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Oil hits highest since November 2014 as Iran tensions mount

08 May, 2018, 02:27 | Author: Kristi Dunn
  • Loss of Iranian oil supplies will not be easily made up for- Phil Flynn

Oil prices rose above $70 a barrel in Monday trading for the first time in three years.

Futures in NY and London jumped as much as 1.4%.

The latest wrinkle in global fuel prices comes as the Trump Administration nears a self-imposed deadline of Saturday to deal with Iran and its nuclear program.

Even if Trump didn't impose sanctions on Iranian oil exports, the risk for the market to turn into deficit in the second half of the year is high knowing that short-cycle investments in U.S. shale oil production won't help because there is not enough infrastructure in the USA to carry and transport any increase in crude production from shale oil basins.

Global oil demand expanded by 1.5 million barrels per day previous year, thanks to a rebound in US gasoline demand from drivers of SUVs and light trucks. Venezuela sends a large share of its oil exports to the United States because of the proximity and the operation of sophisticated U.S. Gulf Coast refineries specifically created to handle heavy Venezuelan crude.

Dennis keeps pink as Viviani claims second stage win
But having been left out of the Sky team to ride the Giro past year , Viviani wasn't going to let lightning strike twice. Here it's been the complete opposite. "I think the third week and even the second week is still a big unknown for me.

A handful of countries in the European Union are seeking far-reaching carbon emissions targets for trucks in advance of a proposed measure from the EU expected later this month, Reuters reports. The crude oil markets continue to be influenced by OPEC quotas, and of course geopolitical issues in the Middle East, which always tend to push oil prices higher. It is being reported by Bloomberg that Saudi Arabia's former price doves on oil now want prices near $80 a barrel and former Price hawk Iran want staple prices in the $60 a barrel range. Total volume traded was about 1 percent below the 100-day average. Prices generally rise and fall in the same increments.

At 0716 GMT, June WTI crude oil is trading $70.30, up $0.58 or +0.86% and July Brent crude oil is at $75.40, up $0.53 or +0.71%. Prices have rallied almost 25 percent this year, a solace to farmers facing sharply lower yields. The global benchmark crude, which is at the highest level since November 2014, was at a $5.43 premium to July WTI.

Yuan-denominated futures for September delivery rose 2.9 percent to 460 yuan (US$72.27) per barrel on the Shanghai International Energy Exchange. The Nasdaq added 61 points, or 0.9 percent, to 7,270.

While refusing to reveal what he will do on Saturday, Trump reiterated his belief the existing accord is "a awful agreement for the United States", but "that doesn't mean I wouldn't negotiate a new agreement".

"It seems that the bureaucratic wheels are turning in Washington to prepare for a sanctions snapback", RBC Capital Markets analyst Helima Croft said in a note, adding that "the extraterritorial nature of us sanctions, which cover energy, shipbuilding, finance, trade, insurance, etc., means that..."

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