DTN Oil Update
Crude futures had their largest rally in more than a month on Wednesday as the Middle East and its most important sea lane, the Strait of Hormuz, were caught in new hostilities after the U.S. canceled its ceasefire agreement with...
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DTN Oil Update
Crude futures rose Tuesday after a second attack within a week on a laden tanker in the Strait of Hormuz sent geopolitical premium for oil soaring anew. The U.S. Treasury's cancellation of a temporary 60-day sanctions waiver on Iranian...
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DTN Oil Update
Crude futures were little changed to start the week on Monday, settling pre-war levels as improving short-term global supply eased market concerns, supported by increased oil tanker traffic through the Strait of Hormuz.
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DTN Oil Update
Crude futures fell for a fourth consecutive week Thursday as a continued acceleration in tanker traffic through the Strait of Hormuz sent the market to pre-war levels.
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DTN Oil Update
Oil futures slid for the third consecutive trading day Thursday as Middle Eastern producers rushed to send barrels through the now reopened Strait of Hormuz.
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DTN Oil Update
Crude oil futures extended losses Wednesday despite the largest weekly draw in U.S. crude inventories in nearly eight years, as reported by the Energy Information Administration.
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DTN Oil Update
Crude oil futures extended their decline Wednesday as traffic through the Strait of Hormuz picked up amid signs that indirect negotiations between the U.S. and Iran were progressing.
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What DTN Is Watching
On Wednesday, the Energy Information Administration will release the weekly Petroleum Status report at 9:30 a.m. CDT, including last week's ethanol production. Otherwise, the June Federal Reserve meeting minutes will be released at 1 p.m. CDT, offering further insight into the decision to hold rates steady last month. Finally, with hostilities increasing in the Strait of Hormuz once again, traders will be closely monitoring the situation in the Middle East, with the U.S. revoking the June waiver on Iranian oil sanctions and launching strikes on Tuesday in response to Iranian attacks on oil tankers in the Strait.
WeatherA diffuse system continues to produce isolated to scattered showers in the southeastern quadrant of the country on Wednesday. Some pockets of heavy rain will be possible, but the primary action comes from a front that is slowly moving through the country this week. For Wednesday, we should see thunderstorms developing from the Nebraska-Kansas border area into Wisconsin. Some of those storms could be severe.
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