DTN Oil Update
Oil futures closed up for a fourth consecutive week on Friday as geopolitical risks curbed traders from adding substantially to short positions despite U.S inventory builds that heightened glut fears.
Oil futures closed up for a fourth consecutive week on Friday as geopolitical risks curbed traders from adding substantially to short positions despite U.S inventory builds that heightened glut fears.
Crude futures rebounded Friday from the tumble of the prior session as traders remained wary of near-term risks even as U.S. inventory builds eased immediate concerns over supply.
Crude futures tumbled by more than 4% Thursday after a wind down in U.S.-Iran tensions snapped a five-day rally in oil.
Oil futures tumbled Thursday morning on U.S. President Donald Trump's apparent wind down of threats to launch imminent strikes on Iran.
Oil futures hit three-month highs Wednesday to settle up for a fifth straight day, before tumbling on developments related to Iran.
The rally in oil extended for a fifth straight session on Wednesday, driven by concerns about anti-government protests in Iran and potential U.S. responses that could impact supply from the fourth-largest OPEC producer.
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USDA will lead off Friday at 7:30 a.m. CST with the delayed release of export sales data for the week ending January 15. After the close, USDA will release their January Cattle on Feed report at 2 p.m. CST. This will be followed by the weekly CFTC Commitments of Traders report at 2:30 p.m. CST to wrap up the week.
WeatherAn intense burst of arctic air with some of the coldest air in years has descended into the U.S. on Friday. A system near the California coast will move eastward through the Southwest throughout the day and widespread showers will develop in the southern half of the Plains because of it. This will come as a wintry mix of rain, freezing rain, and snow, increasing in intensity overnight and continuing eastward through the weekend. Major impacts to travel, transport, and infrastructure are likely to develop that could linger through next week with the cold air.
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