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.
Crude futures reached 10-week highs Tuesday as U.S. President Donald Trump urged Iranians to continue protesting the regime in Tehran, adding to market concerns about supply from OPEC's fourth-largest producer.
Friday isn't scheduled to feature many significant reports, but in the afternoon the USDA Economic Research Service will release their monthly Livestock outlook at 2 p.m. CST. Then at 2:30 p.m. CST, CFTC will release their weekly Commitments of Traders report, with position data as of Tuesday, January 13.
WeatherA clipper system is moving into the Great Lakes on Friday. To go along with areas of snow showers, some of which will be enhanced near the Great Lakes, strong winds have developed in the Plains that will relax overnight. Sub-freezing temperatures can be found throughout a lot of Florida Friday morning as well.
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