DTN Oil Update
Oil prices climbed again on Wednesday after a one-day retreat, as fears over Iran's mining of the already blocked Strait of Hormuz intensified safety concerns over the waterway that serves nearly a fifth of world petroleum...
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DTN Oil Update
Oil and product futures rallied Wednesday morning as tanker traffic through the Strait of Hormuz remained almost completely idle amid reports of Iran deploying sea mines in the vital oil chokepoint.
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DTN Oil Update
Oil prices fell more than 12% Tuesday, deepening the retreat that began after the previous day's rally to nearly $120 bbl, as a potential de-escalation in the Iran conflict triggered a massive directional shift on both the New York...
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DTN Oil Update
Oil prices settled in the mid- $90 bbl level after hitting nearly $120 bbl on Monday (3/9) as finance ministers from the Group of Seven(G7) announced plans to release emergency crude reserves to offset a disruption in supply caused by the Iran war in the Middle East.
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DTN Oil Update
Oil prices hit almost $120 bbl on Monday as Iran installed a new supreme leader against U.S. wishes while the Middle East's busiest petroleum shipping lane remained closed, signaling no immediate end to the Tehran's war with the U.S. and Israel.
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DTN Oil Update
Brent crude crossed $90 bbl Friday with U.S. West Texas Intermediate crude not far behind, as the Iran war neared its first week, paralyzing about a fifth of global petroleum supplies.
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DTN Oil Update
Oil prices rallied for a fifth consecutive session Thursday, hitting multi-year highs as WTI and Brent futures, traded at $80 bbl and $85 bbl, respectively, while ULSD traded to three-year highs and gasoline to near two-year peaks, as the war in Iran dragged on with no end...
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What DTN Is Watching
On Wednesday, the Bureau of Labor Statistics will release the February Consumer Price Index report at 7:30 a.m. CDT, giving investors a look into the rate of inflation in the economy. At 9:30 a.m. CDT, the Energy Information Administration will release the Petroleum Status Report, including last week's ethanol production, an interesting report given the recent extreme volatility in crude oil futures. Finally, at 1 p.m. CDT, USDA will release a series of follow-up reports to Tuesday's WASDE including updates to the Feed Grains Database, Wheat datasets, and Season Average Price Forecasts.
WeatherA pair of disturbances in the middle of the country are producing widespread showers and thunderstorms early Wednesday. Both systems will continue to push eastward throughout the day, but widespread thunderstorms and some severe weather and localized flooding will be possible. A little band of snow on the backside of the system is moving through Nebraska and Iowa, which will progress northeast through Wisconsin and Michigan Wednesday.
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