Update: -- NY Crude Down 1.55% at Near US$87.50 and Brent Crude Down 1.5% at About US$92.30

U.S. Natural Gas Prices Edge Lower in Week Ended May 27, EIA Reports

The U.S. benchmark Henry Hub natural gas spot price fell US$0.04/million British thermal units to $3.15/MMBtu in the week ended May 27, the U.S. Energy Information Administration said in its Weekly Natural Gas Storage Report Supplement released Thursday.Temperatures across most of the U.S. during the report week remained near normal for this time of year. U.S. natural gas consumption rose 1.2 billion cubic feet per day as electric power sector use rose, the EIA said, citing LSEG Data.U.S. natural gas supply also edged higher by 0.2 Bcf/d due to a slight increase in dry natural gas production, according to the agency.Net injections into storage amounted to 92 Bcf for the week ended May 22, resulting in total working gas stocks of 2,483 Bcf, the EIA reported. This was 144 Bcf more than the five-year average and 21 Bcf more than the year-ago period.For the week ended May 27, the liquefied natural gas-carrying capacity of vessels departing the U.S. was 121 Bcf, down 7 Bcf week over week. Thirty-two LNG vessels left the U.S., down two vessels from the previous week, the EIA said.

Brent Crude Down 1.6% at About US$92.20

Crude Oil Prices Fall After Reports of Potential U.S.-Iran Ceasefire Extension Deal

Crude oil prices fell on Friday following reports that an agreement has been reached between the U.S. and Iran to potentially extend their ceasefire.Brent crude at last look lost 1.3% to US$92.46/barrel and West Texas Intermediate crude declined 1.7% to $87.39/barrel. Both benchmarks are on track for their steepest weekly decline since early April.The U.S. and Iran reportedly reached an agreement on Thursday to extend the ceasefire and lift restrictions on shipping through the Strait of Hormuz, Reuters said in a Friday report, citing unnamed sources. The deal has not been approved by U.S. President Donald Trump and Iranian state media said it has not been finalized, according to the report."While oil flows through the Strait of Hormuz remain restricted and oil inventories keep falling, the market focus remains on the possibility of a deal between the U.S. and Iran," Reuters quoted UBS analyst Giovanni Staunovo as saying.A reopening of the strait would offer some immediate relief to the oil market, but recovery remains uncertain, analysts at ING said, as reported by Reuters.