Week 28 Opens: Strategic Positioning

Monday, July 13, 2026. WEEK 28 OPENS. WTI crude oil trading ~$74.42 (open $73.79, high $74.64, low $73.72, +0.87%). Sharp rebound from prior session. CME live quote late Jul 12 showed $74.36 (+4.13% or +$2.95 on day). CRUDE OIL SETUP: Prices risen from lows near $68-$71 earlier in July. Upward momentum into mid-month (fluctuated $68.55 Jul 6 to $73.52 Jul 8). Well below 2025-early 2026 highs (over $100 in some periods). KEY LEVELS: Resistance $74 (potential decision point for bullish moves above or bearish below ~$70). Support $70, resistance $75-$76. TECHNICAL SETUP: Crude consolidating mid-$70s range. Doha talks progress supporting sentiment. Watch for Strait of Hormuz developments. Geopolitical premium intact but fading. NATURAL GAS: Most recent spot Jul 6 $3.29/MMBtu (down from $3.34 prior day). Futures Jul 12 ~$2.915/MMBtu (-0.025 or -0.85%). Jul 10 futures close ~$2.95 (or $2.94 in some reports). Earlier July spot hovered $3.21-$3.34. DOHA TALKS UPDATE: Indirect US-Iran technical talks in Doha concluded ~Jul 1-2, 2026. Focus on Strait of Hormuz/related issues under earlier interim MOU. FORMAT: Indirect/technical talks (not direct bilateral meetings in all accounts). US envoys Steve Witkoff/Jared Kushner meeting Qatari officials (Emir/Prime Minister) alongside Iranian technical delegations via mediators. Qatar/Pakistan facilitated. PRIMARY TOPICS: Maritime traffic/shipping resumption through Strait of Hormuz (critical chokepoint handling ~20% global oil trade). Unfreezing Iranian assets/funds (~$6B references). Implementation of prior MOU/ceasefire. OTHER TOPICS: Nuclear issues, Lebanon ceasefire, broader peace discussed but limited headway. OUTCOMES: "Positive progress" or "building on" Jun interim MOU that halted fighting. Both sides agreed continue talks. No breakthrough on lasting peace deal or full nuclear agreement. VP Vance described talks as "going well" and "still pretty early." CONTEXT: Followed tit-for-tat US-Iran strikes over Hormuz shipping disputes earlier 2026. Initial interim deal mid-Jun 2026 halted attacks, reopened strait to pre-war shipping levels, extended ceasefire (~60 days in some reports), paved way for further nuclear talks. Iran faced accusations of attacks/toll proposals; US pushed against fees/tolls in favor of broader economic incentives. RECENT DEVELOPMENTS: Talks occurred ahead of/around funeral for Iran's former Supreme Leader Ali Khamenei (killed in earlier strikes). Some reports noted pauses/questions about resumption post-funeral (around Jul 11) amid mentions of additional US strikes. STATUS: As of early Jul, existing Hormuz-related agreements remained in place despite stalled broader negotiations. THE READ: Crude consolidating mid-$70s, Doha talks progress supporting sentiment, geopolitical premium intact but fading. Support $70, resistance $75-$76. Gas $3.29 spot, $2.915 futures, accumulation zone intact. WEEK 28 THESIS: Crude Doha talks progress positive, Hormuz risk declining, geopolitical premium fading. Support $70, resistance $75-$76. Gas accumulation zone intact, target $4.00+. Trade the data, not the headlines.