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OIL: Price Decline Steadies World Awaits Israel’s Next Move.   

OIL
BulletEnergy BulletsCommodities

 

  • Brent Crude declined on Tuesday following claims by Israel it is not intending to attach Iran’s Oil production infrastructure.
  • Brent declined from Monday’s close of US$77.46 to close Tuesday at $74.25 and is training in Asia’s trading morning at $74.45.
  • WTI followed a similar trend falling from Monday’s close of US$73.83 to below $70 briefly before closing at $70.58 yesterday; and is up slightly this morning at $70.80.
  • Following the US’s warning to Israel about striking Iran’s oil production sites, Israel has stated that it will  ‘act on its own assessments’ whilst it is claimed that Israeli Prime Minister Netanyahu has told President Biden he will confine any attacks to military targets.
  • Tuesday saw a release from the International Energy Agency noting that excess capacity from the OPEC+ nations is reaching records levels and that forecasts for 2025 are that the supply of oil to international markets poses downward risks to prices.
  • Positioning data in US Crude Futures has risen significantly in the recent period of volatility shows that oil producers have been effective in locking in prices at higher prices, to provide downside risk protection from falling prices. 
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  • Brent Crude declined on Tuesday following claims by Israel it is not intending to attach Iran’s Oil production infrastructure.
  • Brent declined from Monday’s close of US$77.46 to close Tuesday at $74.25 and is training in Asia’s trading morning at $74.45.
  • WTI followed a similar trend falling from Monday’s close of US$73.83 to below $70 briefly before closing at $70.58 yesterday; and is up slightly this morning at $70.80.
  • Following the US’s warning to Israel about striking Iran’s oil production sites, Israel has stated that it will  ‘act on its own assessments’ whilst it is claimed that Israeli Prime Minister Netanyahu has told President Biden he will confine any attacks to military targets.
  • Tuesday saw a release from the International Energy Agency noting that excess capacity from the OPEC+ nations is reaching records levels and that forecasts for 2025 are that the supply of oil to international markets poses downward risks to prices.
  • Positioning data in US Crude Futures has risen significantly in the recent period of volatility shows that oil producers have been effective in locking in prices at higher prices, to provide downside risk protection from falling prices.