DTN Oil Update
With the U.S.-Iran conflict now in its eighth month, market participants are looking for signs that renewed diplomacy could ease geopolitical risk and reopen a path toward negotiated de-escalation.
With the U.S.-Iran conflict now in its eighth month, market participants are looking for signs that renewed diplomacy could ease geopolitical risk and reopen a path toward negotiated de-escalation.
U.S. crude futures dipped beneath $100 bbl Monday (9/21), leading a broad slide in energy market premiums, as the likelihood of a U.S. and Iranian summit loomed while the Middle East war edged toward its eighth month.
Crude futures held in the lower $100 bbl territory while distillate and gasoline prices marched higher for the week.
Oil futures were mixed Friday (9/18) morning, with Brent crude edging lower on easing supply concerns around Saudi crude oil exports, while WTI and ULSD futures moved higher. After a volatile and turbulent trading week, most contracts were eyeing small weekly gains.
Oil and product futures mostly dipped for a second straight day Thursday amid easing anxieties over Middle East crude flows as Saudi Arabia moved to maintain its export commitments after recent attacks on its energy...
Oil prices continued to retreat Thursday morning on easing supply concerns amid reports of Saudi Arabia establishing workarounds to the recent supply disruption from the Red Sea.
Oil prices tumbled 3% Wednesday, marking their sharpest drop in three weeks, on reports that Saudi Arabia could restore within days half of its East-West pipeline capacity jeopardized by Houthi militia attacks.
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On Monday, USDA will release their weekly Export Inspections report at 10 a.m. CDT. In the afternoon at 3 p.m. CDT, the weekly Crop Progress report will be released, with an increased interest in harvest progress given wet conditions across the U.S. grain belt.
WeatherA front that has been stalled across the Corn Belt for most of the last week is starting to push southeast on Monday. Areas of showers and thunderstorms will work down into the Delta and Southeast throughout the day. Showers will continue across the Plains though, too, increasing soil moisture for several areas there.
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