3.734 area.

Dennis Kissler

SVP/Trading Division

Commodity Risk Mgmt

BOK Financial (OK,TX,CO,AZ,NM,MO,AR)

[email protected] | [email protected]

Trade Desk 405.272.2026 Cell 405.203.8618

Please call the trading desk for live pricing and option strategies.? 405.272.2026

Our team:

Dennis Kissler - [email protected]

Michael Kuta - [email protected]

Matt Morrissey - [email protected]

Chris Johnston- [email protected]

Katy Germani - [email protected]

Cristina Stellar - [email protected]

? BOK Financial. Services provided by BOKF, NA. Member FDIC.

This notification statement is provided in good faith and for general information purposes only. It is also subject to change. It is not intended to be relied upon by any party as the basis for making any trading, hedging or investment decision. Any valuations shown represent our current indicative valuation of the relevant commodities at the date shown for the sole purpose of determining collateral requirements. Valuations have been derived from our own methodology (which is subject to change) or we have sourced such valuations from third parties. Any valuations should not be relied on for any other purpose including valuing transactions for the purpose of your financial books and records. ? Any valuations in this statement do not represent the terms at which new transactions or instruments could be entered into nor unwound. Any valuations in this statement do not constitute an offer (or solicitation of any offer) by us, nor does it represent the price at which we would be willing to purchase, sell, enter into, assign, lend, borrow, close out or settle the relevant transaction or security (or any similar transaction or security). Want to change how you receive these emails? You can subscribe to this email

Our mailing address is:

BOK Financial

1 Williams Center

Tulsa, Ok 74172